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As a medical student and a future doctor, loans are going to be a big part of your life. Whether this is the first time you have borrowed student loans or you also have loans from your undergraduate or graduate years, it is important that you know as much as possible about how to manage your loan package. To accomplish this, you have to build up awareness about the end result of borrowing student loans – the repayment years. As a result of completing the Eye-Opener exercise, you will be provided with the monthly repayment amount of all of your student loans.

Before you get started here are some helpful tips

To estimate expected borrowing during medical school, review our Student Educational Budgets.

When projecting your medical school borrowing, estimate how much you will need to borrow to meet your tuition, fees and living expenses. Note: Anticipate at least a 5% increase in tuition and fees annually. Also, note the maximum annual amount of Federal Stafford loan money you can borrow for each year is:

Year 1 and 2

$40,500 = Federal Stafford Unsubsidized Loan (interest accrues while in school)

Year 3 and 4

$47,167 = Federal Stafford Federal Unsubsidized Loan (interest accrues while in school)

Loans may be needed to make up any difference between Federal Stafford loans and your estimated projections. Important: You will not be able to borrow student financial aid in excess of the educational budget posted for the current year. The interest rate for the Stafford and Grad Plus are variable and may change every year.*

Instructions to Complete the Eye Opener

Step One - Estimate future loan balances

Fill out the Amount To Borrow section with the amount you plan to borrow throughout your medical education. Combined balances, totals and interest are calculated automatically as you fill out the form.

Historical Interest rates

• 2012-13 - Unsubsidized loan was 6.8%, and Grad Plus loan was 7.9%
• 2013-14 - Unsubsidized loan was 5.41%, and Grad Plus loan was 6.41%
• 2014-15 - Unsubsidized loan was 6.21%, and Grad Plus was 7.21%
• 2015-16 - Unsubsidized loan was 5.84%, and Grad Plus was 6.84%
• 2016-17 - Unsubsidized loan was 5.31%, and Grad Plus was 6.31%
• 2017-18 - Unsubsidized loan was 6%, and Grad Plus was 7%
• 2018-19 - Unsubsidized loan was 6.60%, and Grad Plus was 7.60%
• 2019-20 - Unsubsidized loan was 6.08%, and Grad Plus was 7.08%
• 2020-21 - Unsubsidized loan was 4.30%, and Grad Plus was 5.30%
• 2021-22 - Unsubsidized loan was 5.28%, and Grad Plus was 6.28%
• 2022-23 - Unsubsidized loan was 6.54%, and Grad Plus was 7.54%
• 2023-24 - Unsubsidized loan is 7.05%, and Grad Plus is 8.05%
• 2024-25 - Unsubsidized loan is 8.083%, and Grad Plus is 9.083%
• 2025-26 - The federal government typically releases rates in May of each year; however, the maximum interest rate for unsubsidized loans is 9.50%, and for Grad PLUS, the maximum interest rate is 10.50%.

Step Two - Print and Submit

• Fill in your Ohio ID, the year you will graduate from Heritage College, and your current status.
• Fill out your name and email address.
• Print a copy of the Eye Opener for your records.
• Click on "Continue" to finish the process.