Student Loans for U.S. Students
Student loans for American students are available for both Premedical and MD programmes. These loans are designed to cover tuition fees as well as living expenses.
Loan Overview
Feature | Details |
Loan Amounts | $3,000 – $95,000 per academic year |
Disbursement | Tuition paid directly to NAU; living expenses paid to the student |
Interest Types | Fixed or Variable APR |
Origination Fee | 2% |
Rate Discounts | 0.25% for automatic ACH payments |
Student Loan Options
1. Fixed Rate Loans
- APR: 4.00% – 14.91%
- Rate locked for life of loan
2. Variable Rate Loans
- APR: 4.00% – 14.66%
- Indexed to 90-day SOFR + margin (-1.00% to 10.25%)
- Adjusts quarterly; capped at 16%
Repayment Plans & Loan Terms
There are three repayment plan options, each with different structures and start dates:
1. $50 Monthly Payment Plan
- Term Options: 10 or 15 years
- Repayment Start:
- $50/month starts 25–60 days after disbursement
- Full principal + interest begins after a 6-month grace period following the end of school
- Loan Duration: 10 or 15 years, starting after grace period
2. Interest-Only Plan
- Term Options: 10 or 15 years
- Repayment Start:
- Interest payments start 25–60 days after disbursement
- Full principal + interest begins after a 6-month grace period following the end of school
- Loan Duration: 10 or 15 years, starting after grace period
3. Principal & Interest Plan
- Term Options: 5 years only
- Repayment Start: 25–60 days after first disbursement
- Loan Duration: Fixed 5 years starting 25–60 days after disbursement
- Grace Period: Not applicable
- Repayment Start: Both principal and interest payments begin immediately.
Maximum In-School
Students may remain on the Interest-Only or $50 Monthly Payment plans for up to 60 months (5 years) of continuous enrollment, followed by a 6-month grace period. After this time, full repayment begins automatically, regardless of enrollment status.
This timeframe also aligns with the maximum duration of the Principal & Interest plan, which is a fixed 5-year term, as grace period is not applicable with this particular repayment plan.
Residency Deferment
Graduates entering U.S. residency programs may apply for a postponement of full repayment while completing their residency.
Students who select the Interest-Only or $50 Monthly Payment plans are eligible to defer full repayment for up to 48 months (4 years) while in residency.
However, they must continue making their minimum $50 payments or interest-only payments, depending on the selected plan, throughout the deferment period.
Eligibility & Credit Criteria
Requirements | Details |
Citizenship | U.S. citizens or U.S. permanent residents |
Eligibility (Borrower Only) | FICO: 680+ DTI: Not required |
Eligibility (With Cosigner) | Borrower: FICO: 660–679 or "no hit" Cosigner: FICO: 620+ and DTI: 45% or less |
Credit History | At least 36 months |
Approval Rate | 88% of applicants are approved without a cosigner |
Note: Disqualifiers include less than age of majority, previous defaults on Federal or Private education loans, less than 36-months credit history, any account of $500 90 days or more delinquent, any open collections/charge-offs within last 24 months (excludes medical collections), bankruptcies, foreclosures, repossessions or wage garnishments during past 7 years
Loan Coverage: What Can Be Included
NAU will certify your Cost of Attendance (CoA), which may include:
- Tuition fees
- Hospital insurance fees
- Clinical rotation fees
- Administrative fees
- Health insurance fees
- Housing
- Food & utilities
- Transportation
- Books and academic fees
The certified CoA determines the maximum loan amount.
How to Apply
Eligible students may apply for the loan after they are officially accepted.
NAU’s Admissions Office will support students by:
- Preparing a certified Cost of Attendance (CoA)
- Assisting with documentation required by the lender
For the loan application, students will require:
- Valid government-issued ID
- Proof of income
Processing Timeline: The average time from application to disbursement is approximately 2–3 weeks, depending on how quickly the borrower submits all required documentation.