Avalon University School of Medicine is pleased to announce a TriMed International Medical School Private Student Loan Program. This loan program is serviced by Reunion Student Loan Finance Corporation (RSLFC).
These loans are intended to cover:
- Tuition and school related fees
- Living expenses, including – books and supplies [must be pre-approved by our bursar. Please EMAIL Erin Moliterno at firstname.lastname@example.org BEFORE applying]
This loan program is designed to help meet the higher education financing needs of qualified Avalon medical students. Applicants must be CURRENT students and have passed the USMLE Step 1. This program will provide loans to U.S. Citizens or permanent residents who are enrolled in the MD program. The loans are intended to cover the expenses of tuition, fees, books, supplies and living expenses.
Eligible Student Borrower:
- Must be a U.S. Citizen or permanent resident
- Must be the legal age of majority as defined by the state of residence
- Must be in good standing as determined by the school
- Must have at least 2 years of credit history and meet the credit worthy requirements or apply with a cosigner who can meet these requirements.
- Current with Avalon and has passed the USMLE Step 1
What is considered credit worthy?
In general terms, credit worthy means the student applicant:
- Has not had open collections or charge offs in the past 2 years
- Does not have bankruptcies, foreclosures, or repossessions during the past 7 years
- Has not defaulted on a federal or private student loan
NOTE: Additional credit criteria applies, this is a general guideline and is not all inclusive.
- $10,000 minimum loan amount
- Maximum annual amount is determined by cost of education minus other financial aid awarded
- Aggregate maximum includes all education debt: up to $300,000
- Rates are based on a 3-month London Interbank Offered Rate (LIBOR) index, adjusted quarterly and are variable over the life of the loan
- The interest rate is LIBOR + 7.0%
An origination fee of 4% will be assessed at the time of disbursement and added to the principal balance of the loan
Please contact your ASSIGNED TriMed Finance Counselor for choosing the best option:
- Deferred payment of principal and interest during the in-school period
- Interest only payments during the in-school period
- Principal and interest during the in-school period
- Fixed or Flat repayment schedule during repayment period
- 2 Tier Graduated, or 4 Tier Graduated repayment schedule during repayment period
- Income sensitive repayment schedule during repayment period
- Borrowers will receive a 6 month grace period upon graduating or ceasing to attend school
- Repayment term is 20 years maximum
- If the borrower is in an approved medical residency program, borrowers will be able to make interest only payments during the residency period. The borrower will need to contact RSLFC to request interest only payments.
If the borrower’s payment is late, a late charge of $10 or 5%, whichever is less will be assessed
Before starting an application, be sure to have your:
- Social Security Number
- Enrollment Period
- Requested Loan Amount
- Two Personal References
Cosigner – If you are cosigning this application, be sure to have your:
- Social Security Number
- One Personal Reference
- Employment Information (if applicable)
Students can initiate the application process by clicking the link below. A loan counselor will be available to assist you throughout the process.
(Option 2) – Available through TFC Tuition Financing
Tuition only loan, for students not qualifying for Option 1
(Available only to students meeting the following criteria)
▪ a credit score of 650+
▪ Passing USMLE Score of 220+ (must be a first time pass)
▪ Basic Science GPA of 3.00+
▪ US Cosigner required
▪ 25% down payment upfront (minimum $13,650)
▪ 0% interest during enrollment
▪ Payments of $300.00 per month while in school
For any question please contact the University’s bursar, Erin Moliterno at email@example.com