Frequently Asked Questions
What are the repayment terms?
A repayment schedule consisting of 1 annual payment due and payable on June 30 of each year, applies to all loans from the MMS and Alliance Charitable Foundation (previously the Charitable and Educational Fund). Loans made prior to June 1, 2016 have a repayment period of 10 or 11 years based on matriculation year when the loan is received. Loans made after June 1, 2016 and before June 1, 2023 have a repayment period of 14 or 15 years based on matriculation year. Loans made after June 1, 2023 have a repayment period of 10 or 11 years based on matriculation year. For all loans, interest only is repaid while the borrower is in matriculation, beginning with the first June after the date a loan is made. Principal repayment commences upon graduation after a borrower attains their M.D. degree, or ceases to matriculate.
Can I consolidate this loan for repayment with my federal loans?
No. Loans from the MMS and Alliance Charitable Foundation (previously the MMS Charitable and Educational Fund) are private educational loans and are not part of any state or federally funded program. They are not eligible for consolidation.
Can my loan be repaid through a Loan Repayment Program (LRP)?
Yes. The MMS and Alliance Charitable Foundation (previously the MMS Charitable and Educational Fund) will accept payments designated to an individual borrowers account from federal LRP’s, such as that from the NIH, and other employer sponsored repayment programs. Please follow guidelines for the particular LRP you are applying for, or check with your employer to determine eligibility.
How will I be billed for the payments due on my loan?
Invoices are sent electronically to the borrower's preferred email address. Reminders, alerts and notifications will also be sent via email.
Can I pay my bill online?
Yes. You can pay your bill online using a major credit card; Visa, MasterCard and American Express cards are accepted. Payments can also be made by mailing a check or money order to the MMS and Alliance Charitable Foundation, attention Cash Receipts at 860 Winter St, Waltham, MA 02451-1411.
Is my information secure?
Our entire site is fully encrypted so your information is protected and secure. As an additional precautionary measure, no credit card information will ever be stored in our servers.
Can I set up recurring payments with my credit card?
No. As a precautionary measure, no credit card information will ever be stored in our servers. You must logon to the site with your username and password and enter your credit card information each time you wish to make a payment.
Will I receive notification my payment has been received or my account profile has been updated?
Yes. You will receive email notifications regarding receipt of payment and updates to your account profile.
Does the MMS and Alliance Charitable Foundation forgive loans for practicing in an underserved area?
No. The MMS and Alliance Charitable Foundation (previously the MMS Charitable and Educational Fund) typically forgives loans only in the event of a borrowers death and upon receipt of proper documentation. Please contact Rebecca Falconer for more information.