Applying for Loans: Overview

The Financial Aid Office awards a variety of loans. Certain loans require an application; others are awarded automatically.

USC Keck School of Medicine Need-Based Student Loans

To be considered for USC Keck School of Medicine need-based student loan, all medical students must submit a copy of their 2006 federal tax return or Non-Filing Statement, Student, Keck School of Medicine if you are not legally required to file a tax return. In addition, medical students who were under 30 years of age on December 31, 2006 must include their parents' 2006 federal income tax return with all schedules and W-2 forms. Fax the Non-Filing Statement, Parent, Keck School of Medicine form If your parents are not legally required to file a tax return.

In addition, medical students who were under 30 years of age on December 31, 2006 must submit the Parent Asset Information form to USC. Download and complete the Asset Information, Parent, for Medical Health Professions Students. 

Fax all forms to the USC Financial Aid Office: (213) 740-0680.

If you meet the requirements to be awarded this loan, it will automatically appear on your financial aid eligibility, and you will receive a Promissory Note to sign. The loan will be called one of the following names: The Salerni Loan, the Machris Loan, the Peacock Loan or the Plessner Loan. 

Federal Perkins Loan

To be considered for the Federal Perkins loan, you must have met all 2007-2008 financial aid deadlines, have been awarded a Perkins Loan in a prior year at the USC Keck School of Medicine and meet the requirements based on financial need. If you are awarded the loanit will automatically appear on your financial aid eligibility, and you will receive a Master Promissory Note (MPN) to sign. The Federal Perkins Loan is subsidized by the federal government and for nine months after you graduate or drop below half time status. Once you begin repayment, the interest rate is 5 percent.

Loans for Disadvantaged Students (LDS)

Available funding is extremely limited. You must meet financial need and “disadvantaged” criteria, and submit parental information. Eligibility is reviewed each year. The annual award limit is your tuition fee plus $2,500. If you are awarded the loan, it will automatically appear on your financial aid eligibility, and you will receive a Master Promissory Note (MPN).

The loan is repayable over a 10-year period. The 5 percent interest rate is subsidized until repayment begins, one year after your USC enrollment ends. (Repayment may be deferred during advanced professional training, such as an internship or residency.)

Federal Stafford Loan

This loan is available to eligible citizens and non-citizens. Financial need determines whether the loan will be subsidized (interest will be paid by the government while you are enrolled at USC) or unsubsidized.

Medical students may receive a maximum of $38,500. Up to $8,500 may be subsidized. The total aggregate amount a medical student can borrow in the Stafford Loan program is $189,125. If you have been awarded a Stafford Loan, you must apply to receive the funds. Apply Now

Federal Graduate PLUS Loan

If you need further financing after you have borrowed the full Stafford Loan amount, USC suggests the Federal Graduate PLUS Loan, because it is credit-based (rather than need-based), has a fixed interest rate, requires no collateral and does not impose an early payment penalty.

To apply, you must be a graduate/professional student and a U.S. citizen, permanent resident or other eligible non-citizen. In addition, you must have filed a 2007-2008 Free Application for Federal Student Aid (FAFSA). Apply Now

Private Financing

You may select any lender for your Private Financing Loan.  These lenders process loans electronically with USC and disburse loans using Electronic Funds Transfer (EFT).

If you choose a lender that does not process loans electronically with USC, we may need to process your loan manually, and you will receive your funds via paper check. However, regardless of which lender you choose, the Financial Aid office strives to process your loan quickly and accurately.