Penn Dental Medicine

Academic Programs & Admissions

Financial Aid and Scholarships » Federal Loan Options

Your credit history is one of the most important factors used in determining your loan eligibility. Most loan programs require some form of credit evaluation. If you have defaulted on a previous educational loan, you are ineligible for future loans.

To receive federal loan, you must hold U.S. citizenship or be a permanent resident of the U.S. Four year DMD students who wish to be considered for need-based aid at Penn Dental Medicine are required to complete the student and parent sections of the PENN Financial Aid Application and the student section only of the Free Application for Federal Student Aid (www.fafsa.ed.gov) as well as submit parental and student taxes. It is important to remember that your credit history is one of the most important factors used in determining your loan eligibility. Most loan programs require some form of credit evaluation. If you have defaulted on a previous educational loan, you are ineligible for future loans.

Need-based Federal Loans

Federal Perkins Loan
Federally subsidized Perkins loans are awarded to students who demonstrate exceptionally high need and are citizens or permanent residents of the United States. This loan carries a 5% interest rate upon repayment. Maximum aggregate eligibility is $30,000, including undergraduate borrowing. Repayment begins nine months after graduation with ten years to repay. Eligibility is assessed when all financial aid documents are submitted.

Health Professions Loan (HPL)
Federally subsidized Health Professions Loans are awarded to students who demonstrate exceptionally high need and are citizens or permanent residents of the United States. This loan carries a 5% interest rate upon repayment, and repayment begins 12 months after graduation with ten years to repay. Parental information is mandatory for eligibility. Eligibility is assessed when all completed financial aid documents are submitted. Don’t forget to review the information in our general scholarships section for additional information on scholarship opportunities, government resources and loan forgiveness programs.

Non-Need-based Federal Loan Opportunities

Direct Loan
The federal Direct loan program enables full-time students to borrow between $40,500 and $44,942, depending on their year in school. The entire loan is unsubsidized, with interest accruing from the date of disbursement. The interest rate is set annually every July 1 and the rate for the 2014-2015 academic year is fixed for the life of the loan at 6.21%. Maximum aggregate eligibility is $224,000 including undergraduate borrowing. The federal government charges an origination fee (1.051%) for money borrowed.

Direct PLUS Loan
The federal Direct loan program enables full-time students to borrow up to the cost of attendance. The entire loan is unsubsidized, with interest accruing from the date of disbursement. The interest rate is set annually every July 1 and the rate for the 2014-2015 academic year is fixed for the life of the loan at 7.21%. The federal government charges an origination fee (4.28%) for money borrowed.

Advanced standing students and post-doctoral students will only be considered for non-need based Federal loans. More information on loans is available on the Student Financial Services website (www.sfs.upenn.edu).

Penn
The Robert Schattner Center
University of Pennsylvania
School of Dental Medicine
240 South 40th Street
Philadelphia, PA 19104-6030