MedBEST Student Medical Loan
This is the "BEST" loan available for Pennsylvania medical students working towards a degree in medicine, life science research, or biomedicine. It's available to Pennsylvania medical students as a result of a $5 million one-time appropriation made by the Legislature through the Tobacco Settlement Bill of 2001, and is designed to help strengthen Pennsylvania's medical community and promote advances in life science research, such as cancer research, within the Commonwealth.
It helps bridge the gap between tuition costs and the statutory Federal loan limits. The average medical school tuition is $172,000 for four years - the Stafford Loan limit barely covers one year. The loan is based on financial need and allows students to finance any portion of the current year's certified expenses and past due balances once they exhaust their Federal Stafford Loan Program eligibility.
No Up-front Fees
The MedBEST medical loan will be insured by The Education Resources Institute (TERI); M & T Bank will act as the originating lender. PHEAA will use the funds allocated by the appropriation to pay the nine percent guaranty fee often associated with alternative medical student loans, or non-federally guaranteed student loans.
Repayment Benefits
- Interest rate reduction of 1% if the borrower agrees to practice medicine or conduct life science research full-time in Pennsylvania for 3 consecutive years after graduation or licensure.
- Interest rate reduction of an additional 1% if the borrower further agrees to practice or conduct life science research in a specifically designated shortage area of Pennsylvania.
MedBEST Eligibility
- Pennsylvania residents attending any PA medical school approved by the U.S. Department of Education or...
- Out-of-state residents attending a designated Pennsylvania medical school
- No income requirement
- Must meet Standard Stafford eligibility requirements
- Be a US Citizen or eligible non-citizen
- Be accepted for enrollment in a participating school; or if enrolled, making satisfactory academic progress
- Be classified as at least a half-time student and working toward a degree or certificate
- Not be in default on any education loan or owe any education grant refund
Applying for the MedBEST Student Medical Loan
Obtain your application at the Financial Aid offices of the following eligible institutions:
| School Name | Financial Aid Code |
|---|---|
| MCP Hahnemann University School of Medicine | 00327101 |
| Jefferson Medical College of The Thomas Jefferson University | 01239301 |
| Pennsylvania State University College of Medicine | 00332901 |
| University of Pennsylvania School of Medicine | 00337804 |
| University of Pittsburgh School of Medicine | 00337902 |
| Temple University School of Medicine | 00337102 |
| Philadelphia College of Osteopathic Medicine | 00335200 |
| Lake Erie College of Osteopathic Medicine | 03090800 |
Print and complete the MedBEST loan application (312 KB PDF). (Adobe Acrobat Reader 4.0 required.)
For more information contact PHEAA at: 800-343-1809.