FINANCIAL RESOURCES

Student loan options are available for US Citizens and Permanent Residents of the US to cover the full cost of attendance of the Doctor of Medicine program.

Taking out loans to cover educational expenses is a significant responsibility. All borrowed funds must be repaid, regardless of academic or career success. Failing to repay could damage your credit, impacting your ability to obtain credit, housing, insurance, or employment for up to a decade. Therefore, we recommend borrowing only what you truly need, which may be less than your full cost of attendance (COA). Student loans come with varying interest rates and repayment terms that affect your total repayment amount. Typically, repayment begins after you finish your education.

Each loan period restricts borrowing to the COA maximum. Even if a lender approves a larger loan amount, our Financial Aid Office can only certify up to the total COA. Personal debts such as credit cards, mortgages, car payments, legal fees, and family support cannot be included in the COA.

It’s crucial to be aware of the contents of your credit report because our primary loan provider, Sallie Mae, will use the information from your TransUnion credit report to make their credit assessment. Your credit score is less important than the detailed account histories included in your complete report, as Sallie Mae will base their credit decision on these historical credit details. You have the right to receive a free copy of your report from each of the three credit reporting agencies once per year, and also whenever you are denied housing, insurance, employment, or credit due to information in your report. You can obtain your free annual report at www.annualcreditreport.com.

PHSU SOM BVI has established a collaboration with Sallie Mae to introduce the Sallie Mae Loan Program for MD students who are US citizens or Permanent Residents of the United States. The Sallie Mae Loan is a private educational loan, meaning it is not subsidized by the federal government and approval is not guaranteed. The lender evaluates loan requests based on the credit worthiness of the student and any co-signer, which includes a review of their credit report and debt-to-income ratio.

PHSU SOM BVI offers flexible payment plans tailored to meet the needs of international students. These payment plans provide an accessible way for students to manage their tuition expenses throughout the academic year. 

Key features of the payment plans include:
1. Customized Options: Students have the flexibility to choose from various payment schedules that align with their financial situation and academic calendar.
2. Interest-Free Installments: The school offers interest-free installment plans, allowing students to spread out their tuition payments over several months.
3. Easy Enrollment: Enrollment in the payment plans is straightforward, with clear guidelines provided by the school's financial services department.
4. Accessibility: The plans are designed to be accessible to international students, ensuring that financial considerations do not hinder their educational pursuits.
5. Supportive Staff: The school's financial services team is available to assist students in selecting the best payment plan option and providing guidance throughout the process.

These payment plans reflect PHSU SOM BVI's commitment to supporting students from diverse backgrounds and facilitating a smooth financial experience during their academic journey.

Schedule an appointment with a financial aid team member for an Individualized Orientation!

Financial aid planning and counseling are essential for all students. It is recommended that you contact or visit the Office of Financial Services well in advance of matriculation to discuss and create a feasible financial strategy. Through this counseling and planning process, you will gain clarity on:
• Your total expenses (full cost of attendance), available financial aid amounts, alternative funding options, and the specifics of the financial aid application procedure.
• Your credit report and how your credit history influences your eligibility for student loans.
• Strategies for building a strong credit profile and managing debt to maintain your financial well-being.
• Responsibilities regarding any existing student loans you may have while enrolled at PHSU SOM BVI.