Loans

Student Loan Information

There are many different kinds of loans available to MCPHS students, both need-based and non-need-based. Students should have their applications completed by July 31 to ensure crediting of loan funds in a timely manner and to avoid late payment fees.

Direct Student Loans

Direct Student Loans are federally funded educational loans for undergraduate students. The federal government defines the fixed interest rate and fees.

Learn more about the Direct Student Loan program.

Parent PLUS Loan

The Parent PLUS Loan is a federally funded loan that enables parents of dependent undergraduate students to borrow up to the cost of attendance, less financial aid.

Learn more about fixed interest rate and fees as defined by the federal government.

Perkins Loan

Under federal law, the Perkins loan program is no longer available for new loan borrowers. If you are a previous borrower who received a Perkins Loan and would like to learn more about the terms of the loan, the status of your loan, or would like information on managing the repayment of the loan, you may do so by contacting the loan servicer, ECSI. You may reach the ECSI loan servicing department at 1.888.549.3274, or view their contact information and/or start an online chat on the ECSI website.

Private Student Loan

Loans available in this category are offered by various private lenders and are certified by the University each year for the student’s enrollment. There are numerous alternative loans available from a wide variety of lenders, many of which can be found using ELM Select.

Health Professions Student Loan

The Health Professions Student Loan is need-based, a federally funded loan with a fixed interest rate of 5% available only to students in the undergraduate portion of the Doctorate of Pharmacy program (PharmD). It carries no interest while the student is enrolled full-time. Repayment of principal and interest does not begin until 12 months after the student ceases to be enrolled full-time.

Burroughs-Wellcome Loan

The Burroughs-Wellcome program provides loans to 4th-year PharmD students on the Boston campus who demonstrate exceptional financial need. Awards are based off an annual allocation and cannot be guaranteed to every eligible student. Awards contain a 0% fee, as well as an annual interest rate of 4%. Interest does not begin accruing until six months after students cease at least half-time enrollment.

Nursing Student Loan

This is a federally-funded educational loan available to full-time dependent students for a course of study leading to a degree in Nursing. It carries no interest while the student is enrolled full-time. Repayment does not begin until 12 months after the student ends their full-time enrollment. The repayment of the principal may be extended over a 10-year period with interest at a rate of 5% per year. Recipients are required to complete online counseling, sign a promissory note, and complete a self-certification form prior to the loan being disbursed.