Financial Services

 

OUHSC Campus
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OU NORMAN Campus

General Accounting

Loans

For detailed information about each loan type, please select from the following:

 

ADDITIONAL LOAN FUNDS

Students whose estimated costs are greater than eligibility from scholarships, grants, Federal Direct Loans, Federal Perkins Loans, Nursing Student Loans, Health Professions Loans, Lew Wentz Loans, or any other form of aid are eligible to apply for additional loan resources to meet their financial needs.

There are several options and each has its own advantages and disadvantages that will appeal to borrowers.

To compare the loans and their potential terms and benefits, please see our side-by-side comparison charts

Borrowers are encouraged to research their options prior to applying.  Each loan will require that the applicant authorize a credit check prior to approval, so it is in the borrower's best interest to make an informed decision prior to application.  Once a borrower has decided upon the type of loan to apply for, please see application instructions detailed below in each loan description.

FEDERAL DIRECT SUBSIDIZED LOANS

Undergraduate students must be enrolled at least half-time to receive a semester's disbursement and must show financial need. Interest accrual begin begins during the 6 month grace period and and principal repayment begins 6 months following graduation or when your enrollment falls below half-time.

Direct Loan borrowers whose loans are first disbursed prior to July 1, 2013 are charged an origination fee of 1.0%, resulting in a net of 1.0% in fees deducted from the loan funds sent to the school.  Loans with a first disbursement between July 1, 2013 and November 30, 2013 are charged 1.051% in origination fees.  Loans with a first disbursement on or after December 1, 2013 are charged 1.072% in origination fees.

The interest rate on Federal Direct Subsidized loans with a first disbursement prior to July 1, 2013 is fixed at 6.8%.  For loans first disbursed between July 1, 2013 and June 30, 2014, the rate is based upon the index rate of the 10-Year Treasury Note, plus a statutorily defined "add-on" of 2.05%.  The interest rate on the loan will then be fixed for the life of the loan.  Subsidized loans with a first disbursement between July 1, 2013 and June 30, 2014 have an interest rate of 3.86%.

First time borrowers will need to complete Entrance Counseling and complete a Master Promissory Note. Both can be completed here.

 

FEDERAL DIRECT UNSUBSIDIZED STAFFORD LOAN

You must be enrolled at least half-time to receive each semester's disbursement. Interest starts accruing immediately, and you can either pay it while in school or allow it to accrue. Repayment begins 6 months after graduation or when your enrollment falls below half-time.

Direct Loan borrowers whose loans are first disbursed prior to July 1, 2013 are charged an origination fee of 1.0%, resulting in a net of 1.0% in fees deducted from the loan funds sent to the school.  Loans with a first disbursement between July 1, 2013 and November 30, 2013 after are charged 1.051% in origination fees. Loans with a first disbursement on or after December 1, 2013 are charged 1.072% in origination fees.

The interest rate on Federal Direct Unsubsidized loans with a first disbursement prior to July 1, 2013 is fixed at 6.8%.  For loans first disbursed between July 1, 2013 and June 30, 2014, the rate is based upon the index rate of the 10-Year Treasury Note, plus a statutorily defined "add-on" of 2.05% for undergraduate loans and 3.60% for graduate and professional students.  The interest rate on the loan will then be fixed for the life of the loan.  Undergraduate Unsubsidized loans with a first disbursement between July 1, 2013 and June 30, 2014 have an interest rate of 3.86%, while graduate and professional Unsubsidized loans have an interest rate of 5.41%

First time borrowers will need to complete Entrance Counseling and complete a Master Promissory Note. Both can be completed here.

 

FEDERAL LOAN TOTALS
(Includes FFELP and Federal Direct Loan Subsidized and Unsubsidized borrowing)

UNDERGRADUATE STUDENTS

 


Year

Dependent Undergraduate

Independent Undergraduate

3rd Year and beyond (per year)

$7,500 - no more than $5,500 of this amount may be in Subsidized loans

$12,500 - no more than $5,500 of this amount may be in Subsidized loans

TOTAL

$31,000 - maximum $23,000 Subsidized

$57,500 - maximum $23,000 Subsidized

 

GRADUATE & PROFESSIONAL STUDENTS

 

Discipline

Annual (per academic year)

Aggregate (undergrad & grad combined)

Graduate, Allied Health, & PA programs

$20,500

$138,500 - no more than $65,500 of this amount may be in Subsidized loans

Medicine & Dentistry programs (9 month academic year)

$40,500

$224,000 - no more than $65,000 of this may be in Subsidized loans

Medicine & Dentistry programs (12 month academic year)

$44,945

$224,000 - no more than $65,000 of this may be in Subsidized loans

Pharmacy & Public Health programs (9 month academic year)

$33,000

$224,000 - no more than $65,000 of this may be in Subsidized loans

Pharmacy & Public Health programs (12 month academic year)

$37,167

$224,000 - no more than $65,000 of this may be in Subsidized loans

 

FEDERAL DIRECT GRAD PLUS LOANS

Federal Direct Grad Plus loan applicants must have completed a Free Application for Federal Student Aid (FAFSA). Approval for Grad Plus loans requires a credit check to verify a lack of adverse credit.

In the case of insufficient credit, a creditworthy cosigner will be required. Click here if you wish to apply for this loan, as you must initiate the application process. Borrowing Federal Direct Loan funds requires that you sign a Master Promissory Note (MPN) with the US Department of Education.

The Grad Plus loan is a federal loan and can be consolidated with other federal debt upon graduation. Interest begins to accrue immediately. Repayment begins immediately, but in-school deferment will occur when your enrollment status is reported as at least half-time. Contact your loan servicer(s) for information regarding the possibility of deferring payments during the 6 months following graduation or when your enrollment drops below half-time. You must be enrolled at least half-time to receive each semester's disbursement.

The interest rate on Federal Direct Grad Plus loans with a first disbursement prior to July 1, 2013 is fixed at 7.9%.  For loans first disbursed between July 1, 2013 and June 30, 2014, the rate is based upon the index rate of the 10-Year Treasury Note, plus a statutorily defined "add-on" of 4.60%.  The interest rate on the loan will then be fixed for the life of the loan.  Grad Plus loans with a first disbursement between July 1, 2013 and June 30, 2014 and after have an interest rate of 6.41%.

Federal Direct Grad Plus Loan borrowers whose loans are first disbursed prior to July 1, 2013 are charged an origination fee of 4.0%, resulting in a net of 4.0% in fees deducted from the loan funds sent to the school.  Loans with a first disbursement between July 1, 2013 and November 30, 2013 are charged 4.204% in origination fees. Loans with a first disbursement on or after December 1, 2013 are charged 4.288% in origination fees.

First time Grad Plus loan borrowers must complete Grad Plus entrance counseling.

 

FEDERAL DIRECT PARENT PLUS LOANS

Parents of dependent undergraduate students can borrow Federal Direct Parent Plus loan funds on behalf of their student(s). The parent is the borrower of these funds, not the student. Parents of independent children or who have children in graduate or professional program are not eligible for Parent Plus loans.  Approval for the Parent Plus loan requires a credit check to verify a lack of adverse credit.

In the case of insufficient credit, a creditworthy cosigner will be required. Click here if you wish to apply for this loan, as you must initiate the application process. Borrowing Direct Loan funds require that you sign a Master Promissory Note (MPN) with the US Department of Education.

The Parent Plus loan is a federal loan. Interest begins to accrue immediately. Repayment begins immediately, but during the application process, the applicant can indicate the desire to defer payments while the student is enrolled at least half-time.  For existing loans, borrowers can contact the loans' servicers regarding in-school deferment options while your students is enrolled at least half-time. Your student must be enrolled at least half-time to receive each semester's disbursement.

The interest rate on Federal Direct Parent Plus loans with a first disbursement prior to July 1, 2013 is fixed at 7.9%.  For loans first disbursed between July 1, 2013 and June 30, 2014r, the rate is based upon the index rate of the 10-Year Treasury Note, plus a statutorily defined "add-on" of 4.60%.  The interest rate on the loan will then be fixed for the life of the loan.  Parent Plus loans with a first disbursement between July 1, 2013 and June 30, 2014 have an interest rate of 6.41%.

Federal Direct Parent Plus Loan borrowers whose loans are first disbursed prior to July 1, 2013 are charged an origination fee of 4.0%, resulting in a net of 4.0% in fees deducted from the loan funds sent to the school. Loans with a first disbursement between July 1, 2013 and November 30, 2013 are charged 4.204% in origination fees. Loans with a first disbursement on or after December 1, 2013 are charged 4.288% in origination fees.

 

FEDERAL PERKINS LOANS

All students apply when the FAFSA is filed. Must demonstrate financial need. The interest rate is 5% simple interest. Payment & interest begins nine months after graduation or reduction of enrollment below half-time (grace period 9 months). Awards range up to $4,000 per year. Funds are offered on a first-come, first-served basis.

If you are not offered the Perkins Loan funds in your initial award package, but are interested, contact us about putting your name on our waiting list.

NURSING STUDENT LOANS

Undergraduate nursing students are eligible to apply; must show financial need by completing a valid FAFSA; must be enrolled full-time, and must be eligible for financial aid. The interest rate is 5%, beginning, along with principal repayment, 9 months following graduation. Awards range up to $4,000 per year.

Funds are offered on a first-come, first-served basis. If you are not offered the Nursing Student Loan in your initial award package, but are interested, contact us about putting your name on our waiting list.

HEALTH PROFESSIONS STUDENT LOANS

The Health Professions Student Loan is available to dental or pharmacy students. Applicants MUST provide parents' financial information on the FAFSA in order to be considered. Parental information is required for both dependent and independent students. Students may need to submit a copy of parents' tax return. Students must be enrolled full-time. The interest on HPSL is 5% fixed interest beginning, along with principal repayment, 12 months following graduation. Interest and principal payments are deferred during internship/residency. Awards range up to $9000 per year.

Funds are offered on a first-come, first-served basis. If you are not offered the Health Professions Loan in your initial award package, but are interested, contact us about putting your name on our waiting list.

PRIMARY CARE LOANS

Only medical students are eligible to apply. The Primary Care Loan can be taken out during the student's fourth year of medical school to pay off other loans. Recipients of the PCL are expected to enter a residency program in primary care and eventually practice in such care until the loan is paid. Primary health care includes family medicine, general internal medicine, general pediatrics, preventive medicine, or osteopathic general practice. Applicants must provide parents' financial information on the FAFSA. If a medical student fails to eventually enter the primary health care field, the loan balance will be recomputed from the date of issuance at an interest rate of 18% per year, compounded annually. For more information, please see the Department of Health and Human Services website by clicking here.

LEW WENTZ LOANS

All students are eligible to apply and must demonstrate financial need by completing a valid FAFSA, must be enrolled full time, and must be eligible for financial aid. The Lew Wentz Loan requires a cosigner, who is not a student or spouse, and earns at least $35,000. The interest rate is 5%. Interest must be paid every July. For any semester a student receives a 4.0, interest for that semester will be waived. Borrowers are entitled to a 6 month grace period before beginning repayment upon graduation or when enrollment drops below half-time. Awards range up to $5,000 per year.

Funds are offered on a first-come, first-served basis. If you are not offered the Lew Wentz Loan funds in your initial award package, but are interested, contact us about putting your name on our waiting list.

ALTERNATIVE/PRIVATE LOANS

While it is strongly recommended that students exhaust all federal aid opportunities before borrowing Alternative loan funds, Alternative loans are often necessary to cover required educational expenses.

Alternative loans, also called private loans, are non-federal loans that require a sufficient credit history and score from the borrower and, in most cases, a creditworthy cosigner as well. Conditions for approval, interest rates, and fees will be determined upon credit approval and will vary from lender to lender. It is highly recommended that borrowers research lenders carefully before apply for a loan.

Alternative loans cannot be consolidated with Federal loans. Loan servicers may offer combined billing if a borrower has both Federal and private debt with that loan servicer. Please check with your loan servicer regarding that option. If a borrower has loans with more than one private lender, repayment will require separate payments until each loan is paid in full.

Please visit our list of recommended lenders for tips on selecting the right lender for your needs and the products that are offered. Application opportunities are not limited to the lenders on this list. To begin the application process, you must choose a lender and initiate the credit application with that lender.

Click for a step-by-step guide on how the private loan process works.  Disclosures for each of the lenders' products can be found here.

RESIDENCY/RELOCATION LOANS

Loans deemed "residency and relocation loans" are private, credit based loans made to students enrolled in their final year of study in particular health professions fields. Lenders may provide assistance to students who incur specific costs related to interviews, exams, and/or relocating after graduation. Because these loans are non-federal loans, each lender determines the approval, lending, and repayment criteria for each loan. These terms will vary by lender and are in no way guaranteed by the Student Financial Aid Office.

Please visit our list of recommended lenders for details on residency and relocation loan products. Disclosures for each of the lenders' products can be found here.