Vehicle purchase or lease (medical students)
A medical student who does not own a vehicle may meet with a financial aid officer to discuss her/his situation and request private loan funds for a vehicle purchase or lease. Funding may also be requested for vehicle payments as a result of a loan borrowed prior to medical school matriculation. Up to $8,000 may be requested for a used-vehicle purchase ($7,000 vehicle, $1,000 tax and registration fees), vehicle lease, or loan payments only. Purchase requests made within six months of graduation will not be funded.
Official, verifiable documentation is required for a private loan of this type. Within 30 days of the disbursement of the private loan funds, the borrower must provide copies of official documentation which supports the explicit use of the loan funds. Therefore, before requesting these private loan funds, it is important to ensure you have ample time to complete the entire process: (1) Meet with a Health System financial aid officer to discuss need for funds and documentation requirements, (2) private loan pre-application and approval, (3) three-week waiting period until loan funds are disbursed, (4) select and purchase vehicle, (5) obtain documentation (i.e., loan/lease agreement, Bill of Sale/paid invoice, copy of cashier's check used for payment, DMV registration), and (6) provide copies of documentation to Health System financial aid office.
Any questions about the purchase process and/or the proper documentation requirement should be talked through with the financial aid office. Call us at (916) 734-4120 or stop by suite 1202 in the Education Building on the Sacramento campus.
The selection of a private student loan provider is entirely the student's choice. To assist students in making the best lender choice, a few private loan options are available here (PDF). Some lenders may require payments during enrollment. We encourage students to compare lenders for overall costs, interest rates, front and back-end repayment incentives, and more. Apply for the loan of your choice using our federal school code 001313-72.