Eligibility

All borrowers must provide parental information to be considered for PCL funds. Borrowers must demonstrate financial need and must agree to enter and complete a residency training program in primary healthcare no later than four years after the date on which the borrower graduates from the institution and practices primary healthcare through the date on which the loan is repaid in full, and to certify to the school on an annual basis that he or she is practicing primary healthcare.

Sample Primary Care Promissory Note

Sample PCL Rights & Responsibilities Document

Sample PCL Truth in Lending Statement

Loan Amounts

The annual maximum PCL loan amount is not to exceed the cost of attendance.

Interest Rates

A uniform interest rate of five percent (5%) per year. Interest is computed on the unpaid principal balance and begins to accrue upon expiration of the grace period unless a borrower is eligible for deferment status.

Grace Period

The grace period for the PCL loan is 12 months long during which repayment of principal is not required and interest does not accrue. The grace period immediately follows completion or termination of full-time student status.

Deferment Period

A deferment period means that interest does not accrue and the borrower does not have to make payments on the loan. Deferments are available for an unlimited period of time for advanced professional training (residency/internship) and up to two years for fellowships.

Repayment

Borrowers have a maximum repayment period of 10 years immediately following the expiration of the grace period and excluding any allowable periods of deferment.

Penalties for Not Fulfilling Service Obligation

Recipients who do not fulfill their primary healthcare obligation are subject to two penalties. First, they must repay their PCL loans within three years from the date of their failure to comply. Second, the interest on their PCL loan will be computed from the date the loans were issued at a 18% interest rate compounded annually.