Financial Aid

FOR UNITED STATES CITIZENS OR PERMANENT RESIDENTS

US Federal Student Loans

US Federal Student Loans are only available for the Four-Year MD portion of all dual degrees.

St. George’s University participates in the William D. Ford Federal Direct Loan Program. These loans are available to US students who are US citizens or US Permanent Residents in the School of Medicine who are or have been enrolled in the Basic Science portion of their program in Grenada. (As of July 1, 2011, students in SGU/NU Program are not eligible for the Federal Direct Loan Program.)

The William D. Ford Federal Direct Loan Program consists of the Federal Direct Unsubsidized Loan and Federal Direct Graduate PLUS Loan. The maximum loan amount for which a student is eligible may not exceed the cost of attendance (as defined by St. George’s University) less any other financial aid received for the academic period in which the student is enrolled. Eligible students can borrow up to $20,500 per academic year from the Federal Direct Unsubsidized loan not to exceed an overall aggregate amount borrowed of $138,500. The Federal Direct Graduate PLUS loan program is used to bridge the gap between the Unsubsidized Loans and the remaining cost of attendance. Students must not have an adverse credit history in order to qualify for a Federal Direct Graduate PLUS loan. The Direct PLUS loan does not have an aggregate limit.

Students may choose to pay the interest while attending school. If allowed to accrue, interest will be capitalized (added to the principal balance) at the beginning of the repayment period. The interest rate for all Unsubsidized loans with a first disbursement on or after July 1, 2024 is fixed at 8.083%. The interest rate for all Grad PLUS loans with a first disbursement on or after July 1, 2024 is fixed at 9.083%. The student will also be required to pay a pre-disbursement loan origination fee on the amount borrowed. Effective October 1, 2021 the origination fee will be 1.057% on Unsubsidized loans and 4.228% on Direct PLUS loans. These fees will be deducted from the amount borrowed and will be reflected in the disbursements issued to the student’s account.

Loans are typically processed for an academic year and are disbursed in two installments. Disbursements typically occur 10 days before the start of an academic term. For example, if a student requests a $20,500 Federal Direct Unsubsidized Loan, the Department of Education will release half the requested amount, less loan fees, any applicable fees for the first term of the academic year, and release the second half of the approved amount (less fees) 10 days before the start of the second term. Loan funds are disbursed to the student’s account and if a credit balance is created, the credit will be refunded to the student by check or direct deposit, typically within 10 business days.

Under the Direct Unsubsidized and Graduate PLUS loan programs, the student is responsible for all accruing interest and may choose to repay the interest while in school or defer it until repayment begins. Upon graduation, a grace period is applied automatically to your Federal Direct loans. The grace period is a one-time 6-month period during which no payments are required, although interest will continue to accrue on these loans. If a student ceases to be enrolled at least half-time (withdraws or takes a leave of absence), the 6-month grace period would apply in most circumstances. Students who withdraw, drop below five (5) credits or graduate must complete online Exit Counseling if they have received a Federal Graduate PLUS loan. The Exit Counseling will provide you with your federal loan history and will inform you of your repayment options.

Repayment on these loans begins 6 months after the student ceases to be enrolled at least half-time. The amount of your monthly repayment is calculated based upon the total amount that you have borrowed, as well as the repayment plan that you choose. Visit the Federal Student Loan Repayment Plans page at studentaid.gov to learn about repayment plans and to use the Loan Simulator. The Loan Simulator will help to find the best repayment strategy for you.

Students can apply for US federal loans by completing the Free Application for Federal Student Assistance (FAFSA) at studentaid.gov. When completing the FAFSA, be sure to enter the appropriate school code. The SGU School of Medicine federal school code is G22333. Students will also need to complete Entrance Counseling and Master Promissory Notes in order to complete the application process.

To receive Direct Loans, recipients must be either permanent residents or citizens of the United States, be enrolled in the 4 Year MD program at least half-time, maintain satisfactory academic progress, and not be in default on any prior U.S. government-guaranteed loan. These guidelines are subject to statutory and/or regulatory changes in the U.S. Higher Education Act and the Title IV Program Regulations. For details on how to apply click here.

Students borrowing federal loans can complete the Title IV Authorization form online through their SGU Student Self Service account. This will allow the Office of the Bursar to apply your federal loan proceeds toward non-tuition charges such as books and health insurance in order to satisfy your student account.

Borrowers Rights and Responsibilities

Private Educational Loans

Private educational lenders in the United States offer students at St. George’s University alternate loans. US Students can apply for these loans to meet all or part of their cost of attendance. Students who are considering the SGU/NU Program can explore these options.  Some lenders may also offer private loan programs for parents, guardians, sponsors, or other individuals who wish to borrow on behalf of the student to help fund their education. These private loan programs are all credit-based and are offered only to borrowers who have a satisfactory credit history as determined by the lender. The loans may have a fixed or variable interest rate that is tied to an index, such as LIBOR or PRIME, plus a margin. The interest rates and fees you pay on a private student loan are based on your credit score and the credit score of your cosigner, if applicable. These loans have repayment terms that begin following graduation or withdrawal from school and may be able to be extended up to 25 years.

The Office of Financial Aid at SGU provides extensive financial aid counseling services to students in order to help them understand the eligibility requirements, terms and conditions.

St. George’s University does not prefer, recommend, promote, endorse, or suggest any lenders. You are not required to borrow from any of the lenders appearing on these lists and there is no penalty for selecting a different lender, if available.

Financial Aid Loan Code of Conduct

FOR CANADIAN CITIZENS

St. George’s University is approved by the Canadian Ministry of Education, entitling most students to the ability to receive Canadian Federal loans, Provincial loans and Federal grants.

The Canada Student Loans Program (CSLP) offers financial assistance to full-time and part-time students pursuing post-secondary education in the form of loans, grants and repayment assistance. The CSLP delivers student financial assistance in partnership with most provinces and territories. Quebec and the Northwest Territories operate their own programs.

These loans are interest-subsidized by the Canadian government while the student is enrolled in school and maintaining satisfactory academic progress as determined by the individual province. Below you will find a comprehensive list of available funding by Province. To supplement the financing of their education, students usually apply for a professional line of credit available through the banks in Canada. Credit lines can be approved for between $150,000 and $500,000,depending on the bank you choose to apply with. Please note all banks will require a co-signer.

St. George’s University is committed to ensuring that students are aware of all of their financial aid options. We have designated a counselor to work directly with Canadian students to address their questions and needs. For more information, please contact:

ISFA@sgu.edu

Beth Cohen
Senior Institutional Student Financial Assistance Specialist
Phone: 1 (631) 665-8500 ext. 1237
Email: bcohen@sgu.edu

Amanda Curcio
Institutional Student Financial Assistance Specialist
Phone: 1 (631) 665-8500 ext. 1712
Email: acurcio@sgu.edu

Alberta Student Financial Assistance
Students are eligible for both federal and provincial funding as well in Alberta. The combined maximum a student can receive is $42,000 (CAD) per term. If the term starts/ends mid-month, the award is prorated and the award is made for the whole month or nothing for that month. Students are awarded funding by the month.

British Columbia Student Financial Aid
Students are eligible for both federal and provincial funding as well as grants. Students can receive up to $320 (CAD), $210 federal and $110 provincial, per week and $4,500 per year in a grant. Students are awarded funding by the month. If the term starts/ends mid-month, the award is prorated and the award is made for either two or four weeks of funding depending on the exact date.

Manitoba Student Aid
Students are eligible for both federal and provincial funding as well as grants. Students can receive up to $350 (CAD), $210 federal and $140 provincial, per week and $4,500 per year in a grant. Funding is awarded by the literal number of weeks in a term.

Newfoundland Student Financial Assistance
Students are eligible for both federal and provincial funding as well as grants. Students can receive up to $350 (CAD), $210 federal and $140 provincial, per week and $4,500 per year in a grant. Funding is awarded by the literal number of weeks in a term.

Nova Scotia Student Assistance
Students are eligible for both federal and provincial funding as well as grants. Students can receive up to $410 (CAD), $210 federal and $200 provincial, and $4,500 per year in a grant. Students may be awarded up to 40% of the provincial loan amount in a scholarship.

Northwest Territories Student Financial Assistance
Students are eligible to receive scholarships and bursaries totaling up to $14,400 (CAD) in combined loans and grants per year.

Ontario Student Assistance Program
Students are eligible for federal funding only (not provincial). Maximum federal funding is $210 (CAD)per week of instructional time. Students are also eligible for grants (up to $4,500 (CAD) per year).

Quebec Student Financial Assistance Programs
Quebec does not offer funding to students studying medicine outside the Province of Quebec; however, students in other programs are eligible to apply for funding.

Saskatchewan Student Loans Program
Students are eligible for both federal and provincial funding up to $575 (CAD), $365 federal and $210 provincial, per week. Awards are based on actual number of weeks of instructional time. Students are also eligible for grants.

Exact amounts based on individual eligibility and start and end dates of terms.  These figures do not include Canada student loan’s COVID-19 increase for the 2020/2021 year.

St. George’s University is a participant in the Department of Veteran Affairs Educational Programs. Only students who were a uniformed service member, veteran, veteran’s dependent, surviving spouse, or child of a deceased veteran, and are registered in the MD or DVM Program are eligible for VA Benefit.

VA Education Programs

The following is a list of Veteran Affair benefit programs that the SGU MD or DVM program is eligible for:

• Chapter 30 – Montgomery GI Bill^® – Active Duty
• Chapter 32 – Veterans Educational Assistance Program (VEAP)
• Chapter 33 – Post 9/11 GI Bill^®
• Chapter 34 – GI Bill^®
• Chapter 35 – Dependents Educational Assistance program DEA
• Chapter 1606 – Montgomery GI Bill^® – Selective Reserves
• Chapter 1607 – Reserve Educational Assistance Program REAP

Initiating Veterans Benefits at SGU

Submit the appropriate application form listed below to the VA:

• Student should compare VA education benefits and review payment rates by utilizing the Comparison Tool.
• Apply for benefit through the VA using the Veterans Online Application (VONAPP).
• Submit Certificate of Eligibility to an SGU School Certifying Official (see contact information below).

Receiving Veterans Benefits at SGU

After you have initiated your Veterans Benefits at SGU, a School Certifying Official will  contact you at the beginning of each term. Once your enrollment has already been certified for a term in the current VA year, you will not be automatically certified for another term, unless you request otherwise.  You will receive an automatic electronic notification from the VA after your enrollment has been certified. Payment of benefit can take up to two to four weeks after it is certified. Eligibility and payment amounts are determined by the VA and not by SGU. Please access visit the VA’s Rate Tables for the various benefit programs.

Contact:

For more information please visit:

http://www.gibill.va.gov/

http://www.gibill.va.gov/Vet_Info/OS_TrngV.htm

https://studentaid.ed.gov/sa/sites/default/files/military-student-loan-benefits.pdf

http://benefits.va.gov/gibill/foreign_school_information_for_students.asp

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