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Federal Financial Aid for U.S. Students
Types of Aid

St. Matthew University School of Medicine’s M.D. program has been approved to participate in the William D. Ford Federal Direct Unsubsidized Stafford and Grad PLUS Loan programs which are both administered by the U.S. Department of Education. Additional information regarding these loan programs is available through the U.S. Department of Education website at www.studentaid.ed.gov.

How to Apply

To apply, complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov.

You will need to set up a FSA ID. If you do not have a FSA ID or need to request a duplicate one, you may do so online at https://fsaid.ed.gov/npas/index.htm.

St. Matthew’s University School of Medicine’s school code is 037643.

Eligibility

The general eligibility requirements are that you must:

  1. Be a U.S. citizen or an eligible noncitizen;
  2. Have a valid Social Security Number (with the exception of students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau);
  3. Be registered with Selective Service, if you are a male (you must register between the ages of 18 and 25);
  4. Not be in default on a federal student loan and do not owe money on a federal student grant;
  5. Sign statements on the FAFSA stating you will use federal student aid only for educational purposes
  6. Be accepted in an eligible degree program;
  7. Be enrolled at least half-time and, if completing a clinical rotation, at an approved site as established by the Office of Financial Aid;
  8. Maintain Satisfactory Academic Progress (SAP). More information on SAP may be found under the Student Consumer Information section of our website.
Federal Direct Unsubsidized Stafford Loan

This is a non-need based loan in which the student is responsible for the interest during all periods including times of enrollment and grace and deferment periods. You may decline all or a portion of the loan that is offered on the award letter. A student must notify the Office of Financial Aid in writing of any requests to decline this loan.

  1. Maximum annual loan amount: $20,500
  2. Fees: An origination fee of 1.066% will be deducted at the time of each disbursement.
  3. Interest rate: All loans first disbursed after July 1, 2018 have a fixed interest rate of 6.60%. You may choose to pay the interest while you are in school. If you choose not to pay the interest while you are enrolled, it will be added to the unpaid principal amount of your loan (called capitalization).
  4. Grace period: There is a six month grace period following graduation, withdrawal, or drop below a half-time enrollment status. Principal payments may be deferred during the grace period.
  5. Repayment: Repayment of both the principal and interest will begin six months after graduation, withdrawal, or an enrollment status of less than half-time. There are several repayment plans available such as Standard, Graduated, Extended and Income-Based Repayment. Additional information on each plan, as well as loan consolidation and sample repayment charts, may be found on the U.S. Department of Education’s website at www.studentloans.gov.
  6. Aggregate Loan Limit: $138,500, of which no more than $65,500 may be in Federal Subsidized Stafford Loan funds. This aggregate limit includes all federal loans received for undergraduate study.
  7. Requirements:
    1. Entrance Counseling and Master Promissory Note (MPN): All first time borrowers must complete the Federal Direct Stafford Loan Entrance Counseling and MPN before any funds may be disbursed to your student account. These requirements may be completed online at www.studentloans.gov. You will need your four digit Federal PIN to log on.
    2. Exit Counseling: Students who graduate, withdraw or drop below a half-time enrollment status are required to complete an exit interview. This counseling reviews your rights and responsibilities as a Federal Direct Stafford Loan borrower, as well as, the repayment, deferment, forbearance, and consolidation options available. You may complete this requirement via the U.S. Department of Education’s website at www.studentloans.gov.
Federal Direct Grad PLUS Loan

This is a loan available to students enrolled in a graduate program of study to assist in paying for educational expenses.

  1. Eligibility: In addition to the general eligibility requirements above Grad PLUS Loan eligibility requirements include:
    1. Meet the general Federal financial aid eligibility requirements
    2. Complete the FAFSA
    3. Not have adverse credit history (more information may be found on this at www.studentaid.ed.gov)
  2. How to apply: Complete the online application at www.studentloans.gov.

  3. Maximum annual loan amount: Cost of attendance minus other financial aid.
  4. Fees: An origination fee of 4.264% will be deducted at the time of each disbursement.
  5. Interest rate: All loans first disbursed after July 1, 2018 have a fixed interest rate of 7.60% which will begin accruing from the first date of disbursement.
  6. Repayment: Loan is placed in a deferment status while enrolled at least half-time and for an additional six months after you cease to be enrolled at least half-time. You are responsible for the interest during your periods of enrollment, grace and deferment. Several repayment plans are available and you may learn more about these, as well as repayment charts, online at www.studentloans.gov.
  7. Requirements:
    1. Entrance Counseling and Master Promissory Note (MPN): All first time borrowers must complete the Federal Direct Grad PLUS Loan Entrance Counseling and MPN before any funds may be disbursed to your student account. These requirements may be completed online at www.studentloans.gov. You will need your four-digit Federal PIN to log on.
    2. Exit Counseling: Students who graduate, withdraw or drop below a half-time enrollment status are required to complete an exit interview. This counseling reviews your rights and responsibilities as a Federal Direct Grad PLUS Loan borrower, as well as, the repayment, deferment, forbearance and consolidation options available. You may complete this requirement via the U.S. Department of Education’s website at www.studentloans.gov.
Disbursements

Most awards are disbursed in equal amounts each semester and are applied directly to the student’s account. Disbursements are made once all required paperwork for the loan(s) has been completed and semester enrollment confirmed.

Any loan funds St. Matthew’s University receives in excess of the allowable semester charges will be refunded to the student via a check.

Office of Financial Aid

Email address for US : This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: 1.800.498.9700
Fax: 1.800.856.9499

Mailing Address: Office of Financial Aid
St. Matthew's University, School of Medicine
c/o R3 Education, Inc.
27 Jackson Road, Suite 300
Devens, MA 01434