Federal Student Loan Programs

Student Loan Programs
- Undergraduate Students
- Graduate/Professional Students (non-MD)
- Medical Doctor and PharmD Students

UNM participates in the Federal William D. Ford Direct Loan program, which includes Unsubsidized and grad PLUS loan. The lender is the U.S. Department of Education and borrowers will be assigned to a servicer. Below are the types of loans you are considered for and possibly offered upon completing your FAFSA and your Financial Aid file.

Unsubsidized Loans

Are not based on financial need.
Loan origination fee 1.057%
Interest rates are fixed, July 1 through June 30 of each year
Interest accrues while in school and throughout the lifetime of the loan.
Repayment begins 6 months after you graduate, drop below half time, or withdraw
- Annual MD borrowing limits
  - First Year $44,944
  - Second Year $47,167
  - Third Year $47,167
  - Fourth Year $42,722
- Annual PharmD borrowing limits
  - First Year $34,388
  - Second Year $35,778
  - Third Year $35,778
  - Fourth Year $35, 778

Graduate PLUS Loans

Direct loan conducts a credit check, reviewing any adverse credit. Adverse credit could include:
- Bankruptcy discharge within the past five years
- Repossession of collateral with the last five years
- Foreclosure proceedings within the last five years
- Accounts 90 days or more delinquent
- Unpaid collection accounts
- Charge-offs and/or write-offs of Federal student loans
- Wage garnishment within the last five years
- Defaulted Federal student loan
- Federal/state/county tax lien within the past five years.
If it is determined that you have an adverse credit history there is a way to appeal the decision, please visit StudentAid.gov’s appeal page here.
Interest rates are fixed, July 1 through June 30 of each year
Interest does accrue while you are in school or in deferment.
Repayment begins 6 months after you graduate or withdraw, this is called a grace period.
- "Your loan servicer will tell you how many months remain in your grace period and when repayment will begin. The length of a grace period is typically six months, but it can vary depending on the type of loan you received. The promissory note you signed for your loan tells you the length of your grace period." (from: Federal Student Aid)
You may borrow up to the full Cost of Attendance, less other financial aid received.