Quillen College of Medicine Private Loans

Office of Financial Aid Services

FastChoice

FastChoice is QCOM’s is the link to our preferred lender list. You are under no obligation to use any of our lenders from the preferred lender list and may select any lender of your choice. All private loan requests most come to our office for certification.

For the direct link to FastChoice, please contact ofs@etsu.edu.

  • Code of Conduct for Lender Relationships & Education Loans

    Any East Tennessee State University, Quillen College of Medicine (ETSU, QCOM) officer, employee and agent of the school is required to comply with this Code of Conduct for Lender Relationships & Education Loans as outlined below.

    • QCOM shall not enter into any revenue-sharing arrangements with any lender.

    • QCOM officers, employees or agents will not steer borrowers to particular lenders or delay loan certification.

    • QCOM shall not request or accept from any lender any offer of funds to be used for private education loans, including funds for an opportunity pool loan, to students in exchange for providing concessions or promises to the lender for specific number of FSA loans, a specified loan volume or a preferred lender arrangement.

    • For any first-time borrower, QCOM shall not assign, through award packaging or other methods, the borrower’s private education loan to a particular lender; or refuse to certify, or delay certification, of any education loan based on the borrower’s selection of a particular lender or guaranty agency.

    • No officer or employee of QCOM who is employed in the Student Finance Department or who otherwise has responsibilities with respect to education loans, or an agent who has responsibilities with respect to education loans, shall not accept from any lender or affiliate of any lender any fee, payment or other financial benefit (including the opportunity to purchase stock) as compensation for any type of consulting arrangement or other contract to provide services to a lender or on behalf of a lender relating to education loans.

    • QCOM shall not request or accept from any lender any assistance with call center staffing or financial aid office staffing. Assistance will be permitted for the following instances:
      • Professional development training for Student Finance Department staff;
      • Providing educational counseling materials, financial literacy materials, or debt management materials to borrowers, provided that such materials disclose to borrowers the identification of any lender that assisted in preparing or providing such materials; or
      • Staffing services on a short-term, nonrecurring basis to assist the institution with financial aid-related functions during emergencies, including State-declared or federally declared natural disasters, federally declared national disasters, and other localized disasters and emergencies identified by the Secretary of Education.
      • Any employee who is employed in the Student Finance Department of QCOM, or who otherwise has responsibilities with respect to the federal loan programs or private education loans or other student financial aid of the institution, and who serves on an advisory board, commission, or group established by a lender, guarantor or group of lenders or guarantors, shall be prohibited from soliciting or accepting any gift in excess of a de minimis amount from the lender, guarantor, or group of lenders or guarantors, except that the employee may be reimbursed for reasonable expenses incurred in serving on such advisory board, commission or group.
  • Code of Conduct for Administration of Private Education Loans

    As required by The Higher Education Opportunity Act (HEOA) of August 12th, 2008, effective July 1, 2010 and in conjunction with the Federal Reserve Board regulations pertaining to the Truth in Lending Act, ETSU Quillen College of Medicine (the institution), an institution participating in the Title IV Financial Aid Programs, publishes, administers, and enforces the following a code of conduct for its officers, employees and agents.

    1. The Institution publishes a “preferred lender list” of lenders with whom there is a business arrangement to process private student loans. As of the date of this policy, only five lenders have been selected and indicated their willingness to make private loans to our students. Therefore, only five lenders can be recommended to our students but a student has the right to select any lender of their choosing.

    2. The Institution will not enter into a revenue-sharing arrangement with any lender. The HEOA defines revenue-sharing arrangement as any agreement between an institution and a lender under which the lender makes private education loans to students attending the institution, the institution recommends the lender or the loan products of the lender and this information is evaluated each year to verify that the current lenders are still providing the best overall loans for our students. The preferred lender list is updated annually.

    3. No officer or employee of the Institution’s financial aid office (or any employee who otherwise has responsibilities with respect to educational loans) will solicit or accept any gift from a lender,

    guarantor, or servicer of education loans. A “gift” is defined as any gratuity, favor, discount, entertainment, hospitality, loan or other item having monetary value of more than a de minimis amount. However, a gift does not include (1) a brochure, workshop, or training using standard materials retaining to the loan, default aversion, or financial literacy, such as a brochure, workshop or training: (2) food, training, or informational material provided as part of a training session designed to improve the service of a lender, guarantor, or servicer if the training contributes to the professional development of the Institution’s officer or employee; (3) favorable terms and benefits on an education loan provided to a student employed by the Institution if those terms and benefits are comparable to those provided to all students at the Institution; (4) entrance and exit counseling as long as the Institution’s staff are in control of the counseling and the counseling does not promote the services of a specific lender; (5) philanthropic contributions from a lender, guarantor, or servicer that are unrelated to education loans or any contribution that is not made in exchange for advantage related to education loans, and; (6) State education grants, scholarships, or financial aid funds administered by or on behalf of the a State.

    4. No officer or employee of the Institution’s financial aid office (or employee who otherwise has responsibilities with respect to education loans will accept from a lender, or an affiliate of any lender, any fee, payment, or other financial benefit as compensation for any type of consulting arrangement or contract to provide services to or on behalf of a lender relating to education loans.

    5. No officer or employee of the Institution’s financial aid office (or employee who otherwise has responsibilities with respect to education loans) will steer borrowers to particular lenders or delay loan certification. For any first-time borrower, the Institution will not assign, through the award packaging or other methods, the borrower’s loans to a particular lender. In addition, the Institution will not refuse to certify, or delay the certification, of any loan based on the borrower’s selection of a particular lender or guaranty agency.

    6. The institution will not request or accept from any lender any offer of funds for private loans, including funds for an opportunity pool loan, to students in exchange for providing concessions or promises to the lender for a specific number of Title IV loans made, insured, or guaranteed, a specified loan volume, or a preferred lender arrangement. An “opportunity pool loan” is defined as a private education loan made by a lender to a student (or the student’s family) that involves a payment by the institution to the lender for extending credit to the student.

    7. The institution will not request or accept from any lender any assistance with call center staffing financial aid office staffing, except that a lender may provide professional development training, educational counseling materials (as long as the materials identify the lender that assisted in preparing the materials), or staffing services on a short-term, nonrecurring basis during emergencies or disasters.

    8. An employee of the Institution’s financial aid office (or employee who otherwise has responsibilities with respect to education loans or financial aid) who serves on an advisory board, commission, or group established by a lender or guarantor (or a group of lenders or guarantors) is prohibited from receiving anything of value from the lender, guarantor, or group, except for reimbursement for reasonable expenses incurred by the employee for serving on the board. The Institution will report the receipt of any such reimbursements to the Department of Education on an annual basis.

    9. The report will include the following:

    a). The amount of each specific instance of reasonable expenses paid or provided.

    b). The name of the financial aid official, or other employee or agent to whom the expenses were paid or provided.

    c). A brief description of the activity for which the expenses were paid or provided.

  • Borrower Information

    ETSU Quillen College of Medicine Lending Information for Private Loans:

    Check multiple lenders

    Do not settle for the first rate you see. Each lender uses different underwriting criteria, which means you might get a great offer from one company and a mediocre offer from another. It only takes a few minutes to get a rate estimate from each lender.

    When you check your rate, lenders perform a “soft credit check” that doesn't impact your credit score. You can check as many lenders as you want without any downside.

    Once you've identified the best offers, you'll complete a full application with a “hard credit check.” If you do this within a 30-day window across multiple lenders, it counts as rate shopping and only impacts your credit score once.

    Fixed vs. Variable Rates

    Private student loans come with either fixed or variable interest rates. Fixed rates stay the same for the life of the loan. Variable rates can fluctuate based on market conditions.

    In the current interest rate environment, most borrowers opt for fixed rates. Variable rates might start lower, but they carry risk — if rates rise, your payments go up, too. Only consider a variable rate if you plan to pay off your loans quickly and can handle potential rate increases.

    Look Beyond the Interest Rate

    The interest rate matters, but it's not the only thing to consider. Pay attention to:

    • APR: The annual percentage rate (APR) includes fees and gives you a more complete picture of the loan's cost.
    • Origination fees: Some lenders charge upfront fees; others don't.
    • Repayment terms: longer terms mean lower monthly payments but more interest paid over time.
    • Autopay discounts: Most lenders offer a 0.25% rate reduction for automatic payments.
    • Borrower protections: Look at grace periods, forbearance options, and cosigner release policies.

    Private Student Loans With vs. Without A Cosigner

    • Here's the reality: If you're young with limited credit history, getting approved on your own can be tough. According to Enterval Analytics’ 2025 Private Student Loan Report, 96% of undergraduate loans and 74% of graduate loans are cosigned.

    Benefits Of Having A Cosigner

    • A cosigner with strong credit can help you qualify for a loan and secure a lower interest rate. This can save you thousands of dollars over the life of the loan. The trade-off is that your cosigner is equally responsible for the debt — if you can't pay, they're on the hook.

    Options If You Do Not Have A Cosigner

    • If you don't have a cosigner, you still have options — but they're more limited.
    • Graduate students fare better. If you're pursuing a graduate degree, lenders may be more willing to approve you based on your expected future income, especially for high-earning fields like medicine, dentistry, or law.
    • Build credit first. If you have time before you need to borrow, focus on building your credit. Pay bills on time, keep credit card balances low, and avoid opening too many new accounts. A credit score that's at least in the high-600s significantly improves your chances of approval.

    Cosigner Release Options

    • If you do use a cosigner, look for lenders that offer cosigner release. This allows you to remove your cosigner from the loan after meeting certain requirements — typically 12 to 48 months of on-time payments and proof that you can handle the debt on your own.

    What to know before applying for private student loans

    Private lenders evaluate your application differently than federal loan programs. Here's what you need to know before you apply.

    Credit Score Requirements

    Most private lenders want to see a credit score of at least 650 to 700. The higher your score, the better your rate. According to Experian, a “good” credit score is 700 or above.

    If your credit isn't there yet, a cosigner with strong credit can help you qualify and get a better rate.

    Building Credit If You Are Starting From Scratch

    If you have no credit history, here's how to start building it:

    •  Pay all bills on time, every time
    • Keep credit card balances low (under 30% of your limit)
    • Avoid opening too many new accounts at once
    • Consider a secured credit card if you're just starting out

    You can monitor your credit score for free through sites like Credit Karma or through your bank.

    What Lenders Evaluate

    Beyond credit score, lenders look at:

    • Debt-to-income ratio: How much debt you have relative to your income
    • Employment and income: Current or expected earnings
    • School and program: Some lenders favor certain institutions or degree programs
    • Academic standing: A few lenders (like Funding U) factor in your GPA and academic progress

    Federal Loan Limits And When You Will Need Private Loans

    Federal student loans have annual and aggregate (lifetime) limits. Once you hit those limits, private loans may be your only option to cover remaining costs.

    Program Costs And The Private Loan Gap

    If you're attending a program where the cost of attendance exceeds federal loan limits — which is common for graduate programs in medicine, dentistry, law, and other professional fields — you'll need to decide how to cover the difference.

    Options include: private student loans, scholarships, or reducing your cost of attendance (living with roommates, etc.)

  • Steps to Apply

    Instructions on how to apply for a Private Loan through FastChoice.

    Private Loan “Preferred Lender List”

    Students who seek additional loan funds may apply for “private” or “alternative” loans. Following extensive research, the ETSU Quillen College of Medicine (QCOM) has identified five lenders. They offer Graduate level medical private loans for Graduate/Professional students to apply for. Our list is not in any specific order and will change each time you sign into the website. Please review the information carefully.

    You are under no obligation to use one of the lenders on our list and are free to do your own private searches for a lender that best meets your needs. If you choose a lender that is not on our list make sure to notify our office so we can watch for the certification form.

    Private loans are credit based; students who may have a low credit score or insufficient credit history may be asked to use a creditworthy cosigner to receive the best interest rate. The link below will take you to the FastChoice website and will provide specific information and allow you to compare lenders and select the best lender for your needs. The latest terms are posted on the lender’s website and are subject to change.

    Note: When you are approved, the lending institution will give you the exact interest rate. If you choose a variable rate, the rate can change yearly. If you choose a fixed rate, then the interest rate will remain for the duration of the loan.

    ETSU Quillen College of Medicine does not endorse or recommend one lender over another, and individuals are free to choose which lender they prefer or private lender not listed in FastChoice.

    Students should exhaust their eligibility for federal loans and institutional scholarships before applying for a private loan. The Interest rate and repayment terms on federal loans are more advantageous to the student than those of private loans. We encourage students to accept their financial aid award offers first before applying for a private loan. We also encourage students to compare the terms for each of the lenders before applying.

    Please note the following while applying:

    Visit QCOM FastChoice

    1. Please complete the Borrowing Essentials the first time you log in.
    2. The school code for ETSU QCOM is 003487-01.
    3. The loan is being taken out one year at a time unless otherwise stated.
    4. The disbursement of students’ annual private student loans will be equally divided between fall/spring.
    5. If the loan is approved, QCOM Financial Aid Services will be notified that a loan is pending and will review the application to certify it.
    6. Funds received that exceed the cost of tuition/fees for the billing period will be refunded to the student.
    7. If you receive a scholarship after the private loan is certified then our office will adjust the private loan down to avoid an over award.

    NOTE: If you are denied a private loan, please contact our Financial Aid Services office to make satisfactory payment arrangements before the first day of orientation. We have payment plans that allow you to make four equal monthly payments.

    Remember, we are here to help. You can do a prequalification to see if you need to line up a cosigner.

    Our office will award any scholarships and Unsubsidized loan you have accepted before any private loans will be utilized. We offer a one-on-one meeting to discuss private loans if you are in need of assistance.

    Any changes to your financial aid during the academic year such as receiving a late scholarship will allow our office the ability to return your private loan and replace that amount with the scholarship instead.

    We will never award over the cost of education during any term.

  • Lender Comparison List

    Comparison of private medical school loan options available through FastChoice.

      College Ave Medical School Loan (fixed and Variable) Earnest Student Loans for Medical Students (Fixed and Variable Rates) SoFi Private Student Loan for Medical Students with 36 Month Grace Period (Fixed and Variable) Regions Bank Medical School Loan by Sallie Mae (Variable or Fixed Rate) Sallie Mae Medical School Loan (Variable or Fixed Rate)
    Loan Product Summary          
    Fixed Annual Percentage (APR) Range From 2.840%           To: 15.990% From 2.790%         To: 14.300% From 3.230%        To: 15.330% From 2.890%            To: 14.970% From 2.890%           To: 14.970%
    Variable Annual Percentage (APR) Range From 3.890%           To: 15.990% From 4.990%         To: 15.970% From 4.640%         To: 16.360% From 3.750%            To: 13.340% From 3.750%           To: 13.340%
    Rate Type Fixed and Variable Fixed and Variable Fixed and Variable Fixed and Variable Fixed and Variable
    Grace Period 36 Months 9 Months 36 Months 48 months 48 months
    Borrower Benefits Yes Yes Yes Yes Yes
    Fees Required No No No No No
    Contact Phone Number (844) 422-7502 (888) 601-2801 (855) 456-7634 Not Provided (877) 279-7172
               
    Who's Eligible          
    Borrower Type Graduate Graduate Graduate Graduate Graduate
    Field of Study Health Health Health Health Health
    Enrollment Type Full- Time              Half-Time              Less than Half-Time Full- Time              Half-Time             Full- Time              Half-Time        Full- Time                Half-Time                Less than Half-Time Full- Time              Half-Time              Less than Half-Time
    Resident Type U.S. Citizen    Permanent U.S. Resident               Non-Permanent U.S. Resident (International) U.S. Citizen    Permanent U.S. Resident               Non-Permanent U.S. Resident (International) U.S. Citizen    Permanent U.S. Resident               Non-Permanent U.S. Resident (International) U.S. Citizen    Permanent U.S. Resident                  Non-Permanent U.S. Resident (International) U.S. Citizen    Permanent U.S. Resident               Non-Permanent U.S. Resident (International)
    Availble for Past-Due Balances Yes Yes Yes Yes Yes
    State Residency Eligibility N/A All 50 States and the District of Columbia N/A N/A N/A
    Additional Criteria Borrowers must be making satisfactory academic progress Borrowers must be seeking a degree N/A Borrowers must be seeking a degree Borrowers must be seeking a degree
    Other Students must be enrolled in MD, DO, DVM, VMD or DPM program. In the event of the student death or permanent and total disability the loan will be forgiven. Student may be enrolled in a Title IV eligible certificate program   Students in a graduate certificate program are eligible. NPRA and DACA students may apply on their own or with a qualified cosigner.    

Federal laws require that students must be informed about Federal student loan options before school certification of a Private Educational Student Loan can be processed. Please contact the Office of Financial Aid Services at (423) 439-2035 if you are considering a Private Educational Student Loan from a private lender.