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Heritage College of Osteopathic Medicine |
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Quick Jump: General Information |
Service
Obligation | Loan Repayment |
Final Thought |
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| General Information |
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What
is the Primary Care Loan Program? |
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The
Primary Care Loan (PCL) program is a low cost
federal loan program for medical students committed
to primary health care practice. The interest rate
is 5 percent and begins to accrue following a one
year grace period after you cease to be a full-time
student. When compared to other federal student
loans and private loans, the PCL provides
significant savings. The loan also offers deferment
of principal and interest not found with other loan
programs. |
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How
much can I borrow? |
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Your
financial aid office will determine how much you can
borrow based on your eligibility, the amount of PCL
funds available at your institution and other
criteria. The maximum award for third- and fourth-
year students is cost of attendance (including
tuition, educational expenses, and reasonable living
expenses). |
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How
Do I Qualify for a PCL? |
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- You must be
enrolled as a full-time student in a degree
program leading to a doctor of medicine or
doctor of osteopathy.
- You must be a
United States citizen or eligible non-citizen.
- You must provide
financial information.
- You must
demonstrate financial need.
- You must not owe
a federal grant refund or be in default on any
federal loan.
- You must
maintain good academic standing.
- You must
register with Selective Service if required by
law.
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Why might I be required
to provide
financial information about my parents to obtain a
PCL? |
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To assist schools in
allocating limited PCL funds, Health and Human
Services may require parental financial information
from some students to determine financial need. |
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| Service Obligation |
(return
to top) |
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Is
there a service requirement for PCL? |
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YES. |
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- You must enter a residency training program
in family medicine, internal medicine,
pediatrics, combined medicine/pediatrics,
preventive medicine or osteopathic general
practice.
- You must complete your residency program
within four years of graduation.
- You must practice in primary health care
until the loan is paid in full.
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What are some examples
of primary health care and non-primary care
residency and practice activities for the PCL
Program? |
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Primary Health
Care: Acceptable |
Non-Primary
Health Care: Not-Acceptable |
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- Clinical
Preventive Medicine
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Occupational Medicine
- Public
Health
- Public
Policy Fellowship
- Senior
Residencies in one of the above
- Faculty
administrators / policy makers certified
in one of the primary health care
disciplines
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Geriatrics
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Adolescent Medicine
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Adolescent Pediatrics
- Sports
Medicine
- Internal
Medicine
- Family
Medicine
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Pediatrics
- Urgent
Care
-
Hospitalist
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Cardiology
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Gastroenterology
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Obstetrics/Gynecology
- Surgery
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Dermatology
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Radiology
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Rehabilitation/Medicine
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Psychiatry
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Emergency Medicine
- Other
subspecialty training or certification
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Are there exceptions to
the primary health care service obligation? |
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YES.
However, your loan repayment obligation remains. |
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- Your primary
health care service obligation may be waived if
you terminate studies before graduating and do
not later resume studies.
- Your primary
health care service obligation may be suspended
for the period you are not enrolled because you
have terminated studies before graduating; your
obligation is resumed when you return to medical
school to complete your studies.
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What if I do not fulfill
the primary care service obligation? |
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At the point you fail to
fulfill your service obligation, the outstanding
loan balance will be computed at an interest rate of
7 percent from the date of noncompliance,
compounded annually. |
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What if I accept PCL and
change my mind about primary health care? |
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If you are not firmly
committed to the practice of primary health care,
you should not accept a PCL. |
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What
if I want additional certification? |
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You may obtain
additional certification in primary health care
while fulfilling your service obligation, as long as
you complete your primary health care residency
program within four years after graduation. For
example, if your primary care residency is completed
in three years after graduation, you may obtain
certification in an area of training to enhance your
primary health care practice (i.e., geriatrics) at
anytime, and it will be considered an acceptable
activity for fulfillment of your service obligation.
However, you may not do additional training or
obtain certification in any non-primary health care
sub-specialty. |
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| Loan Repayment |
(return
to top) |
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When
does repayment begin and end? |
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- Repayment begins
following a twelve-month grace period after you
cease to be a full time student.
- Interest at 5
percent is computed on the unpaid principal
balance and begins to accrue upon expiration of
your grace period unless you are eligible to
defer payment.
- Loans are
repayable over a period of not less than ten
years nor more than twenty five years, at the
discretion of the institution.
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May
payment of my PCL be deferred? |
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YES. |
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- Up to four years
in an eligible primary health care residency
program.
- Up to three
years as a volunteer under the Peace Corps Act
practicing in an eligible primary health care
activity.
- Up to three
years as a member of a uniformed service. To be
eligible for deferment, you must be on sustained
full-time active duty practicing in an eligible
primary health care activity in the Army, Navy,
Air Force, Marine Corps, Coast Guard, National
Oceanic and Atmospheric Administration Corps or
the U.S. Public Health Service Commissioned
Corps.
- For periods of
advanced professional training in primary health
care.
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Is a
PCL eligible for consolidation? |
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PCL is not eligible for
consolidation because of the service obligation.
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What happens to my PCL
in the event of death or disability? |
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Your obligation to repay
the loan will be canceled upon receipt of the
required documentation in the event of your death or
permanent and total disability. |
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| Final Thought |
(return
to top) |
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How
should I explore whether PCL is right for me? |
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- Talk to primary
health care faculty.
- Talk to your
financial aid office about eligibility and terms
and conditions.
- Attend primary
health care society meetings.
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Source: "Primary
Care Loan," published by U.S. Department of Health
and Human Services with additions from the Nov. 13,
1998 Title VII Reauthorization |
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