Primary Care Loan (Medical Students Only)

The Primary Care Loan (PCL) is a federal loan that was created to encourage medical students to choose careers in the primary care field.

Eligibility

The PCL is available to medical students who show exceptional financial need and who plan to pursue a career in one of the following primary care fields:

• Family practice
• General medicine
• General internal medicine
• General pediatrics
• Preventive medicine

Consideration is given to third- and fourth-year students who are willing to commit to practicing in the primary care field until the loan is paid in full. To qualify, you must include your parents’ financial information on your FAFSA or Renewal FAFSA. The only exception is if both parents are deceased. Be aware if you take this loan but do not enter and complete a primary care residency program before the loan is paid in full, the terms of the loan will change.

Annual Loan Limits

• Varies from year to year depending on funding levels but will be equal to at least the amount of tuition plus fees

Interest Rate

• When the grace period ends, interest begins to accrue at the rate of 5 percent
• The loan does not accrue interest while you are in school or during your residency

Repayment

• At the end of your residency you are granted a 12-month grace period. You have up to 25 years to repay the loan.
• If you accept the loan but do not go into a primary care field or you accept additional training in a specialized field before the loan has been repaid, you are subject to a stiff penalty: interest on the loan accrues at a rate of 18 percent beginning on the date of noncompliance.
• If you borrow a PCL but fail to complete your medical school education, the additional penalty does not apply. Your 12-month grace period begins with last date of attendance, and you have 25 years to repay the balance plus accrued interest at 5 percent.