Federal Stafford Loans
Financial Services > Overview of Loans > Federal Stafford Loans
The first step in applying for federal loans is to complete the Free Application for Student Aid (FAFSA) (our school code is 003090). Once you complete the FAFSA you will receive your award notification in mid-April to mid-May. This award letter will list the amount of your Stafford loan funding for the school year.
Incoming students will then be required to complete three additional steps to accept their loans:
1. Accept the amount of the loan
2. Complete Master Promissory Note
3. Complete Entrance Loan Counseling
Returning students only need to complete one additional step after filing their fafsa and receiving their award letter:
1. Accept the amount of the loan
The Ohio State University College of Medicine is a Direct Lending school. Students who attend Ohio State University borrow money directly from the Federal government. This is why Ohio State is considered to be participating in the Federal Direct Lending program. This type of borrowing contrasts significantly from other schools, where students are required to borrow their federal loans through a private bank. Students are not permitted to borrow Federal loan money from a bank if they choose to attend Ohio State.
Most students are eligible for federal loans, regardless of credit history. Also, these loans do not require a cosigner.
Most students are eligible to borrow between $42,722 and $47,167 each year in Subsidized and Unsubsidized Stafford loans depending on their year in school:
| Med 1 | Med 2 | Med 3 | Med 4 | |
| Subsidized | $8500 | $8500 | $8500 | $8500 |
| Unsubsidized | $34,222 | $34,222 | $38,667 | $38,667 |
Maximum Lifetime Limit (includes undergraduate, graduate, and professional school): $224,000
The current interest rate on these loans can be found at studentaid.ed.gov
The interest on subsidized loans is paid by the federal government while the student is attending school or in deferment. Whereas, the borrower is responsible for the interest on unsubsidized loans while in school, in deferment, or in forbearance. The student can chose NOT to make interest payments on the unsubsidized loan and allow the interest to accure on the loan. Therefore, no payment is required on the Subsidized and Unsubsidized Stafford loans while you are in school, in deferment, or in a deferment status.
Under the Direct Loan Program, you will have several options for repayment, so you can select the repayment plan that best fits your financial circumstances. Repayment begins six months after you stop attending school or graduate. However, most medical students can submit the Internship/Residency forbearance form to delay payment until after they have completed their residency program. For more information regarding repayment options visit the Loan Repayment Options web site.
Some students may qualify for loan repayment and forgiveness programs that are specifically available to allopathic medicine students. A searchable list is available on the AAMC web site.