The San Joaquin Medical Society (SJMS) is pleased to offer annually renewable educational loans for individuals accepted into U.S.-accredited programs leading to licensure as a Physician (MD. or DO.), Registered Nurse (RN), Nurse Practitioner (NP) or Physician Assistant (PA).

Residential Requirement

Applicants must have resided for a meaningful period of their lives in one or more of San Joaquin Medical Society’s member counties—San Joaquin, Alpine, Amador, Calaveras or Tuolumne. This residential time period is defined as:

• Having been a full-time, face-to-face, in-seat student for at least two consecutive years at the middle school, high school or postsecondary education level while living in one or more of the SJMS counties, or
• Currently being a part-time or non-student who has been a resident of one or more of the SJMS counties for three continuous years or longer prior to applying for a loan.

Application Timeline

• Review of Fall Application Begins: May 1
• Fall Interviews: May and June
• Review of Spring Application Begins: November 1
• Spring Interviews: November and December

Program Eligibility

Loans will be considered for U.S.-accredited programs leading to one of the following degrees, licenses  or certificates:

• Doctor of Medicine (M.D.)
• Doctor of Osteopathic Medicine (D.O.)
• Registered Nurse (R.N.)
• Nurse Practitioner (N.P.)
• Physician Assistant (P.A.)

Loan Amounts

• M.D./D.O. - $10,000 per year to a maximum of $40,000
• N.P./P.A.- $5,000 per year to a maximum of $10,000
• R.N - $4,000 per year to a maximum of $8,000

Loan Terms
Doctor of Medicine and Doctor of Osteopathic Medicine

1. Medical Student Year 1 (MS-1) through Postgraduate Year 1 (PGY-1): The loan is interest-free; no payment is required.
2. PGY-2 through PGY-3: Interest-only payment is required. The interest rate is prime plus 1% (determined annually on June 30th by the Federal Reserve). Enrollment in medical school and residency must be uninterrupted and evidenced by proper documentation. Exceptions will be considered on a case-by-case basis.
3. Upon completion of PGY-3: Repay the principal over a maximum of 60 months. The interest rate is prime plus 3% (determined annually on June 30th by the Federal Reserve).
4. The student may make payments to the loan or pay it off at any time, regardless of the repayment period.

Registered Nurse, Nurse Practitioner and Physician Assistant

1. The loan is interest-free during the course of study, which must be uninterrupted.
2. The month after completion of the program, the student is required to begin payments towards the principal, with an interest rate of prime plus 3% (determined annually on June 30th by the Federal Reserve) for a maximum of 60 months.
3. The student may make payments to the loan or pay it off at any time, regardless of the repayment period.

Physician/Physician Assistant/Nurse Practitioner Incentives

Recognizing the tremendous need for physicians in our communities, any recipient who returns to establish their primary practice in one of the San Joaquin Medical Society (SJMS) member counties of San Joaquin, Alpine, Amador, Calaveras or Tuolumne may apply for the Scholarship Loan Fund (SLF) incentives as outlined below:

1. Principal Forgiveness Program
   1. Upon employment verification, the recipient will make interest-only payments.
   2. After completion of one year of practice in an SJMS county, the SLF Board of Directors has the option (based on analysis of its finances) to offer forgiveness of up to 20% of the loan amount identified at the time of graduation from medical school, physician assistant or nurse practitioner program.
   3. The recipient may apply for the SLF Principal Forgiveness Program annually while practicing in an SJMS county for a total of five years.

Reporting Notice

The San Joaquin Medical Society Scholarship Loan Fund reports loan information to the Equifax credit reporting agency.

Additional Requirements

All loans require a co-applicant to guarantee repayment of the loan; the co-applicant is required to provide a current credit report. Students should provide a letter of acceptance from the medical school with their application, or for continuing students, their most recent transcript.

To Apply

*Please contact SJMS before completing your application to inquire as to the number of scholarships available. (209) 952-5299

1. The loan application form is available for download below
2. Complete the form and return it via U.S. Mail or in person to: 
   
   San Joaquin Medical Society Scholarship Loan Fund 
   3031 W. March Lane, Suite 222W
   Stockton, CA 95219

Scholarship Loan Fund Resources

Scholarship Loan Fund Application

Scholarship Loan Fund Article