Financial Aid

Medical University of the Americas 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 (studentaid.gov).

To apply, complete the Free Application for Federal Student Aid (FAFSA) online (studentaid.gov).  Note that you will need to create a Federal Student Aid ID (FSA ID), which you can do here.

MUA’s school code is G39003.

Your financial aid eligibility is determined by the information you provided on the Free Application for Federal Student Aid (FAFSA). To be eligible for federal financial aid, the basic eligibility requirements are that you must:

• Be a U.S. citizen or eligible non-citizen;
  
  
• Have a valid Social Security Number (unless you are from the Republic of the Marshall Islands, the Federated States of Micronesia, or the Republic of Palau);
  
  
• Ben enrolled or accepted for enrollment as a regular student in an eligible degree;

• Be enrolled at least half-time to be eligible for Federal Direct Loan program funds;
  
  
• Maintain Satisfactory Academic Progress (SAP) while enrolled. More information on SAP may be found under the Student Consumer Information section of our website;
  
  
• Sign the certification statement on the Free Application for Federal Student Aid (FAFSA) stating:
  • you are not in default on a federal student loan;
  • you do not owe money on a federal student grant; and 
  • you will only use federal student air for educational purposes;
    
    
• Show you are qualified to obtain a college education.

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.

• Maximum annual loan amount: $20,500
• Fees: An origination fee of 1.057% will be deducted at the time of each disbursement.
• Interest rate: All loans first disbursed after July 1, 2022, have a fixed interest rate of 6.54%. 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).
• 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.
• 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 (studentaid.gov).
• 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.
• Requirements:
  • 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 (studentaid.gov). You will need your FSA ID to log on.
  • 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 (studentaid.gov).

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

• Eligibility: In addition to the general eligibility requirements above, Grad PLUS Loan applicants must:
  • Meet the general Federal financial aid eligibility requirements
  • Complete the FAFSA
  • Not have an adverse credit history (more information may be found on this at studentaid.gov)
• How to apply: Complete the online application (studentaid.gov).
• Maximum annual loan amount: Cost of attendance minus other financial aid.
• Fees: An origination fee of 4.228% will be deducted at the time of each disbursement.
• Interest rate: All loans first disbursed after July 1, 2022, have a fixed interest rate of 7.54%, which will begin accruing from the first date of disbursement.
• 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 (studentaid.gov).
• Requirements:
  • 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 (studentaid.gov). You will need your FSA ID to log on.
  • PLUS Counseling: Beginning March 29, 2014, all new Federal Direct Grad PLUS Loan applications are subject to new federal regulations. If a student borrower is denied a Grad PLUS Loan and the loan is subsequently approved for extenuating circumstances or the student borrower has obtained an endorser, the borrower will be required to complete a PLUS Counseling on the studentaid.gov website before any disbursements may be made.
  • 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 (studentaid.gov).

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 Medical University of the Americas receives in excess of the allowable semester charges will be refunded to the student via a check.

Email address: finaid@mua.edu
Telephone number: 978-862-9500 press "3"
Fax Number: 978-862-9599
Mailing Address:
     c/o R3 Education, Inc.
     27 Jackson Road, Suite 302
     Devens, MA 01434

• Alberta (http://www.studentaid.alberta.ca/)
• British Columbia (https://studentaidbc.ca/)
• Manitoba (http://www.edu.gov.mb.ca/msa/)
• New Brunswick (http://www2.gnb.ca)
• Newfoundland and Labrador (https://www.gov.nl.ca/ipgs/)
• Northwest Territories (https://www.ece.gov.nt.ca/en/services/student-financial-assistance)
• Nova Scotia (https://novascotia.ca/studentassistance/)
• Ontario (https://www.ontario.ca/page/osap-ontario-student-assistance-program)
• Prince Edward Island (https://www.princeedwardisland.ca/en/topic/student-loans-bursaries-grants-and-awards)
• Saskatchewan (http://www.saskatchewan.ca/residents/education-and-learning/student-loans)

Additional information may be available from the provincial and territorial student financial assistance offices:

Email address: canaid@mua.edu
Telephone number: 978-862-9500 press "3"
Fax Number: 978-862-9599
Mailing Address:
     c/o R3 Education, Inc.
     27 Jackson Road, Suite 302
     Devens, MA 01434