What We Do

The Meharry Medical College Student Loan Office is responsible for managing all federal campus-based loan programs. The office is responsible for the management and collection of federal Perkins (NDSL), Health Professions Student Loans (HPSL), Loans for Disadvantaged Students (LDS), and Primary Care Loans (PCL).

The student account will not be credited with loan funds until the student has completed an entrance interview. Before leaving the College, a student is required to participate in an exit interview for these loan programs. Students who participate in any federal loan program are required to complete an exit interview.

The Student Financial Aid Office determines student eligibility for financial aid and awards all federal and campus-based student loans. Award notices are sent to the student and entrance interview packets are obtained in the Student Financial Aid Office. Students are instructed to complete the packet and submit them to the Student Loan Office. Once the student completes all required documentation, and signs the promissory note, the campus-based loan funds are credited directly to the student's account. If a credit balance is created, a refund is processed. See Student Account Office for processing of refunds.

The Loan Office is also responsible for the collection of all campus-based loans. Once the borrower enters repayment, information and applications for deferment, forbearance, and cancellation can be obtained from our office. Loan Coordinators are available to provide repayment assistance including information about consolidation, and loan rehabilitation.

Common Loan Definitions

Borrower: Person responsible for repaying a loan who has signed and agreed to the terms of the promissory note.

Default: Failure to repay a loan in accordance with the terms of the promissory note.

Deferment: This is a period (not to exceed 12 months) when borrowers can stop making payments on their student loans. Interest will not accrue during this period.

Delinquency: This occurs when payments are late or missed, as specified in the terms of the promissory note and the selected repayment plan.

Disbursement: When the school pays loan proceeds to the student borrower, or posts the funds to the student's account.

Discharge (Cancellation): The release of a borrower from their obligation to repay their loans. A Borrower must meet certain requirements to be eligible for discharge.

Disclosure Statement: Statement of the actual cost of the loan, including the interest costs and the loan fee.

Forbearance: An arrangement to postpone or reduce a borrower's monthly payment amount for a limited or specified period, or to extend the repayment period. The borrower is charged interest during a forbearance.

Grace Period: A specified period of time before the first payment must be made on a loan. Typically, the grace period starts the day after a borrower ceases to be enrolled at least half time.

Interest: A loan expense charged by the lender and paid by the borrower for the use of borrowed money. The expense is calculated as a percentage of the principal amount (loan amount) borrowed.

Loan: Money that must be repaid.

Loan Principal: The sum of money borrowed.

Prepayment: Any amount paid on a loan by the borrower before it is required to be paid under the terms of the promissory note.

Promissory Note: A legally binding contract between a lender and a borrower. The promissory note contains the terms and conditions of the loan, including how and when the loan must be repaid.

Repayment Period: The amount of time permitted to repay the loan.

Repayment Schedule: When repayment installments on the loan are due and the amount of each installment.

For more information contact:

Department of Treasury Services

Division of Finance

Meharry Medical College

S.S. Kresge Learning Resources Center

1005 Dr. D. B. Todd, Jr. Blvd.

Suite 505

Nashville, TN 37208

(615) 327-6220