The repayment of the principal may be extended over a 10-year period with interest at a rate of 5 percent per year. Massachusetts College of Pharmacy and Health Sciences Student Loan Fund is a loan that must be repaid once the student is no longer enrolled at least half time. The interest rate during repayment is 5 percent and there are no deferment options available. Applications for the loan itself are made by the student directly through the lending institution. The interest rate is variable.
Loans are available both subsidized and unsubsidized.
The repayment period begins six months after the student graduates, withdraws or enrolls less than half-time. The minimum interest rate for consolidation is 9 percent. The interest rate on a PLUS loan is currently the T-bill rate plus 3.10 percent, is capped at 9 percent and repayment begins within 60 days after disbursement of the loan. Loan is an unsecured, variable rate loan. There is no income cap to qualify.