Midwestern University reduces private loan interest rates to benefit students
Midwestern University recently announced lower interest rates for its private loan program, which will benefit students on their journey of becoming the next generation of healthcare professionals. Students can apply to finance a portion of their education with the aid of various loan programs, including the Midwestern University Foundation Loan.
The university recently announced it is reducing the interest rate on the Foundation Loan to 4.45% for all loans that are originated and have a first disbursement after July 1, 2020. The program also offers a further 0.25% reduction in interest for students who maintain an active ACH (Automated Clearing House) account for payments, reducing the effective rate to 4.20% while in repayment. In addition, the Midwestern University Foundation Loans continue to have no origination fees.
The Foundation Loans provide eligible full-time Midwestern students, who apply and meet the qualifications, with an alternative to the Federal Grad PLUS loan program to finance their graduate education. For comparison, the Federal Grad PLUS loan currently carries a 5.30% interest rate and an origination fee of approximately 4.24% for loans originated subsequent to July 1, 2020.
"The university decided to lower the interest rate on the Foundation Loans and to continue to have no origination fees to directly benefit our students. The new rate will result in considerable savings throughout their academic career," said Kathleen H. Goeppinger, Ph.D., president and chief executive officer of Midwestern University. "Midwestern University is dedicated to providing excellent educational opportunities, and the private student loan program offers a less-expensive borrowing option for our students."
The university also provides its medical students the opportunity to apply for the Chicago College of Osteopathic Medicine Student Loan Program or the Arizona College of Osteopathic Medicine Student Loan Program. These loan programs are offered at a 5% interest rate with no origination fees and no interest charged while students are in school or during a qualifying residency program. Furthermore, these loan programs also offer a 0.25% interest rate reduction in interest for students who maintain an active ACH account for payments, reducing the effective rate to 4.75%.
Midwestern University's private loan programs are part of a larger effort to help qualified students earn advanced healthcare degrees. The University also offers many privately funded scholarships that are awarded to students for community service, for academic excellence, or based on financial need. Midwestern University is home to more than 7,000 students on its two campuses in Downers Grove, IL and Glendale, AZ.