New Financial Aid Option: DOCTOR'S CHOICE
FACT SHEET FOR DOCTORS CHOICE
Posted by rdebruin on Tuesday, August 8 2006 9:23 AM
At present Dr's Choice is only for US CITIZENS.
The maximum a student can borrow in 1 (one) academic year is $45,000 (Teri). Dr's Choice is an annual loan program which allows for $60,000 per 12 months. Please keep in mind that there is a $240,000 lifetime borrowing aggregate.
We recommend that students only borrow $45,000 per year on island, ensuring that there are enough funds available to complete their medical education. The clinical phase of education is more costly than the basic sciences.
Students applying without a co-borrower must have a fico score of at least 625.
Co-borrower credit score must be above 625 threshold also.
To receive better interest rates students can apply using a co-borrower with a higher fico score than own.
Interest begins accruing on the date the loan is disbursed.
Interest is determined on your credit score on the date of approval.
The loan program is tiered, which means the interest rate that you pay is determined by the best credit score on the application. The lowest interest rate available is Libor plus 3.5% and the highest is Libor plus 5.5%.
The origination fees are also determined by your fico score, the highest origination fee being 6.5% to 0 being the lowest. Ie, a credit score of 751 or above has no origination fee, and pays and interest of Libor plus 3%.
Posted by rdebruin on Tuesday, August 8 2006 9:23 AM
At present Dr's Choice is only for US CITIZENS.
The maximum a student can borrow in 1 (one) academic year is $45,000 (Teri). Dr's Choice is an annual loan program which allows for $60,000 per 12 months. Please keep in mind that there is a $240,000 lifetime borrowing aggregate.
We recommend that students only borrow $45,000 per year on island, ensuring that there are enough funds available to complete their medical education. The clinical phase of education is more costly than the basic sciences.
Students applying without a co-borrower must have a fico score of at least 625.
Co-borrower credit score must be above 625 threshold also.
To receive better interest rates students can apply using a co-borrower with a higher fico score than own.
Interest begins accruing on the date the loan is disbursed.
Interest is determined on your credit score on the date of approval.
The loan program is tiered, which means the interest rate that you pay is determined by the best credit score on the application. The lowest interest rate available is Libor plus 3.5% and the highest is Libor plus 5.5%.
The origination fees are also determined by your fico score, the highest origination fee being 6.5% to 0 being the lowest. Ie, a credit score of 751 or above has no origination fee, and pays and interest of Libor plus 3%.
posted by statiamed@gmail.com at 7:57 AM
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