Loans

View information concerning outside loan opportunities.

(Medical Students only while enrolled fulltime at BCM) Limited Funding 

Ella Kate & Wallace Ralston Student Loan 

  • 7.5% interest rate for 10 years 
  • 6.5% interest rate for 10 years if residency in Eye Disease 
  • No Interest while enrolled at BCM 
  • First payment is due 30 days from graduation 
  • Can be deferred up to 3 years with proper documentation 

Johnson County Medical Society and Anna B. Hayes Student Loan 

  • 4% interest upon disbursement
  • Interest due monthly from disbursement 
  • 5-year repayment from BCM graduation 
  • Principal due in full, 5 years from graduation
  • No deferment or forbearance available 

Other Baylor College of Medicine Institutional Loans (All Loans listed below have the same terms shown below): 

  • No interest while enrolled at BCM
  • Upon graduation from BCM: One-year grace period, 5% interest rate for 3 years, 10% interest for 10 years 
  • First payment is due 12 months from BCM graduation (12-month grace period; no int. accrues during grace) 
  • No deferment or forbearance 
  • Limited Funds Available 
  • 10% interest rate charged if student is no longer enrolled at BCM or did not graduate from BCM 

List of Loans

  • Alumni Student Loan
  • Ben & Grace Williams Student Loan
  • Baylor Faculty Women's Club Loan
  • Phi Chi Benefit Student Loan
  • Baylor Trustee Loan
  • Gladys D. Miller Student Loan

All summarized loan notes terms above are subject to change. The signed loan promissory notes take precedence over these terms, no institutional loans will be awarded for more than four years.

Health Professions and Graduate Students    

Learn more about federal student loans, including current terms and interest rates at www.studentaid.gov. Remember, borrowed funds must be paid back, and the amount you borrow will impact your future lifestyle. Borrow only what you need! 

All Federal Loans are submitted to the National Student Loan Data System (NSLDS) and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.

Medical Students

Learn more about federal student loans, including current terms and interest rates at www.studentaid.gov. Remember, borrowed funds must be paid back, and the amount you borrow will impact your future lifestyle. Borrow only what you need! 

All Federal Loans are submitted to the National Student Loan Data System (NSLDS) and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system. Institutional loans are submitted to HeartlandECSI, Inc. for processing and reporting and collections. The Institutional Loans for Medical Students document contains additional details.

The U.S. Department of Education makes Direct PLUS Loans to eligible graduate or professional students through schools participating in the Direct Loan Program. PLUS loans can help pay for education expenses not covered by other financial aid. Learn more. 

Interest Rates and Loan Fees

For Direct PLUS Loans first disbursed on or after July 1, 2023, and before July 1, 2024, the interest rate is 8.05%. This is a fixed interest rate for the life of the loan.

There is a loan fee on all Direct PLUS Loans. The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. The percentage for all Direct PLUS loans first disbursed on or after Oct. 1, 2020, is 4.228%. Loans first disbursed before that date had different loan fees.

Loan Repayment

You’ll receive an automatic deferment while you’re enrolled in school at least half time, and for an additional six months after you graduate, leave school, or drop below half-time enrollment. You don’t have to start making payments until after this deferment period ends.

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.

How much can I borrow?

The maximum PLUS loan amount you can borrow is the cost of attendance (determined by the school) minus any other financial assistance you receive.  You may also specify an amount.

To receive a grad PLUS loan, you must

  • be a graduate or professional student enrolled at least half-time at an eligible school in a program leading to a graduate or professional degree or certificate;
  • not have an adverse credit history (unless you meet certain additional eligibility requirements); and
  • meet the general eligibility requirements for federal student aid.

Denial of a Direct PLUS Loan

If you have an adverse credit history, you may still receive a grad PLUS loan through one of these two options:

  1. Obtaining an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the grad PLUS loan if you do not repay it.
  2. Documenting to the satisfaction of the U.S. Department of Education that there are extenuating circumstances relating to your adverse credit history.

How to Apply

  • Complete the FAFSA application at www.studentaid.gov using your FSA ID credentials.
  • Complete the Direct Grad PLUS loan application: https://studentaid.gov/plus-app/
    • Log in with your FSA ID credentials and click the Log In To Start for ‘I am a Graduate or Professional Student’ and follow application instructions.
    • Complete the Direct PLUS Loan Master Promissory Note
    • Complete PLUS Entrance Counseling

If you are ineligible for Federal Direct Loans, Federal Direct PLUS, or you need additional funds to help you fund your education, you can use our free comparison tool to compare interest rates, repayment terms, and eligibility requirements from a cross-section of private student loan lenders.