USA Funds announces launch of MEDLOANS Online Loan Portfolio
New online tools helps medical schools deliver loan counseling
INDIANAPOLIS — USA Funds®, the nation's leading education-loan guarantor, announces the launch of an online tool that helps medical schools quickly and easily deliver exit counseling to their student-loan borrowers. USA Funds developed MEDLOANS Online Loan Portfolio in cooperation with the Association of American Medical Colleges to provide medical schools with an online resource that they can offer students to more easily track their education debt, estimate their loan costs and payments, and understand borrower rights and responsibilities.
"Using this new online resource, medical students can identify the best options for managing their education loans, both alternative and federal student loans," said Denise B. Feser, USA Funds vice president, customer relations. "Because the exit-counseling tool automatically displays a student's loan information from loan-guarantee and servicing systems, busy medical students can complete loan counseling more quickly and gain the information they need to manage their debt."
MEDLOANS Online Loan Portfolio provides medical students with an inventory of their current education-loan obligations, including undergraduate and medical-school loans. Using the tool, students can estimate their monthly loan payments and total interest costs under the available repayment options, including loan consolidation, based on their individual loan obligations. The online counseling program also calculates potential savings from borrower-benefit programs. In addition, MEDLOANS Online Loan Portfolio offers a tool that estimates a student's eligibility for economic-hardship deferment. The modular design of the program permits students to complete loan counseling at their own pace.
With the student's permission, a financial-aid administrator can access the borrower's information to provide additional counseling. MEDLOANS Online Loan Portfolio also provides financial-aid administrators with online access to reports on their students' completion of the exit-counseling program and offers a tool to manage loan-counseling reporting to USA Funds.
A program of the Association of American Medical Colleges, MEDLOANS was the first loan program specifically designed for medical students and offers a complete source for financing medical school.
MEDLOANS Online Loan Portfolio is available to schools that participate in MEDLOANS. USA Funds is the guarantor of Federal Stafford loans issued under the MEDLOANS program. View additional information about MEDLOANS Online Loan Portfolio.