Financial Aid

MUA is one of only seven Caribbean medical schools approved to offer U.S. medical students Federal Direct Loans, which provide significant advantages over private student loans:

1. Lower Interest Rates: Federal student loans typically have lower, fixed interest rates compared to private loans, which often have higher and sometimes variable rates. This can save a considerable amount over the life of the loan.
2. No Credit Requirements: Federal loans do not require a credit check or co-signer, making them accessible to students with no credit history or less-than-excellent credit.
3. Helpful Repayment Options: Federal loans offer a variety of repayment plans, including income-driven repayment plans that cap monthly payments based on income and family size, which is especially helpful for medical students in residency who may not be earning high salaries initially.
4. Deferment and Forbearance Options: Federal loans allow for deferment or forbearance during periods of financial hardship or during residency, allowing payments to be postponed without severe penalty. Interest may still accrue, but this flexibility provides breathing room during years of lower income.
5. Loan Forgiveness: Federal loans offer loan forgiveness through programs like Public Service Loan Forgiveness, which can be particularly valuable for physicians who work in nonprofit hospitals, government roles or underserved areas.
6. Protections and Consumer Benefits: Federal loans come with consumer protections that private loans typically lack, such as options for discharge in cases of death or permanent disability. Federal loans are also more flexible with consolidation options, allowing for strategic refinancing to simplify repayment.
7. Predictability, Security and Transparency: Federal loans provide an added level of predictability, security and transparency since the terms and conditions are set by law and not subject to market fluctuations. Private loan rates and terms, on the other hand, can be adjusted based on economic conditions, potentially making them more expensive and harder to manage over time. Federal loan borrowers are also protected by federal law, which ensures that loan servicers adhere to certain standards of conduct.

The basic eligibility requirements are that you must:

• Be a U.S. citizen or an eligible non-citizen,
• 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),
• Show you are qualified to obtain a college education,
• Be enrolled or accepted for enrollment as a regular student in an eligible degree program,
• Provide consent and approval to have your federal tax information transferred directly into your 2024-2025 Free Application for Federal Student Aid (FAFSA) form, if you are applying for aid from July 1, 2024, through June 30, 2025,
• State that 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 aid for educational purposes,
• Maintain at least half-time enrollment as defined by the school’s Office of Financial Aid, and
• Maintain Satisfactory Academic Progress (SAP) as defined by the school’s Office of Financial Aid.  Further details on SAP can be found on the Student Consumer Information section of MUA’s website at www.mua.edu/student-consumer-information.

There is no requirement to demonstrate financial need for this loan. You are responsible for paying the interest on a Federal Direct Unsubsidized Stafford Loan during all periods.

• Maximum annual loan amount: $20,500. However, there are limits on the amount of Federal Direct Unsubsidized Stafford Loans that you may be eligible to receive each academic year (annual loan limits) and the total amounts that you may borrow for undergraduate and graduate study (aggregate loan limits). The actual amount that you are eligible to receive each academic year may be less than the annual loan limit. Remember, you may borrow less than what you are offered by the school and may request more loan funds later as you may need. We recommend only ever borrowing what you need.
• 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 and graduate study.
• Interest rate: Loans first disbursed after July 1, 2024, and before June 30, 2025, have an interest rate of 8.08%. You are responsible for paying the interest on a Federal Direct Unsubsidized Stafford Loan during all required periods. During periods of time when you are not required to make payments, such as while you are enrolled at least half-time, in a deferment, or in a forbearance, your interest will accrue (accumulate) and it will in certain instances be capitalized (which means that your interest will be added to the principal amount of your loan). Whether your unpaid interest capitalizes or not, you are still responsible for paying the interest that accrues. You have the option to pay the interest that accrues even when you are not required to make a payment, such as while you are enrolled.
• Origination Fee: An origination fee of 1.057% will be deducted at the time of each disbursement.
• Grace period: Following graduation, leaving school, or dropping below a half-time enrollment status, you may have the option to delay making principal payments. To determine the length of such a grace period, check your promissory note(s) or with your loan servicer(s). The interest that accrues during your grace period will be added to the outstanding balance of your loan, but it will not be capitalized.
• Repayment: After you graduate, leave school, or drop below half-time enrollment, you may have a six-month grace period on your loans before you are required to begin repayment. Various repayment plans, including Standard, Graduated, Extended, and Income-Based Repayment, are accessible. For further details on each plan, along with information on loan consolidation and sample repayment charts, please refer to the U.S. Department of Education’s website at studentaid.gov.
• Requirements:
  • Entrance Counseling and Master Promissory Note (MPN): For any initial loans that you borrow, you must complete the Federal Direct Stafford Loan Entrance Counseling before funds are disbursed to your student account. For each new award period, you must complete a new MPN for a Federal Direct Unsubsidized Stafford Loan. These obligations may be fulfilled via the U.S. Department of Education’s website at studentaid.gov.
  • Exit Counseling: Upon graduation, program withdrawal, or transiting to a less than half-time enrollment status, you must complete an exit counseling session. This counseling session reviews your rights and responsibilities as a Federal Direct Unsubsidized Stafford Loan borrower, and covers repayment, deferment, forbearance, and consolidation options. This requirement may be completed online via the U.S. Department of Education’s website at studentaid.gov.

Before you apply for a Federal Direct Grad PLUS Loan, make sure you have already filled out the Free Application for Federal Student Aid (FAFSA). You must not have an adverse credit history (as defined by the U.S. Department of Education). A credit check will be conducted by the U.S. Department of Education. If you have adverse credit history, you may still be able to borrow under the Federal Direct Grad PLUS Loan Program if you meet additional requirements.

• How to apply: A completed Free Application for Federal Student Aid (FAFSA) must be on file, along with the Federal Direct Grad PLUS for Graduate and Professional students online application, available through the U.S. Department of Education at studentaid.gov.
• Amount:  The maximum amount you may receive is the cost of attendance (determined by the school) minus any other financial aid received.
• Interest Rates: For loans first disbursed after July 1, 2024, and before July 1, 2025, the interest rate is 9.08%.
• Origination Fees: An origination fee of 4.228% will be deducted at the time of each disbursement.
• Adverse Credit History Options: The U.S. Department of Education will perform a credit check during the application process. If you have an adverse credit history, you may still receive a Federal Direct Grad PLUS Loan through one of these two options:
  • Option 1: Obtaining an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the Federal Direct Grad PLUS Loan if you do not repay it.
  • Option 2: Documenting to the satisfaction of the U.S. Department of Education that there are extenuating circumstances relating to your adverse credit history.
  • With either option, you also must complete credit counseling for PLUS borrowers. You may complete this requirement online via the U.S. Department of Education’s website at studentaid.gov.
• Repayment: There are several repayment options available that are designed to meet the individual needs of borrowers, including income-driven repayment plans that determine your monthly payment amount based on your income and family size. Your loan servicer can help you understand which repayment options are available to you. Generally, you will have 10-25 years to repay your loan, depending on the repayment plan that you choose. Visit the U.S. Department of Education’s website, studentaid.gov, to learn more about the repayment options.
• Deferment: You’ll receive an automatic deferment while you are enrolled in school at least half-time. During periods of deferment, interest will accrue on your loan. You may choose to pay the accrued interest or allow the interest to be capitalized (added to your loan principal balance) when you must start making payments. Your loan servicer will notify you when your first payment is due. If, upon entering repayment, you are unable to make your scheduled loan payments, contact your loan servicer immediately. Your loan servicer can help you understand your options for keeping your loan in good standing. For example, you may wish to change your repayment plan to lower your monthly payment or request a deferment or forbearance that allows you to temporarily stop or lower the repayments on your loan. Visit the U.S. Department of Education’s website at studentaid.gov to learn more about deferment and forbearance options.
• Requirements:
  • Entrance Counseling and Master Promissory Note (MPN): For any initial loans that you borrow, you must complete the Federal Direct Loan Entrance Counseling for Graduate and Professional students before funds are disbursed to your student account. For each new award period, you must complete a new Federal Direct Grad PLUS MPN. These obligations may be fulfilled via the U.S. Department of Education’s website at studentaid.gov.
  • Exit Counseling: Upon graduation, program withdrawal, or transiting to a less than half-time enrollment status, you must complete an exit counseling session. This counseling session reviews your rights and responsibilities as a Federal Direct Loan borrower, and covers repayment, deferment, forbearance, and consolidation options. This requirement may be completed online via the U.S. Department of Education’s website at studentaid.gov.

After the semester has started, all required paperwork has been received, and the University has confirmed your enrollment status of at least half-time, the Office of Financial Aid will request the initial loan disbursement for the semester. The Office of Financial Aid will notify each student via email once the University has received and posted the loan disbursement to your student account. Each student will receive this email notification for each loan and every disbursement.

Any Federal Direct Loan funds that the University receives and posts to your student account that are in excess of your allowable semester charges will be refunded to you. All refunds will be sent to you within 14 days from the date of disbursement via a check, unless you have signed up to receive these funds via direct deposit with the Office of Student Accounts. The refund check will be mailed to the address listed on your student account, unless you have requested an alternative address in writing with the Office of Student Accounts. Any questions regarding a refund check or how to elect the option of direct deposit should be addressed with the Office of Student Accounts via email at studentaccounts@mua.edu.

Address:
Office of Financial Aid
Medical University of the Americas
c/o R3 Education, Inc.
Suite 302
27 Jackson Road
Devens, MA 01434

Email address: finaid@mua.edu
Telephone number: 978-862-9500, option 3
Fax number: 978-862-9699

• Alberta (https://www.studentaid.alberta.ca/)
• British Columbia (https://studentaidbc.ca/)
• Manitoba (https://www.edu.gov.mb.ca/msa/)
• New Brunswick (https://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 (https://www.saskatchewan.ca/residents/education-and-learning/student-loans)

Email address: canaid@mua.edu
Telephone number: 978-862-9500, option 3
Fax number: 978-862-9599