Health Profession Student Loans

What is Health Professional Loan?

A health professional loan is provided to medical students who have completed their residency training. These loans are offered by the federal government’s Department of Education (ED), whose mission is to help ensure access to quality higher education and training opportunities for students from low-income families. To qualify, students need to demonstrate financial need and agree to practice in underserved communities.

How to apply for Health Professional Loan?

From here they should select “Apply Now.” Once on the application page, students should enter their information and choose a state to proceed. Students will then be directed to the appropriate state agency for additional steps, including completing an online FAFSA and signing the IACUC. At each step, students should be aware of any deadlines.

What is the maximum amount of loan available to me?

In 2018, the student limit for Health Professional Loans was $57,500. However, some states offer less than that, while others give out more. You can find the amounts you may receive by visiting the ED’s web site.

Do my credits transfer over to my loan if I complete a fellowship program?

It depends. If you start out taking courses directly related to where you would like to work after graduation, your credits might go toward the loan repayment. On the other hand, if you take classes unrelated to your future career, those credits will not count toward the loan repayment.

Are medical malpractice insurance premiums included in my loan?

No. Medical malpractice insurance premiums cannot be added onto medical student loans.

Will my loan affect my ability to pay off other debts?

Yes, student loans cannot be paid concurrently with other debt. In fact, many schools do not allow for concurrent payment options.

When the loans are forgiven, what happens to them?

Forgiveness does not mean that the money is lost forever. There are several types of forgiveness programs available upon completion of school. They vary depending on the type of loan you took and how long you have been enrolled in school. Visit the ED’s web site for more details.

Health Profession Student Loans

Health Professions Loan Program (HPLP)

The Health Professions Loan Program was established under  IV of the Higher Education Act Amendments of 1992, in order to provide financial assistance to students pursuing careers in the health professions. To qualify for HPLP loans, applicants must demonstrate need based on their family’s total income. If eligible, loan funds may be used for tuition and associated expenses at accredited educational institutions participating in the program, including books and supplies needed to complete coursework. Students must maintain satisfactory academic progress while enrolled in an approved program. In addition, borrowers must make timely payments to the Department of Education. Payments should be paid directly to the lender and cannot be applied to any other account.

National Direct Student Loans (NDSL)

The NDSLs are federally guaranteed student loans. Under both programs, interest accrues on unpaid balances until they are fully repaid; however, repayment period varies depending on whether the loan is subsidized or unsubsidized.

Perkins Loan Programs

Perkins loans are offered at fixed rates and lengths of time. Unlike the Stafford and Federal Family Educational Loan (FFEL), Perkins loans do not require repayment until after graduation. However, there are limits on the amount of money borrowed.

Teacher Education Assistance for College and Higher Education (TEACH Grant)

This grant provides grants to individuals who wish to become teachers. These grants are awarded to undergraduate and graduate students to assist them in paying for college costs.

William D. Ford Loan for Employees of Public Safety Dispatchers

The William D. Ford Loan Program was created in 1964 to help police officers pay for higher education. Eligibility requirements include being a law enforcement officer who meets minimum age and service requirements, having completed at least one year of full-time study, and making regular and timely payments.

Federal Work Study Programs

Federal Work Study programs enable students to work outside of school for minimal wages. There are several types of federal work study programs that offer different levels of benefits. Each type of program requires its own application materials, eligibility criteria, and payment options.

Job Corps

Job Corps offers post-secondary training to youth ages 16–24 years old who have been convicted of crimes. Participants attend vocational schools where they receive technical skills training. Upon completing the program, participants are placed in jobs.

Health Profession Student Loans

The Health Professional Student Loan (HPSL) Program was established to provide financial assistance to students who elect to become physicians, dentists, podiatrists, veterinarians, nurses, pharmacists, optometrists, physical therapists, public health professionals, registered professional midwives, dental hygienists, dietitians, social workers, psychologists, counselors, athletic trainers, occupational therapists, behavioral specialists and speech-language pathologists at accredited schools of medicine, osteopathic medicine, dentistry, veterinary medicine, pharmacy, optometry, physical therapy, public health, registered professional midwifery, chiropractic medicine, licensed practical nursing, licensed vocational nursing, licensed massage therapy, licensed clinical social work, acupuncture, athletic training, occupational therapy, psychology, counseling, nutrition, speech-language pathology, and dietetics. Funds may be awarded to eligible applicants based upon their demonstrated need for student loans. To qualify for HPSL funds, an applicant must have received a bachelor’s degree from an accredited college or university prior to entering school; the degree in question should be earned no later than July 1 preceding the calendar year in which the application is submitted; the applicant’s school record must show satisfactory progress toward completion of both pprofessional coursework and the first two years of professional study; the applicant’s academic records must reflect continued good standing while enrolled in medical studies; the applicant must not have had any previous federal loan disbursements under  IV programs; the applicant must be in good academic standing at his/her current institution; and the applicant must agree to repay the loan. Under certain circumstances, HPSL awards may be adjusted to accommodate special hardship situations. An award consists of a loan plus interest at a rate set by law. The amount of the loan is determined by the number of credit hours of approved medical education pursued after graduation. Eligible institutions are those accredited by the Liaison Committee on Medical Education (LCME), the national accrediting body for graduate medical education. In order to receive an award, you must file an application for an HPSL grant with the Office of Financial Aid on the University of North Carolina campus where you plan to pursue your medical education, along with supporting documentation. Your application must be completed by January 15th each year. You are encouraged to apply for an award as soon as possible, since we will only consider applications received before the final deadline. If you do not receive an award you applied for, you may reapply beginning in the following calendar year. You may request a deferment if you demonstrate exceptional circumstances relating to family obligations, illness, or other hardships. Additionally, you may request a refund of loan payments if you withdraw from medical school. Please contact the Office of Financial Aid if you experience any problems accessing the website and please read our Frequently Asked Questions.

Health Profession Student Loans

Author: “Tiffany Taylor”

Date: Wed Mar 28 10:32:48 EDT 2019

Body: I am currently a student at Temple University studying Nursing. I have been working full time since beginning school in August 2017 to pay off my loans as fast as possible. In order to do this I have had to go to work for over 30 hours per week while still attending classes. My goal was to have paid off $40,000 by March 31st 2018. However, due to lack of funds and difficulty paying tuition fees, I only managed to pay off $18,824.20 before I had to stop working because of severe pain in my back.

I started looking for ways to raise money after I could no longer work to pay off my debts, and began volunteering at the local food bank. After about 2 months of volunteer work, I decided to apply for scholarships and grants, which eventually led me to becoming a recipient of a Pell Grant. As soon as I received it, I applied for several private loans to help pay for college. I was denied each time.

This experience taught me many things. First of all, there is a huge difference between public and private loans. Public loans, such as federal loans, are administered and controlled by the government. You cannot discharge them once they are issued. On the other hand, private loans are entirely under your own control. Private loans allow you to repay them out of your personal income, rather than relying on loan servicers to collect payments. This means that even if you fail to make monthly payments, you can still walk away with the remainder of the debt owed to you without having to worry about being penalized.

After my experience with private loans, I started researching different types of scholarships. Scholarships are typically given out to students who excel academically, who have demonstrated leadership qualities, who are involved in community service activities, or who demonstrate financial need. Most universities offer numerous scholarships for their incoming freshman class. These scholarships are given out based on grades, test scores, extracurricular activities, and essays written explaining why a student deserves a scholarship. Unfortunately, I did not qualify for any of these scholarships, nor did I receive any additional awards.

I then turned my attention to applying for fellowships. Fellowships are awarded to individuals who show exceptional promise in certain fields. To qualify for these awards, applicants need to submit an application essay outlining why they should be considered. Typically, these applications are reviewed by panels composed of faculty members from the field of study. Based on their review, the applicant may be granted a fellowship to further his education.

The American Association of Colleges of Pharmacy (AACP) offers fellowships to pharmacy students interested in pursuing research careers. These fellowships are open to applicants who have completed the first year of their undergraduate studies and plan to pursue research-based careers. There are two AACP fellowships available: the National Research Fellow for Undergraduate Students in Pharmaceutical Sciences and the Postdoctoral Fellowship. Applicants must complete the AACP Graduate School Application Form, which includes a statement summarizing past academic achievements, letters of recommendation, a resume, a list of professional affiliations, and supplementary materials. I submitted these forms online using the link provided in the email sent to me.

In addition to seeking individual fellowships, I searched for funding opportunities specifically designed for pharmacy students. One example is the Cephalon Drug Discovery Scholar program, which provides students with grants ranging from $10,000 to $50,000 to spend on research projects related to drug discovery. In order to qualify for this award, applicants must identify a specific project they would like to undertake, outline the proposed methodology for its completion, provide a budget estimate, and submit documentation including copies of relevant publications and/or patents.

Another organization offering significant grant programs for pharmacy students is the American Society of Pharmaconomists (ASP). ASP offers numerous research grants to graduate students and post-doctoral researchers. Each year, the society conducts nationwide searches for recipients of the following ASP Awards:

ASPS Merit Award for Outstanding Research by a Graduate Student

ASP Merit Award for Outstandingly Qualified Minority Applicants

ASP Merit Prize Award for Outstanding Research

ASP Merit Scholarship Fund

Health Profession Student Loans

Health Professional Student Loans (HPSL)

Health Professions Loan Program (HPOLP)

Healthcare Education Assistance Act (HEAA)

National Direct Student Loans (NDSL)

Perkins Loan

Stafford loan

Teacher Education Assistance for College and Higher Education (TEACH Grant)

William D. Ford Federal Direct Loan (Direct Loan)

Federal Family Educational Loan (FFEL)

Federal Pell Grant

Federal Work Study (FWS)

Guaranteed Student Loan (GSL)

Graduate PLUS (GP)

Parental PLUS (PP)

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