Student loan options for Caribbean medical schools

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Caribbean Medical Schools Forum: post questions (or help others) on topics related to Caribbean and other non-US or non-Canadian medical schools.

Please note: This loan program is no longer in effect.

There is now a true student loan available to foreign-enrolled students at many medical schools in the Caribbean and elsewhere For US students that enroll directly in a foreign school for their undergraduate or graduate education, funding options are more limited than students in the US. That’s why the Foreign Enrolled Loan was developed. It’s a private alternative loan that can cover the entire cost of your education abroad. Foreign Enrolled Loans offer:

• High funding limits up to $70,000 per year for dental, law or medical school.
• For medical school the overall limit is $225,000, which is enough to actually finance a medical school education.
• Fast online application and approvals (Go to the Online student loan application).
• Three repayment options are available. Importantly, you have the option of full deferral while in school at least half-time.
• Medical residency, military service, and certain other situations qualify for repayment deferral.
• No application fee and no out-of-pocket costs.
• 6-month grace period.
• Hundreds of approved foreign schools (see below for the current list of approved foreign medical schools).

Elligible Schools

The following schools are elligible at the time of this writing:

• Ross University School of Medicine (see Ross Medical School Loans)
• UNIBE
• St. George’s (see St. George Medical School Loans)
• American University of the Caribbean School of Medicine
• Charles University in the Czech Republic
• Lublin, Wroclaw and Jagiellonian Universities of Medicine in Poland
• Sackler School of Medecine, Tel Aviv

While we’re working with our affiliates to expand the list of elligible medical schools, the credit crunch with US banks has made it unlikely that new schools will be added any time soon.

Getting a loan

It’s a good idea to start shopping for a loan early in the process. 2-3 months before matriculation is not too early. It is possible to qualify for these loans on your, but more often the successful applicant will come in with a co-signer.

References

Medical School Loans.

School loan consolidation – Information on eligibility and rationale for consolidating (or not consolidating) your student loans.