Frequently Asked Questions

Where did these loans originate?

The individual TMA loan funds were originally established in 1952 by Dr. Sam E. Thompson and in 1966 by Dr. May Owen. Both of these generous physicians were leaders in the Texas Medical Association and recognized the necessity of helping medical students fulfill their educational pursuits. The terms and loan limits were established by those trust documents.

How do I apply?

Students apply through TMA directly, unless they attend one of the schools listed below. An in-person or phone meeting with a TMA Interviewing Trustee is required. Upon approval, an ACH payment is sent to the borrower’s bank account within approximately two (2) weeks.

Students at TTUHSC Paul L. Foster School of Medicine, University of the Incarnate Word School of Osteopathic Medicine, UTHSC San Antonio — Long School of Medicine, UTMB Galveston, and UT Rio Grande Valley School of Medicine must contact their financial aid officer before applying online with TMA.

How much can I borrow?

A student can borrow a combined total of $12,000 from the funds, but there are individual fund limits and not all funds are available at all schools.

Do I have to make a payment while in school?

Yes. An interest-only payment is due while in school and until the fourth year after graduation. The loan begins monthly repayment of principal and interest the fourth year after graduation. Please refer to your promissory note.

What is the payment address?

Log in to your loan account on this site to review it and reach the ACH payment tool (separate registration required). Borrowers can schedule one-time and monthly recurring payments when paying online.

How are overpayments applied?

When a payment is made on a loan, it is applied first to outstanding accrued interest and then to the principal balance. Any overpayment reduces the principal balance. Due dates are not advanced for overpayments.

What should I do if I foresee difficulty making my payments?

If you are concerned about making your payments, please contact TMA immediately. It is important to work together to find a suitable solution before any problems arise. We can be reached at info@tmaloanfunds.com.

How do I apply for a deferment?

To receive a deferment you must meet all of the following criteria:

• Be in good academic standing, if still enrolled in school.
• Establish a legitimate reason for the deferment.
• Payments must be current.
• Receive approval from the Educational Scholarship & Loan Committee and the Board of Trustees.

Deferment requests are for one year only, and interest continues to accrue during the deferment period. You must reapply after the year expires if you wish to continue. To begin, complete the deferment application form.

Can I consolidate this loan?

TMA loans are private, and are only eligible for private consolidation.

What are my rights and responsibilities?

A student has a right to know:

• What financial aid programs are available at TMA.
• The deadline for submitting an application to each of those programs.
• How financial aid is awarded, how decisions are made, and the basis for those decisions.
• The full amount of the loan, the interest rate, when repayment begins, amounts of debt, repayment procedures, deferment and consolidation availability, length of repayment, and the consequences of default — including the ability to prepay the loan without penalty at any time.

A student is responsible for:

• Completing all application forms accurately and submitting them on time.
• Providing correct information.
• Supplying all additional documentation or information as requested.
• Reading carefully all forms that require a signature, and keeping copies of them.
• Accepting responsibility for all agreements signed.
• Signing promissory notes for student loans.
• Following the repayment schedule even if a billing statement or coupon booklet is not received.
• Notifying TMA of your correct address and telephone number at all times, during school and after graduation, until all loans are repaid.
• Providing all requested forms to defer repayment of student loans.