LAURA R. AND WILLIAM M. CORBETT
TRUST LOAN PROGRAM

Very important directions at bottom of form

The Laura R. and William M. Corbett Trust Loan Program at The University of South Carolina School of Medicine has been established to provide low interest loans to worthy medical students.  The loan program is funded from an endowment by the late Dr. William M. Corbett of Columbia, South Carolina.  The program is administered through the School of Medicine's Office of Student Services by the BANK OF AMERICA  Private Client Group, Columbia Branch.  Applicants must be enrolled in The University of South Carolina School of Medicine.  Loan awards will be determined by financial need and must be used to finance anticipated expenses at The University of South Carolina School of Medicine.

The Corbett Loan Program is in reality two loan programs.  The primary program is for long-term loans to cover costs associated with medical education and provides for extended repayment.  The secondary program is an emergency advance loan program designed to meet emergency needs.

LONG-TERM LOAN

The long-term loan program is available to qualified students to assist in financing the normal expected expenses of their medical education.  A student borrower's indebtedness under this program will not usually exceed $2,000 per year with a cumulative indebtedness of $14,000 per individual.  Student must borrow at least $20,000 of Federal Stafford Loan money and maintain that amount for the academic year to be eligible for a loan.  The repayment period consists of semi-annual interest payments during the residency program up to five years and then monthly payments over a five year period.  Monthly payments of principal and interest commence immediately after completion of the residency program or five years, whichever occurs first.  If a student is dismissed or withdraws from The University of South Carolina, School of Medicine, the principal and interest payments begin immediately. The interest rate will be determined by the Trust Committee.  Once an applicant is granted a long-term loan, future loans will bear the same rate of interest as the original loan.  Recipients will execute interim notes for each loan granted.  These notes will be consolidated into a final note upon graduation or departure from school with repayment scheduled over a period of eight to ten years.  The final consolidated note will bear interest at the stated rate for a period not to exceed five years, then will increase by 3% not to exceed a maximum of 9% simple interest for the remaining term of the note.  Semi-annual interest payments will begin January 1st after the student is no longer enrolled.  There will be no interest charged or accrued while the student is enrolled in good standing at The University of South Carolina, School of Medicine.

A borrower may apply for deferment of scheduled payments on the principal of a long-term loan during his/her post-graduate medical residency training for a period of time not to exceed five years.  The borrower will be required to make semi-annual simple interest payments during the deferment period.  If a borrower wishes to apply for a deferment, a deferral application must be submitted to the BANK OF AMERICA  Private Client Group representative prior to July 1st of the deferment and must include a copy of the employment contract between the borrower and the hospital for the period to be deferred.

EMERGENCY ADVANCE LOAN

The emergency advance loan program is for emergency type situations only.  Qualified students may borrow up to $1,000 which will be deducted from the next academic year loan eligibility.  Applicants will be required to state the need for the loan.  Terms will be the same as for the long-term loan.

Students Who Default on a Corbett Trust Loan Are Liable for Immediate Collection of Any Outstanding Interest and/or Principal, and Any Collection, Attorney or Other Fees Incurred in the Collection of the Debt.  A hold will be placed on the student's University of South Carolina records until loan and interest payments are current.

APPLICATION PROCESS

Applications (for long-term and emergency advance loans) are available online at The University of South Carolina, School of Medicine.  An application is to be completed in full and returned to the Office of Student Services.  Applications for long-term loans are submitted to the School of Medicine's Scholarships and Loans Subcommittee for review, and upon recommendation of an award, then submitted to BANK OF AMERICA  for approval.  Applications for long-term loans will be considered for disbursement only at the commencement of the fall semester.

Applications for emergency advance loans must be submitted directly to the Office of Student Services,  who will make a recommendation directly to the bank.  Processing can be expected to take two to three weeks.

Questions concerning this program should be directed to the Office of Student Services at The University of South Carolina School of Medicine (803 - 733-3135).

Important Directions

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