The CMERF Loan program provides low-interest loans to UCI College of Medicine students in the final year at UCI. The CMERF Loan is an institutional loan funded by the California Medical Education and Research Foundation. UCI is the lender.
Loan limits:
Total origination or insurance fee:
NoneInterest rate:
9 percent per yearPrepayment:
No penalty for early repaymentInitial grace period:
NoneRepayment period begins:
Either 18 months after receiving the first advance or 6 months after leaving UCI, whichever is earlier.Repayment period:
Up to ten yearsMinimum payment:
$60 per month if the amount borrowed is $1,000 or lessCredit reporting:
Reported to three national credit bureaus: Equifax, Experian, and TransUnionLate charges:
$2 per monthLate charges are assessed for failure to make timely payment of all or any part of a scheduled installment or to submit appropriate deferment requests on time.
Deferments:
NoneDeath cancellation:
The total amount owed on the loan is canceled in the event of the death of the borrower.Permanent and total disability:
The total amount owed on the loan is canceled if the borrower becomes permanently and totally disabled after receiving the loan.Default:
Failure to make an installment payment when it is due or to comply with the other terms of the promissory note may result in the following: