Financial Options at Ross Med

Ready for it all—including how you pay for medical school.

At Ross University School of Medicine, we believe financial clarity is part of medical readiness. This page walks you through how paying for medical school works, how upcoming federal changes may affect you, and which funding options can help you stay focused on becoming a physician.

Navigating Federal Loan Changes - Together

Beginning July 1, 2026, new legislation will eliminate the Grad PLUS loan program and set a $200,000 lifetime cap on federal Unsubsidized Loans for professional students. This change may limit how much of your medical education can be covered by federal aid alone.

What does this mean for you? Federal funding may be one part of your plan — not the whole plan.

We’re here to help you understand your options and identify options that keep your MD goals within reach.

Talk with an Advisor
Students working in a clinical lab
I am an existing student, will this affect me?

As a current Title IV loan borrower, you may feel minimal impact. You’ll retain access to existing loan options until either the expected time remaining in your program ends or three academic years have passed, whichever comes first. Keep in mind that changes to your enrollment status could affect existing lending options, so connect with a financial adviser to understand your situation. 

What is changing under One Big Beautiful Bill Act?

New students starting their professional programs after June 30, 2026, will no longer have access to Grad Plus loans. Prospective students should connect with a financial adviser to discuss the cost of attendance and lending options available to assist in reaching graduation and beyond.

Ross Med

Investing in Your Future as a Physician

Medical school is a significant investment and clarity matters. Ross Med establishes a certified cost of attendance each academic year. This figure outlines anticipated expenses and helps define the total federal and private aid you may qualify for.

Your total cost of attendance (COA) may include:

  • Tuition and mandatory fees
  • Housing and meals
  • Books, supplies, and technology
  • Health insurance
  • Travel and personal expenses
Download the Cost of Attendance PDF

You Have Payment Options

 

At Ross Med, you don’t have to navigate financing alone. We’ve created a clear, predictable path supported by dedicated admissions and financial aid teams who guide you every step of the way. Most students fund their education through a combination of options layered over time. 

Federal Student Loans*

Many U.S. students choose to maximize federal loans first due to repayment flexibility and borrower protections.

Federal Direct Unsubsidized Loans (annual and aggregate limits apply)
Grad PLUS Loans for eligible students enrolled prior to July 1, 2026 (available for up to three academic years or until graduation)

*for those who apply and qualify

Private Student Loans

When federal aid does not fully cover the cost of attendance, students may consider private loans to bridge the gap.

Ross Med has partnered with Salle Mae, a private lender to support our students’ journey through residency. 

Scholarships

Reduce your out-of-pocket costs with scholarships designed to help you stay focused on what matters most—becoming a doctor.

Scholarships can be combined with federal and private funding to help close the gap created by recent loan changes..

View All Scholarships

Private Loans Through Sallie Mae

Ross Med is partnering with Sallie Mae, a private lender specializing in graduate and professional student loans to support your journey. You’ll be able to cover eligible expenses beyond federal caps.

All loan decisions are made solely by Sallie Mae and are subject to credit approval, identity verification, signed loan documents, and school certification.

Our Preferred Lender Disclosure List
Apply to Sallie Mae

No prepayment 
penalty

Pay back the balance 
at any time

Hassle free
 funding disbursement

Funds disbursed 
directly to Ross Med

Discharge 
options

In the event of death or 
total and permanent disability

Flexible 
Repayment 

Residency & fellowship repayment 
options including deferment 

Ross Med students

Sallie Mae Key Benefits

Borrow up to 100% of your tuition, fees, and living expenses exceeding federal caps.

  • No application or origination fees

  • Expanded credit eligibility for the 2026–27 academic year

  • No co-signor requirements for eligible students 

  • Flexible repayment options while in school or during residency including deferment 

Who may be eligible?
  • Enrolled in Ross Med’s MD program 
  • U.S. citizen  
  • Minimum loan request of $1,000
What are my repayment options?
  • Defer Repayment: No payments due during school 
  • Fixed Repayment: Minimum $25/month payments during school  
  • Interest Repayment: Interest-only payments during school

Additional post-graduation benefits including residency or fellowship deferment - up to 48 months, subject to annual approval. 

students-studying

Application Process:
When to Apply

Review your cost of attendance and federal loan eligibility

Apply for private loans 60–90 days before classes begin

Complete school certification and final disclosures

Funds are disbursed to Ross Med for reconciliation and disbursement

Woman speaking with student in office

Support You Can Count On

Being Ready for it all means understanding both the academic and financial realities of medical school. We’re committed to helping you plan responsibly so you can stay focused on your future as a physician.
Ross Med financial services provide guidance on how to fund your education, navigate timing, and understand your options. Sallie Mae support has dedicated graduate and professional student support for applications, servicing, and repayment.

Call Ross Med or Sallie Mae for more information.

Talk to an Advisor

Private Lending
FAQ

What are private student loans?

Private student loans are education loans offered by banks, credit unions, and private lenders rather than the federal government. They’re designed to help students cover education related costs when federal aid, scholarships, or savings aren’t enough. 

Why would I need private student loans?

Effective July 1, 2026, a student has a limit on the annual and lifetime amount of federal loans they can access. The caps are different for graduate, professional and parent borrowers. Note, existing continuously enrolled students may retain access to current loan limits and rules. 

Borrower Type Annual Limit Lifetime Limit 
Professional Students (e.g., medical, veterinary law) $50,000 $200,000 
How are they different than Federal Loans?

Private student loan eligibility, terms and repayment options will vary by provider. It is important to always review the terms before signing. Private student loans are designed to cover a single academic year and require a student to apply for additional funds. Eligibility for private loans involves an underwriting process which often looks at a student’s credit score. Based on eligibility, a private lender might adjust the terms of the loan or require a co-signer. Private loans offer fewer and different repayment options, but do not have a limit or cap on the amount they can extend.  

Can I use my medical school loans to cover expenses such as board exams and licensing fees?

Most federal and private medical school loans can be used to cover your cost of attendance such as tuition, fees, books, housing, meals, travel, and technology. Private lenders do offer products to cover other education-related expenses such as board examinations, traveling for interviews, and moving for residency. 

My credit score is on the lower end. Will I still qualify for a private loan?

We work hard to not only offer ambitious individuals’ opportunities and unlock potential, but to keep those doors open. While we cannot make guarantees or commitments for loan providers, our preferred lender was selected to provide a certain level of ease and comfort to the lending process.  If you are interested in private loans, we recommend that you apply. 

How are loan funds disbursed?

Student funds, whether federal loans, private loans, grants, or scholarships, are disbursed through a structured process. While the exact timing and steps can vary by institution, lender, and product, funds are generally sent to the university first. The school applies the money to the student’s account, and any remaining balance is then refunded to the student. 

Who do I call for support?

Ross Med’s financial services team can help guide students through available financing options. For questions related to private lenders loan applications, servicing, or disbursement, students should contact the private lender directly through their dedicated graduate and professional student support channels. 

What is the timeline for getting funding approval?

For private student loans students are encouraged to begin the loan application process at least 60–90 days before the start of classes to allow sufficient time for credit review, school certification, and disbursement. 

Can I stack federal loan and private loans options?

With the new federal loan caps set to start July 1, 2026, students might need to receive both federal and private loans to complete their advanced education.  

Students who are actively enrolled in a program on June 30, 2026, and have already received federal loans for that program may retain access to federal GradPLUS loans for a time.  These loans, which do not have annual and aggregate limits, will continue to be available to eligible students during a legacy period for up to three academic years, their calculated remaining time to completion or when they cease to be enrolled, whichever comes first.

A student may apply for a loan through Sallie Mae to cover the gap between the end of the legacy period and graduation.  

Should I use federal loans first?

Borrowing decisions are personal to each student and influenced by a multitude of factors. However, we recommend students maximize federal loans first due to repayment flexibility and borrower protections and use private loans in the event federal aid does not fully cover educational costs. 

When do I have to start repaying my private loans?

Most private lenders offer some form of grace period or deferment after graduation—before full principal and interest payments are required to begin. However, you should check with your provider before graduation. Repayment obligations vary depending on provider, the type of loans you obtain, and the repayment obligations elected.

Can I defer my loans during residency or fellowship?

Many private student loans do offer deferment during residency or fellowship, but it depends on the lender and may require annual certification. Most major medical focused lenders allow you to postpone full payments while you’re in training, though interest continues to accrue and some may require small monthly payments. Always check your specific lender’s rules, since deferment length and eligibility can vary.

FAQs for Sallie Mae Private Education Loans

What is Sallie Mae?

Sallie Mae is a publicly traded financial services company that specializes in providing private education loans and education-related banking products. Sallie Mae’s student loan offerings include lending products for graduate and professional students at participating schools. Like traditional loans, Sallie Mae’s student loans are subject to credit approval, identity verification, signed loan documents, and school certification. Sallie Mae loans are designed to cover a single academic year.

Private Loan Application Disclosure
Can I use my Sallie Mae Medical school loans to cover expenses such as board exams and licensing fees?

Sallie Mae’s Medical School Loan can only be used for school-certified costs such as tuition, fees, books, housing, meals, travel, and technology, USMLE testing fee are a component of the Cost of Attendance, therefore the Sallie Mae Medical School Loan could be used to cover those expenses.  Sallie Mae does offer a separate Residency and Relocation loan designed to help cover expenses associated with taking board examinations, traveling for interviews, and moving for residency. Check Sallie Mae’s website for eligibility and details.  

Why is Ross Med promoting Sallie Mae’s private loan?

Ross Med has evaluated private loan providers based on our preferred lender criteria and only Sallie Mae has met the evaluation criteria which include market competitive rates, favorable repayment terms and broad availability to our student population.  For our preferred lender list disclosures please visit the tuition and fees page.

Do I have to use Sallie Mae for my education loans?

No, students may select any lender of their choice. We recommend that students carefully consider all lending options, especially federal student aid. Ross Med will work with any lender that you select. We will not prioritize any lender over another.  

My credit score is on the lower end. Will I still qualify for a loan?

While we cannot make guarantees or commitments for loan providers partnering with private lenders such as Sallie Mae can provide a certain level of ease and comfort to the lending process. Sallie Mae has communicated that they are working to expanded credit eligibility for the 2026–27 academic year, allowing more students to qualify, including many without a cosigner.  

Who is approving the funds? The University or Sallie Mae?

All loan applications and funding decisions are made solely by private lenders such as Sallie Mae and are subject to final credit approval, identity verification, signed loan documents, and school certification. 

How much will I need to borrow from private lenders?

Under Sallie Mae’s Medical School Loans a partnering University’s students may borrow up to 100% of their school-certified cost of attendance for the academic year, minus other financial aid received. Sallie Mae Medical School Loans do not have an aggregate lifetime loan limit. You should carefully consider your funding needs and borrow only what you require.

Are there fees?

As of January 2026, Sallie Mae’s Medical School Loans do not charge origination fees, but you should always review the loan disclosure carefully. 

How are Sallie Mae loan funds disbursed?

Funds from Sallie Mae Medical School Loans follow this standard disbursement model and provided directly to the School. Funds from the Sallie Mae Residency and Relocation Loan are disbursed directly to the student.  

Who do I call for support?

The University’s financial services team can help guide students through available financing options. For questions related to loan applications, servicing, or disbursement, students should contact Sallie Mae directly through their dedicated graduate and professional student support channels.  

What are the eligibility requirements?

To be eligible for Sallie Mae’s Medical School Loans at Ross Med, students must:

  • Be enrolled in Ross Med’s MD program  
  • Meet credit and identity requirements
  • Be a U.S. citizen  
  • Request a minimum loan amount of $1,000  
Do I need a co-signor on my Sallie Mae loan?

Not necessarily, many U.S. citizens qualify for a Sallie Mae Medical School Loan without a cosigner.  

What are the repayment terms?

In School 

As of January 2026, Sallie Mae Medical School Loans offer 3 types of repayment options while you are in school. A Sallie Mae Medical School loan borrower may elect to pay after graduation, pay a fixed amount while in school, or pay interest while in school.  These repayment options during schooling have different benefits and drawbacks. Please visit Sallie Mae website for additional details.  

Residency and beyond

During your residency and fellowship Sallie Mae’s Medical School Loans offer up to four 12-month periods of deferment accessible only during your residency and fellowship. Repayment during these deferral periods will revert back to the in-school election. Interest accrues during this time and unpaid interest will be added to the current principal at the end of each 12-month deferment period.  

What repayment options are available to Medical School Loan borrowers during school?

As of January 2026, while in school, up to a period of 36 months, Sallie Mae allows Medical School loan borrowers to choose one of the following:

  • Deferred Repayment (no payments during school)
  • Fixed Repayment ($25/month during school)
  • Interest Repayment (interest-only payments during school)

Additional residency or fellowship deferment options may be available with application and approval. 

For our preferred lender list disclosures please visit the tuition & fees page