PCL Certification and PenaltiesCertification of Primary Care Practice
Once you have entered and completed your residency training in an acceptable primary care area then you must practice in an acceptable primary health care area until your loan is paid in full. Our office will send you a form entitled "Post-Residency Certification Form". The first form will be sent to you upon completion of your residency training program when your Primary Care Loan will enter repayment. Succeeding forms will be sent to you annually based on the month that you originally entered repayment. You must certify that you are practicing in a primary care area and return the form to our office by the due date written on the form.
Listed below are compliance regulations and the consequences of non-compliance applicable to the Primary Care Loans.
Borrower must enter and complete a residency training program in primary health care no later than four years after the date on which the borrower graduates from the institution. The school may allow the recipient to submit the required documentation up to 120 days after the due date without placing the recipient in default. If the required documentation is NOT submitted within 120 days of the due date, the school must place the recipient in default using the original due date. Applicable deferments DO NOT extend the four year time limit.
Consequences of non-compliance on the PCL:
Loans made on or after March 23, 2010 will accrue interest at a rate of 7% per year beginning on the date of non-compliance and using the outstanding principal borrowed at the time of non-compliance.
Loans made between November 13, 1998 and March 22, 2010 will accrue interest at a rate of 18% per year beginning on the date of non-compliance and using the outstanding principal borrowed at the time of non-compliance. Length of repayment time does not change due to non-compliance. Borrower is no longer eligible for deferments.
If you are seriously considering practicing in primary care and would like to find out if you might qualify for a Primary Care Loan, please contact the Saint Louis University Student Financial Services Office at the School of Medicine.
Click on the following link if you are interested and would like more information about the Primary Care Loan.