The Arizona Medical Student Loan Program
(repaid in service in an eligible service area in Arizona)
Return to Financial Aid HomeWhat is the Arizona Medical Student Loan Program?
Applying for the Program
Student Requirements
Sample Medical Student Loan Agreement2008-2009 Application
use the back arrow on your web browser to return to this web page.
2008-2009 Renewal Application
What is the Arizona Medical Student Loan Program?
· The program provides educational loans sponsored by the State of Arizona, repaid in service in an eligible area in Arizona as a licensed physician. Minimum two-year service commitment.
·
Service will be
full-time practice in any of the following locations, as defined in
A.R.S. §
15-1721:
(1) A rural AND medically underserved area of Arizona.
(2) A medically underserved area of Arizona.
(3) A medically underserved population of Arizona.
(4) Any Indian Reservation that is located in Arizona
-
Loan funding for one or two years has a two-year
service commitment. Above the two-year minimum, the commitment is one year
of service for each year of funding received (e.g. if you receive funding
for four years, you will have a four-year service commitment).
-
There is a maximum of five years of funding granted.
-
If the service commitment is not met, the loan must be
repaid in full at 7% interest plus liquidated damages. Liquidated damages
are in an amount equivalent to the full amount borrowed. Payment
in full is due within one year of the time that the decision was made not to
serve or that service would have begun whichever is later. Simply said,
don't take the funding unless you are serious about service.
Examples:
If I borrow $36,000 and do not complete the service commitment, I owe a total of $72,000 principal AND liquidated damages PLUS 7% interest on $36,000.
If I borrow $150,000 over a period of time and do not complete the service commitment, I owe a total of $300,000 principal AND liquidated damages PLUS 7% interest on $150,000.
In other words, be sure you are committed to meeting your service obligation if you accept funding!
-
Students at three colleges in
Arizona currently qualify
for consideration: students seeking a M.D. degree at The University of
Arizona College of Medicine; students seeking a D.O. degree at Midwestern
University's Arizona College of Osteopathic Medicine (AZCOM) or D.O.
candidates at A.T. Still University’s School of Osteopathic Medicine in
Arizona
(SOMA). Students must be classified as
Arizona
residents under the state law classifying students for tuition purposes
(A.R.S. §
15-1802).
-
The minimum amount of funding per year is the amount
of medical school tuition. A living allowance up
to $20,000 is also provided, subject to the availability of funds. The
total amount may vary yearly.
-
The loan contract is for one year with funding
reviewed annually and students must reapply each year to the
Board of Medical Student
Loans. However, students continuing on the program are given priority
consideration by the Board.
-
Upon graduation, the borrower is expected to complete
a residency program in family practice, obstetrics and gynecology, general
internal medicine, general pediatrics, or combined medicine and pediatrics,
unless the Board has approved the recipient for another specialty of
recognized need in
Arizona.
-
No later than three years after graduation or four
years if required by the residency program (e.g. obstetrics and gynecology),
the physician will obtain a license and begin the service commitment.
Applicant is expected to apply for financial aid utilizing the Free Application for Federal Student Aid (FAFSA) and apply for the program through his/her university’s office of student financial aid. The Arizona Medical Student Loan Program gives preference to qualified applicants who demonstrate a commitment to serve in underserved areas, and who intend to become board certified in family practice, obstetrics and gynecology, general internal medicine, general pediatrics, or combined medicine and pediatrics. The Board may consider other specialties of recognized need in the State of Arizona but the specialty must be approved in advance by the Board. Preference is given to applicants who want to practice medicine in Arizona, would prefer an Arizona residency program, and who demonstrate financial need.
- Classified as an Arizona resident
- Admitted/attending The University of Arizona's College of Medicine, Midwestern University's Arizona College of Osteopathic Medicine, or A.T. Still University’s School of Osteopathic Medicine in Arizona.
- Desire to be a physician in Arizona serving the medically underserved.
- Committed to family practice, obstetrics and gynecology, general internal medicine, general pediatrics, or combined medicine and pediatrics; any other specialty must be approved by the Board of Medical Student Loans in advance and must be of recognized need in the State of Arizona. As a physician during the service commitment, the recipient must practice in an eligible service area in Arizona approved by the Board of Medical Student Loans.
Apply on an Arizona Medical Student Loan Program Application to the Board of Medical Student Loans and file the Free Application for Federal Student Aid
Allopathic students
contact: Maggie Gumble, UA College of Medicine Financial Aid, 1501
N. Campbell Avenue, P.O. Box 245026, Tucson, Arizona 85724-5026.
(520) 626-7145.
Osteopathic students at Midwestern contact: Carol Dolan, Midwestern University, Office of Student Financial Services, 19555 N. 59th Ave, Glendale, Arizona 85308. (623) 572-3321.
Osteopathic students at A.T. Still University, contact: Debbie Richards, A.T. Still University's School of Osteopathic Medicine in Arizona, 5850 E. Still Circle, Mesa, AZ 85206. (480) 219-6026.