Rocky Vista University (RVU), Colorado’s only osteopathic medical school, today announced it has unveiled a distinctive Health Professions Loan Program, which is available to current students and applicants with approved credit history.
The new RVU Health Professions Loan Program will allow current and future students the ability to borrow up to the cost of attendance minus other financial aid received. Loans made for the 2009-2010 academic year will be fixed at 8.5 percent for the life of the loan. Interest will accrue from the date of disbursement and the loan must be paid in full within 20 years after leaving the university. Notably, the University has also taken the unusual step of freezing tuition until the University becomes eligible for participation in federally-subsidized student loan programs.
“With the continuing physician shortage in Colorado, the RVU Health Professions Loan Program will provide students and applicants the ability to finance and obtain a quality education in the field of medicine close to home,” said D. Robert Black, Esq., Interim President and board secretary at RVU. “The current economic situation meant that many of our students were unable to find access to private loans to fund their education. Colorado can’t afford to lose these potential health professionals, so we developed an affordable solution to the problem that will allow many students to continue their medical education rather than put it on hold.”
Black added that “while this is an unusual step for a medical school, it promotes RVU’s mission to improve access to quality and competent health care by developing primary care physicians in our state and ultimately improving access for at risk and rural populations.”
Until the recent crisis in bank lending and financial markets, newly minted colleges and universities relied on private loan programs sponsored by such entities as the National Education Loan Network (Nelnet) and Sallie Mae® pending eligibility for participation in federally-subsidized student loan programs. Due to the current upheaval in the financial markets, there has been a dramatic reduction in the funds available for such private student loans. Moreover, the borrowing terms of those private loan programs, which remain have been radically altered to the point that they are wholly inappropriate for medical students. Currently, Sallie Mae offers medical students private loans whose interest rates are stratospheric and which obligate students to pay interest while still attending school, something unworkable for medical students who do not have the time to work while pursuing medical studies.
“Given this reality and the goal of the private sector to help supplement the considerable shortfall of physicians at a pace commensurate with the current and future needs of Colorado and the nation, that RVU stepped in to provide a viable student loan alternative to its students.” added Black.
RVU emphasizes the education of primary care physicians, including Family Medicine, Internal Medicine, General Surgery, Pediatrics, Women’s Health, Geriatrics, Emergency Medicine, Preventative Medicine and Public Health. RVU is an independent, privately funded organization with a Board of Trustees charged to provide oversight of operations, administration, education and policy for the constituent colleges of the University.
Students interested in learning more about the RVU Student Loan Program, should contact the Office of Financial Aid at email@example.com or call 303.373.2008.
RVU is a health sciences university located in Parker, Douglas County, Colo. RVU’s College of Osteopathic Medicine (RVUCOM) opened its doors in August of 2008, enrolling 160 students in its four year program of study leading to the Doctor of Osteopathic Medicine (D.O.) degree.
The University is located in a new 145,000 square foot contemporary facility on twenty acres, housing the latest in classroom, lecture, laboratory and audiovisual equipment, with additional instruction conducted at sixteen teaching hospitals throughout the state of Colorado.
The University is dedicated to the better understanding and provision of health care in Colorado, the Mountain West region and nation in the twenty-first century.
For more information visit: www.rockyvistauniversity.org or call 303.373.2008.