Applying for Aid
OCOM is partnering with private student loan products that have health professions loans for medical students.
Private Loans
Private student loans are non-federal educational loans available from various national lending institutions. These credit-based loans are approved based on the good credit history of the student and/or cosigner. Because private student loans are funded and administered by private lenders, they each have their unique terms and conditions. OCOM students are strongly encouraged to educate themselves on the advantages and disadvantages of borrowing private student loans. They should compare specific features of loan types, including terms, interest rates, origination fees, and conditions.
Students initiate the private loan application process electronically through the lender of their choice. The lender will contact OCOM to certify the approved loan via an electronic certification form. If needed, a copy of the Self Certification form can be provided upon request. OCOM reviews each student’s eligibility and only completes certification for eligible students.
Borrower Requirements
To be eligible for private/alternative loan funds, a student must complete the loan application with the lender of their choice, be admitted or enrolled at OCOM, and meet the lender’s eligibility requirements.
Lender Options
Students will be utilizing a loan application platform called ELMSelect to apply for OCOM private loans. ELMSelect is a transparent, lender-neutral, free service. Lenders provide the loan information available for comparison. Students decide what type of loan to apply for and can compare unbiased loan details, interest rates, repayment terms, and eligibility requirements for our private student loan lenders.
Powered by ELM Resources, one of the most trusted names in the industry, ELMSelect provides students and borrowers with the information needed to make intelligent, well-informed decisions regarding private student loans.
Comparing private student loans at ELMSelect is easy. Apply now; choose Orlando College of Medicine, then view and select the loans to compare.
Credit Management
Private student loans are based largely upon a credit review. OCOM highly encourages students to actively manage their credit. It is important that students realize the impact their credit history may have on financial aid options, student loans, and future credit access. Students should regularly monitor credit histories and annually check credit reports. Please visit our Debt Management Tools on the Financial Aid counseling webpage for more information on credit management.
Debt Management
OCOM encourages you to consider the amount you are borrowing carefully, learn how to manage your loan debt, and avoid additional loan debt whenever possible.
Here are some tips for student loan borrowers.
● Exhaust all other possible sources of funding, such as scholarships.
● Understand your tuition and fee charges versus the total cost of attending.
● Protect your future financial health by making a plan to avoid over-borrowing.
● Creating and sticking to a monthly budget helps evaluate how much to borrow while attending school.
● Understand the terms of the loans and your repayment options, including your monthly payment amount. Loans are legal obligations that must be repaid with interest.
● Be knowledgeable about your debt. Know the total amount you have borrowed and understand what that means for repayment.
● Plan ahead and be prepared for repayment after you graduate. It is important to keep your contact information up-to-date with your servicer.
Repayment/Forgiveness Programs
National Health Service Corps Loan Repayment Programs
The NHSC offers three loan repayment options for primary care providers who work at approved community sites.
State Loan Forgiveness/Repayment Programs
State governments often provide loan repayment programs as an incentive for service. The Association of American Medical Colleges (AAMC) provides an excellent resource for obtaining information on these programs. In addition, the NHSC provides a chart which shows all states that participate in their State Loan Repayment Program.
Indian Health Service Loan Repayment Program
The Indian Health Service (IHS) Loan Repayment Program (LRP) offers health professionals the opportunity to pay off qualified student loans while assisting the IHS in meeting the staffing needs of Indian health programs. The LRP awards loan repayment to health professionals practicing in specific health profession disciplines who are willing to commit to an initial two-year service obligation while working in health facilities serving American Indian and Alaska Native communities.
National Institutes of Health Loan Repayment Programs
NIH offers loan repayment programs to outstanding health professionals who choose to pursue careers in biomedical, behavioral, social, and clinical research. If you commit at least two years to conducting qualified research funded by a domestic nonprofit organization or U.S. federal, state, or local government entity, NIH may repay up to $35,000 of your qualified student loan debt per year, including most undergraduate, graduate, and medical school loans.
Public Service Loan Forgiveness (PSLF)
OCOM does not currently offer federal student loans that would qualify for Public Service Loan Forgiveness. Prior federal student loans may qualify for Public Service Loan Forgiveness (PSLF).