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 5.84 percent.

Central Michigan University College of Medicine 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 aggregate 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. Central Michigan University College of Medicine will determine your William D. Ford Direct Loan eligibility before you may borrow under the Grad PLUS program. The interest rate is 6.84 percent. As with William D. Ford Direct Loans and private loans, interest begins to accumulate at the time the first disbursement is made. You may choose to pay the interest while in school in order to avoid "paying interest on interest" (capitalizing interest).​​

Entrance & Exit Session

All students who borrower a William D. Ford Direct Loan must complete loan entrance counseling prior to the release of loan funds.