Private education loans are alternative sources of student financial assistance to help fund your educational costs. You should contact the Financial Aid office to determine your eligibility for federal student aid (FSA) or other assistance as the terms and conditions of an FSA loan maybe more favorable than the provisions of private education loans.
Eligibility for a private loan is based on the applicant’s credit rating and a co-signer may be required. Important note: The total amount of financial assistance received from all sources, including the private loan (excluding residency and relocation loans), cannot exceed the student’s cost of attendance.
Students may apply for a private loan if they
- do not qualify for federal financial aid; or
- need additional financial aid resources to meet the cost of attendance.
We encourage you to explore federal aid before borrowing a private loan. If you decide a private loan is right for you, you may choose any lender; we process all lenders with equal timeliness and without prejudice. UAMS does not offer a preferred lender list. You will need to visit the link below to review private loan lenders, compare lender terms and apply for a loan of your choice.
If you have questions regarding Private Loans, please contact our office at (501) 686-5451.
Residency and Relocation Loans
The costs associated with Residency interview travel and relocation are not required for graduation and cannot be funded with federal student aid. Available to 4th year College of Medicine students only, the Residency and Relocation loan is designed to help with costs associated with residency and relocation expenses. The loan is between you and the lender of your choice. This loan does not count as part of your financial aid package and is not processed through the UAMS Financial Aid office.
UAMS cannot provide a preferred lender list. We encourage all students to take the Borrowing Essentials tutorial, provided on the Fast Choice web page, to ensure you understand all the term and conditions of the loan.
- Residency and Relocation Loans – What to know before borrowing
- Apply – Private Education Loan Lenders – FastChoice
Personal Loan Options
Physician Student Loans: Special Loan for Graduating Medical Students – This is an unsecured personal loan with a maximum amount of $20,000.
- Many graduating medical students find the transition from medical school to residency to be financially difficult. This loan does not require payments for 3 years, does not charge origination fees and offers attractive rates based on credit scores. The CATCH? It is only available to graduating medical students who apply for and are approved PRIOR to graduation day at their respective school. More details can be found at http://www.physicianloans.com/graduation_loans.htm or by going to http://www.physicianloans.com and clicking on the box on the right labeled Graduation Loan.