Financial Aid
Visit the Office of Student Financial Aid
Affording medical school can be daunting, and our staff understands your concerns. The Covenant HealthCare College of Medicine at Central Michigan University Office of Student Financial Aid is here to help you reach your goals for a successful educational experience.
The counseling services we provide include, but are not limited to the following:
- Applying for financial aid and the financial aid process.
- Budgeting and money management techniques.
- Debt management.
- Personal financial concerns.
The college Financial Aid office is open from 8 a.m. – 5 p.m., Monday – Friday, on a walk-in or appointment basis.
Applying for financial aid
If you need help completing the FAFSA, contact the U.S. Department of Education at 800-433-3243.
Federal loan program
William D. Ford Direct Loan Program
Direct Loans are low-interest loans for students to help pay for the cost of their education. The lender is the U.S. Department of Education rather than a bank or other financial institution. To apply for a Direct Loan, a medical student is required to file a FAFSA, complete a master promissory note (MPN) and Entrance Counseling. The current interest rate is 6.079 percent.
Covenant HealthCare College of Medicine at Central Michigan University students may borrow loans to cover their total cost of attendance minus any other financial assistance they receive. For first-year medical students, the maximum amount of Direct Loan they can receive is $40,500. The aggregated loan limits (maximum outstanding total subsidized and unsubsidized Direct Loan debt) for medical students is $224,000. This amount includes loans from undergraduate and graduate study. Repayment of Federal Stafford Loans begins six months after you graduate or cease to be enrolled at least half time.
Federal Grad PLUS Loan
Federal Grad PLUS Loans are available to graduate students who file the FAFSA and pass a credit check. The loan limit for each year is the annual cost of attendance (COA) minus other financial assistance. Covenant HealthCare College of Medicine at Central Michigan University will determine your William D. Ford Direct Loan eligibility before you may borrow under the Grad PLUS program. The interest rate is 7.079 percent. As with William D. Ford Direct Loans and private loans, interest begins to accumulate at the time the first disbursements are made. You may choose to pay the interest while in school in order to avoid "paying interest on interest" (capitalizing interest).
Entrance and Exit Session
All students who borrow a William D. Ford Direct Loan must complete loan entrance counseling prior to the release of loan funds.
