United States Citizens or Permanent Residents
US FEDERAL STUDENT LOANS
St. George’s University participates in the William D. Ford Federal Direct Loan Program. These loans are available to students in the School of Medicine who are or have been enrolled in the basic sciences portion of their program in Grenada. (Students in the SGU/NU Program are not eligible for the Federal Direct Loan Program.)
The William D. Ford Federal Direct Loan Program consists of the Federal Direct Unsubsidized Loan and Federal Direct Graduate PLUS Loan. As of July 1, 2026, the Federal Direct Graduate PLUS Loan is no longer available to new borrowers. Continuing students who meet specific exception criteria may remain eligible for the loan for up to three additional academic years or until program completion, whichever occurs first. Students should contact the Office of Financial Aid for assistance in determining eligibility.
The maximum loan amount for which a student is eligible may not exceed the cost of attendance (as defined by St. George’s University) minus any other assistance received for the academic period in which the student is enrolled.
Students who meet the exemption criteria can borrow up to $20,500 per academic year from the Federal Direct Unsubsidized loan, not to exceed an overall aggregate amount borrowed of $138,500. The Federal Direct Graduate PLUS loan program is used to bridge the gap between the Unsubsidized Loans and the remaining cost of attendance. Students must have a satisfactory credit history in order to qualify for a Federal Direct Graduate PLUS loan. The Direct PLUS loan does not have an aggregate limit.
New students or students who do not meet the exemption criteria can borrow up to $50,000 per academic year from the Federal Direct Unsubsidized loan, not to exceed the lifetime limit of $200,000 and Federal student loan aggregate of $257,500. Private educational loans will be used to bridge the gap between the Unsubsidized loan, any scholarships, and the remaining cost of attendance.
The interest is currently set at an annual fixed rate of 7.94% for Direct Unsubsidized Stafford loans and 8.94% for Direct Graduate PLUS loans. Students may choose to pay the interest while attending school; if allowed to accrue it will be capitalized (added to the principal balance) at the beginning of the repayment period. The student will be required to pay a 1.057% origination fee on Unsubsidized loans and a 4.228% origination fee on Direct PLUS loans These origination fees are as of October 2020 and are subject to change every October. These fees will be subtracted from the amount borrowed and will be reflected in the disbursements issued to the student’s account.
Loans are typically processed for an academic year and are disbursed in two installments.
Disbursements will typically occur as early as 10 days before the start of an academic term. For example, if a student requests a $20,500 Federal Direct Unsubsidized Loan, the Department of Education will release half the requested amount, minus any applicable fees for the first term of the academic year and release the second half of the approved amount (minus fees) 10 days before the start of the second term.
Under the Direct Unsubsidized and Graduate PLUS loan programs, the student is responsible for all accruing interest and may choose to repay the interest while in school or defer it until repayment begins. Students are entitled to a six-month grace period after they graduate, withdraw, or drop below half-time enrollment before they are required to begin repayment. This grace period is designed to give students time to prepare for repayment and adjust their finances , although interest will continue to accrue on these loans. Please note: The initial grace period isn’t “used up” during shorter periods of nonenrolment. For instance, if a student misses 4 months, but resumes their studies at least half-time, they will still be eligible for the full 6-month grace period upon graduation.
Students can apply for US federal loans by completing the Free Application for Federal Student Assistance (FAFSA) at studentaid.gov. When completing the FAFSA, be sure to the appropriate school code. The SGU School of Medicine federal school code is G22333. Students will also need to complete online Entrance Counseling and Master Promissory Notes to complete the application process.
To receive Direct Loans, recipients must be either citizens or permanent residents of the United States, be enrolled in the School of Medicine at least half-time, maintain satisfactory academic progress, and not be in default on any prior US government guaranteed loan. These guidelines are subject to statutory and/or regulatory changes in the US Higher Education Act and the Title IV Program Regulations.
For details on how to apply, visit Medical Medical School Scholarships & Financial Aid Programs | SGU.
PRIVATE EDUCATIONAL LOANS
Private educational lenders in the United States offer St. George’s US students alternate loans. Students can obtain these loans to meet all or part of their cost of attendance. These private loan programs are credit- based and are offered to students who have a satisfactory credit history determined by the lender. These loans may offer a variable or fixed interest rate, with the interest rate often tied to a student’s credit score and addition of a co-signer. These loans have repayment terms that begin following graduation or withdrawal from school and may be extended up to 25 years. Some lenders may offer extended grace periods or residency deferment options. Multiple private loan options should be reviewed to make the best decision for the student. A current list of eligible lenders can be reviewed at ELMSelect - St George's University
The Office of Financial Aid at SGU provides extensive financial aid counseling services to students to help them understand the eligibility requirements, terms, and conditions, and to discuss making the best financial decisions for each student.
Canadian Citizens and Permanent Residents
For Canadian Citizens
St. George’s University offers financial aid counseling to help meet the diverse needs of the student population. The university’s comprehensive outreach to governments and private lending institutions combined with the university’s own financial resources, have created a unique offering of loans and other financing options for our students worldwide. St. George’s University is approved by the Canadian Ministry of Education, entitling most students to the ability to receive Canadian Federal and/or Provincial Loans. To supplement the financing of their education, students usually apply for a professional line of credit available through the banks in Canada. St. George’s University is committed to ensuring that students are aware of all their financial aid options and as such we have designated counselors to work directly with you to address your questions and needs.
Office of Institutional Student Financial Assistance ISFA@sgu.edu
Begin with a Comprehensive Plan
SGU students from Canada fund their education through a combination of:
• SGU Scholarships
• Professional Lines of Credit
• Federal & Provincial Loans
• Family Contributions
• SGU Institutional Loans
• SGU Exchange Rate Lock
Scholarships
SGU offers a variety of merit- and service-based scholarships to recognize and support high-achieving, community-driven, and academically outstanding students.
• Automatically considered upon acceptance
• Available for Four-Year MD and Five-, Six-, and Seven-Year Medical Pathways
• Award types include academic merit, community service, healthcare commitment, and more.
Professional Student Lines of Credit
Many Canadian medical students supplement their education with lines of credit offered by leading Canadian banks. These loans offer:
• Higher borrowing limits for medical students
• Interest-only payments during school
• Flexible repayment terms post-graduation
• Sample Banks: RBC, Scotiabank, TD, CIBC, BMO
• Federal & Provincial Student Loans
• Canadian students may qualify for government-funded loans and grants, including:
• Canada Student Loans Program (CSLP)
• Provincial aid programs like OSAP (Ontario), AFE (Quebec), StudentAid BC, and others
How to Apply:
1. Visit your province’s student aid website
2. Submit an application each loan period
3. Provide SGU enrollment verification if requested
SGU is a recognized international institution with multiple Canadian provinces.
Family Contributions
Plan Together, Invest in Your Future
Family support can help reduce overall borrowing. Discuss options for shared contributions, RESP usage, or co-signing on student lines of credit.
SGU Institutional Loans
Need help bridging a gap in your funding? SGU offers limited institutional loans based on individual need. Contact the Office of Institutional Student Financial Assistance to check eligibility and terms.
SGU Exchange Rate Lock
Predictable Costs for Canadian Students
• Lock your USD/CAD tuition exchange rate from entry to graduation
• If exchange rate improves, you benefit from the better rate