Office of Financial Aid
Supporting the next generation of transformational health care leaders
Student loans are a self-help form of financial aid that must be repaid. This page outlines key information about borrowing through Federal Direct Loans and Private Education Loans, including how to apply, loan limits, interest rates and repayment expectations.
Federal direct loans
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The U.S. Department of Education offers low-interest loans to eligible students to help cover the cost of graduate and professional school. There is no requirement to demonstrate financial need. The Free Application for Student Federal Aid (FAFSA) is required. Follow the guidance on the Applying For Financial Aid webpage to apply for federal student loans. The application checklist includes important details on how to complete your financial aid application.
Additional steps to receive my loan
Students must have a valid Master Promissory Note (MPN) for each federal student loan type. The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. The MPN also explains the terms and conditions of your loan(s).
Borrowers must complete Graduate or Professional Student entrance counseling. Entrance counseling ensures you understand your obligation to repay the loan.
MPNs and Entrance Counseling can be completed at StudentAid.gov.
Prorated loan amounts
All direct loans will be adjusted when enrollment is less than fulltime for the academic year.
Formula: (Number of credits enrolled for the academic year divided by the number of credits considered fulltime for the program) × 100 = reduced annual loan limit percentage.
Loan rates and limits
Federal Direct Loans available to graduate/professional students are unsubsidized, which means interest begins to accrue when funds are disbursed.
The table below shows the fixed interest rates and loan fees for federal Direct Loans available to graduate and professional students. These rates apply to loans first disbursed between July 1, 2025, and June 30, 2026, and remain the same for the life of the loan. Loan fees are deducted before funds are credited to your account.
| Graduate or Professional Borrowers | Interest Rate | Loan Fee |
|---|---|---|
| Direct Unsubsidized Loan | 7.94% | 1.057% |
| Direct Graduate PLUS Loan | 8.94% | 4.228% |
Annual and aggregate loan limits
Annual and aggregate loan limits are determined based on the degree program, year in school and borrowing history.
There are limits on the amount of Federal Direct Unsubsidized Loan you may be eligible to receive each academic year (annual loan limits) and the total lifetime amounts that you may borrow for undergraduate and graduate study (aggregate loan limits).
Guidance for those who are…
Use the table below if you are starting a new degree program on or after July 1, 2026, or if you are continuing in the same program but have not previously received a federal Direct Loan for this degree. It outlines the maximum annual amount you may borrow and the lifetime borrowing limits, including how undergraduate borrowing is counted.
| Program | Annual | Aggregate (lifetime) excludes undergraduate borrowing | Aggregate (lifetime) undergraduate plus graduate borrowing |
|---|---|---|---|
| Dentistry, Medicine, Pharmacy | $50,000 | $200,000 | $257,500 |
| College of Graduate Studies | $20,500 | $100,000 | $257,500 |
No federal direct PLUS loans are available. See Private Education Loans for additional borrowing options through private lenders.
The table below applies to students continuing in the same degree program who received a federal Direct Loan for this program before July 1, 2026. Loan eligibility varies based on your program and length of enrollment, and the aggregate limit reflects the total amount you may borrow over time.
| College | 9-month | 10-month | 11-month | 12-month | Aggregate |
|---|---|---|---|---|---|
| College of Dentistry and Medicine | $40,500 | $42,722 | $44,944 | $47,167 | $224,000 |
| College of Pharmacy and Masters of Public Health | $33,000 | $34,389 | $35,778 | $37,167 | $224,000 |
| College of Graduate Studies | $20,500 | $20,500 | $20,500 | $20,500 | $138,500 |
Students should exhaust their eligibility for the Direct Unsubsidized Loan prior to borrowing from the Graduate PLUS Loan.
Direct Graduate PLUS Loan
At NEOMED, the application process for a Direct Graduate PLUS Loan begins when a student accepts a loan offer on Student Self-Service. Upon acceptance, the Office of Financial Aid will originate the loan with the lender (U.S. Department of Education), which initiates the application process. The lender will conduct a credit check.
To qualify for a Direct Graduate PLUS Loan, you must not have an adverse credit history. If you have placed a security freeze on your credit file, you must lift or remove the freeze at each credit bureau in order for your application to process. Further details found on the Federal Student Aid’s website.
When do I have to pay back federal direct loans?
Repayment of federal direct loans begins six months after enrollment status drops below half-time (graduate, leave school, or drop below half-time enrollment). Federal Direct Loans offer multiple repayment plans. Further details are available on the Federal Student Aid website. Exit counseling is required when enrollment status drops below half-time (graduate, leave school, or drop below half-time enrollment). The purpose of exit counseling is to ensure you understand your student loan obligations and are prepared for repayment. Exit counseling can be completed on the Federal Student Aid website.
Private education loans
A borrower selects a lender to fund a private education loan. This chosen lender is responsible for setting the interest rate, repayment terms, and other crucial conditions of the loan product.
Once a lender approves the borrower, the school will receive a request to certify the loan, including the approved loan amount. Private education loans are considered part of the financial aid package and, when combined with other aid, must not exceed the total Cost of Attendance.
Lenders send loan funds directly to NEOMED, where they are applied to students’ tuition accounts. Any outstanding balance owed to NEOMED is paid first, and any remaining funds are refunded to the student. Students are responsible for managing these refunds to cover educational and modest living expenses, as outlined in the Cost of Attendance.
⚠️ Plan accordingly: Allow three to four weeks for loan processing, certification and receipt of funds. Funds disburse according to these stipulations.
Selecting a private loan
Northeast Ohio Medical University offers a list of private education loan products from various lenders, but we do not endorse or favor any specific lender. This selection is based on the loan products they provide for graduate and professional health programs. Students retain the right to choose a lender not included on this preferred list. View the list using FastChoice, an online loan comparison tool that assists with selecting a private loan. Please review lender information carefully and contact the lender with specific questions about their loan products.
Making changes to private loans
Once your loan has been processed, requests for reductions and cancelations can be made by emailing the Office of Financial Aid, finaid@380cebbe0d.nxcli.io.
When do I have to pay back private education loans?
Repayment terms for private education loans are determined by the lender and vary by loan product.
Contact
Financial Aid
Phone: 330.325.6275
Email: finaid@380cebbe0d.nxcli.io
Office
Location: A-102
Hours: 8 a.m. to 5 p.m, Monday through Friday