A PCL loan, or Primary Care Loan, is a specific type of federal loan designed to support medical students who are committed to pursuing careers in primary health care.
Key Features of a PCL Loan
- Low Interest Rate: PCLs offer a relatively low interest rate of 5%. This makes them an attractive option compared to other loan types.
- Federal Loan Program: As a federal loan, PCLs are backed by the government, providing certain protections and repayment options.
- Focus on Primary Care: These loans are specifically intended for students entering primary care fields.
- Grace Period: Borrowers benefit from a one-year grace period after they are no longer enrolled as full-time students before repayment begins and interest accrues.
Summary
| Feature | Description |
|---|---|
| Loan Type | Federal loan |
| Target Audience | Medical students committed to primary health care |
| Interest Rate | 5% |
| Interest Accrual | Begins after a one-year grace period following full-time student status |
| Primary Purpose | To encourage and support primary care physicians |
