Loan Terms

STUDENT LOAN PROGRAM

General Requirements

• Interest is due on the anniversary date of the loan.
• Repayment of the principal portion of the loan begins four years after graduation.
• Equal monthly payments will be made for four years.
• Loans may be repaid in full at any time prior to maximal tenure without penalty.
• The note will become due if the student should discontinue the study of medicine.
• An interview will be required with a Loan Fund Trustee.

How to Apply

• Students may apply online unless otherwise noted below.*
• An in-person or phone interview with a TMA Trustee is required.
• Upon approval, a check will be mailed directly to the student.

* Sam Houston State University College of Osteopathic Medicine, TTUHSC Paul L Foster School of Medicine, University of the Incarnate Word School of Osteopathic Medicine, UTHSC San Antonio-Long School of Medicine, UTMB John Sealy School of Medicine, and UT Rio Grande Valley School of Medicine require students to contact their Financial Aid Officers prior to applying online. The application is available on the top of our home page.  Questions? info@tmaloanfunds.com. Sample applications are available in our "Forms and Research" section. 

RESIDENT PHYSICIAN LOAN PROGRAM

General Requirements

• Loans are available to physicians in any year of postgraduate training.
• A resident physician may borrow up to a maximum of $6,000.
• The residency must be in an accredited program within the state of Texas.

Note: If an individual received a TMA loan from the Dr. S.E. Thompson Scholarship Fund while in medical school, that amount will be included in the maximum allowed.

Loan Repayment

• Interest is due each year on the anniversary date of the loan until principal repayment begins.
• Loans may be repaid in full at any time without a prepayment penalty
• Loan recipients must begin to repay the principal of the loan two years after loan disbursement.
• Equal monthly payments will be made for 12 months on a $1,000 loan, 24 months on a $2,000 loan, 36 months on a $3,000 loan, or 48 months for loans of $4,000-$6,000.

How to Apply

Resident physicians may apply online. The application is available on the top of our home page.  Questions? info@tmaloanfunds.com. Sample applications are available in our "Forms and Research" section.  

The following items must be completed and received by TMA:

• Completed application 
• Promissory note 
• Verification of residency status 
• Credit history will be pulled by TMA
• An interview with a Loan Fund Trustee