Sources of Financial Aid

Candidates selected for admission or who are placed on the waitlist will be contacted by the Office of Financial Aid (OFA) and will be informed about all suitable awards, grants, and scholarships.

3rd Party Providers

Although CalMed offers limited scholarship opportunities, most forms of financial aid are provided by 3rd parties. The OFA will determine each interested student's eligibility for institutional, and outside scholarships and grants. They also help manage the application process for private loan funds and federal financial aid programs at such time the University becomes eligible for them.

The OFA provides general advice on financial aid resources, questions about the aid awarded, and assistance with understanding the impact of indebtedness. The office will act as the clearinghouse for all tuition charges, fees, credits and debits placed on the student's account.

CalMed Scholarships

CalMed will offer several merit-based and need‐based scholarships to recognize and support students with exemplary academic, service, and community accomplishments. Please check back for additional information.

Personal Loans

CalMed has been added as an approved school under the iHELP Select loan program. Characteristics of the loan program include:

  1. Students may borrow up to the cost of education minus other financial aid
  2. Students may defer making all payment while in school
  3. Graduates of CalMed may defer making payments while enrolled in a residency/fellowship program
  4. The interest rate and APR are variable for the life of the loan. The variable rate is based on the three month London Interbank Offered Rate (LIBOR).
  5. The interest rate you qualify for is dependent upon you or your cosigners credit history.
  6. Variable Rate Range:
    • LIBOR + 2.50%
    • LIBOR + 5.85%
    • LIBOR + 6.50%
  7. Cosigners - Cosigners are not required in order to apply. Cosigners may help you to meet the eligibility and credit requirements if you cannot meet those on your own.
  8. Benefits - On Time Payments - A 0.30% interest rate reduction may be available on loans that qualify at the highest interest rate once the borrower enters repayment. The borrower must make the first 24 monthly payments on time.
  9. Cosigner Release - Cosigners may be eligible for release at any time after 24 consecutive months of on-time payments have been made, provided the borrower can meet the credit requirements at that time.
  10. Repayment
    • Repayment Overview
      • Borrowers are not required to make payments while attending an eligible school at least halftime.
      • Borrowers will receive a six-month grace period upon graduating or ceasing to attend school at least halftime. Repayment term is 20 years.
    • Repayment Options - In School
      • Interest Only Payments - We encourage this because it lowers the overall cost of the loan.
      • No Payments - You are not required to make payments until your grace period has ended.
      • Principal and Interest Payments - If you can afford it, this option may save you money and allow you to become debt free sooner.
    • Repayment Options - Once In Repayment
      • Standard Payment Schedule – This is the payment schedule you will automatically be set up with. You will make interest and principal payments just like on any other type of loan over a 20 year period.
      • Interest Only Payments – You can request a 24-month interest only repayment schedule.
      • Graduated Repayment – You can request a graduated repayment schedule. This option allows you to make interest-only payments for a set period of time and then the payment amount gradually increases over time.
  11. Deferment / Forbearance - Deferment and Forbearance options are available for those who qualify.
  12. Eligibility
    • U.S. citizen or permanent resident
    • Enrolled at least half-time at an eligible school
    • Legal age as defined by the state of legal residence
    • Three years of positive credit history or apply with a cosigner who meets the requirement
    • A cosigner must have an annual gross income of at least $24,000 for the past two years
    • The cosigner may not exceed the debt to income threshold of 45%