Student Loans
Health Professions Student Loan (HPSL)
Eligibility is based on current need and prior student loan debt. Regardless of the student's age or marital status, complete parental data is required on both the FAFSA and the CSS Profile. The maximum annual loan available is defined as cost of attendance; however, available funds are usually not sufficient to allow maximum awards. Interest is fixed at 5% during the repayment period, which begins one year after the borrower ceases to be enrolled at least half-time.
Federal Direct Unsubsidized Stafford Loans (FDUSL)
The Federal Direct Unsubsidized Stafford loan allow Health Professions students to borrow up to $40,500 per year. During school and periods of deferment, principal is deferred but interest accrues from the date of disbursement.
Federal Direct Grad PLUS Loans
The Federal Direct Grad PLUS loan is available to graduate and professional students who have borrowed the maximum unsubsidized loan amounts but still have educational costs that are not covered by other financial aid. In addition to the FAFSA, this program requires a separate application and approval is based upon a credit history review. The interest rate is fixed and there is an origination fee on the amount borrowed. Interest starts to accrue on disbursement, and repayment begins six months after a student ceases to be enrolled at least half-time.
| Feature | HPSL | FDUSL | Grad PLUS loan |
|---|---|---|---|
| Annual Maximum | Cost of Attendance | $40,500* | Cost of Attendance |
| Aggregate Maximum | None | Defined by U.S. Dept. of Education* | None |
| Interest Rate | 5% | 7.05%** | 8.05% |
| Eligibility Evaluation | FAFSA and CSS profile with parental data | FAFSA (no parental data required) | FAFSA (no parental data required)***; requires credit check |
| In-School Repayment | None | Interest, OR may capitalize | Interest, OR may capitalize |
| Origination Fee | None | 1.057% | 4.228% |
| Grace Period | 1 year | 6 months | 6 months |
| Minimum Monthly Payment | $40 | $50 | $50 |
| Standard Years to Repay | 10 yrs | 10 yrs (can do income-driven plan) | 10 yrs (can do income-driven plan) |