This loan is only available to medical students in the Health Sciences Center who
meet the minimum standards as indicated on the application.
- The WVMSL is a low-interest, subsidized loan.
- First preferences is given to students who are residents of the state of West Virginia.
- Awards are given on a first-come, first-served basis.
- To be considered for this loan, all requirements must be submitted.
First-time applicants must read the loan disclosure, then submit the application
and self-certification form. If not a first-time applicant, read the loan
disclosure and submit the self-certification.
- First-Time Applicants:
- Read the Loan Disclosure
- Submit the Application
- Submit the Self-Certification Form
- Complete the promissory note if you are a first-time borrower of the loan. You will receive a notification to your student MIX email from WVU's loan servicer, Heartland Campus Solutions ECSI, with additional loan disclosures and instructions on completing your promissory note. Monitor your MIX email regularly.
- Continuing Applicants:
- The interest rate is the prevailing Federal Direct interest rate at the beginning
of the repayment period and shall accrue, except for periods of authorized deferment,
from the beginning of the repayment period.
- There is a twelve-month grace period after the student graduates from a School of Medicine in WV or drops below half-time enrollment. Repayment of the loan begins immediately after the grace period ends.
- The minimum monthly payment is $50.00 (unless otherwise specified on the promissory note the student signs), plus accrued interest.
- The repayment period must not exceed ten years.
- Students may request deferment if they are in a medical residency, internship,
fellowship, or required military service.
In the event of the borrower’s death, unpaid indebtedness remaining on the note (principal and interest) shall be cancelled.
- This loan cannot be consolidated.
POSSIBLE LOAN FORGIVENESS
A borrower may receive cancellation and forgiveness of the outstanding principal and accumulated interest on the loan in return for the actual performance of full-time service in West Virginia as a physician (M.D. or D.O.) in an approved, designated medically underserved area or in an approved, designated medical specialty in which there is a shortage of physicians.
The WV Higher Education Policy Commission, in conjunction with Bureau of Public Health, shall determine qualifying medically underserved geographic areas and medical specialties in which there is a shortage of physicians. An approved listing of underserved areas and qualifying medical specialties shall be published and distributed to the financial aid officers of each participating state school of medicine. At the borrower’s request, additional geographic areas may be considered by the Policy Commission and the Bureau for Public Health. Among the criteria are such factors as: locations where a physician currently in practice will retire creating a shortage or a population shift which will justify additional physicians.
To be eligible for loan forgiveness, the applicant must apply annually for and receive Policy Commission approval for practice in a specific designated underserved area or designated medical specialty. Such approval shall include deferral of loan repayment during the period the practitioner is performing in service authorized for loan forgiveness. The practitioner must notify the lending institution of the date that such practice commences and terminates.
To be eligible for loan forgiveness, the applicant must have Policy Commission approval to practice in a specific designated underserved area or designated medical specialty. In addition, the applicant must subsequently provide evidence to support the fact that full-time physician services were rendered. Such evidence shall be presented on a form provided by the Policy Commission for that purpose. The Policy Commission shall be the authority that grants loan forgiveness. The Policy Commission shall notify participating institutions of all loan forgiveness which is granted.
The borrower shall be eligible for loan forgiveness only upon application and upon acceptance of duly certified evidence of full-time medical or osteopathic practice in one of the designated areas or medical specialties. To apply for forgiveness go to website www.ecsi.net, print the form, and submit to the appropriate official for certification.
The borrower shall receive cancellation and forgiveness of the outstanding principal of $10,000 plus accumulated interest during each period of twelve (12) consecutive months of full-time practice. No forgiveness shall be granted for less than twelve (12) consecutive months of full-time practice.
It shall be the responsibility of the borrower to secure a current list of approved underserved areas and medical specialties. Visit www.cfwv.com for approved designated underserved areas in West Virginia.