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/Ford Loan for Middle Income Borrowers is intended for those students who do not qualify for (some or all of) the FDSL. A total of $40,500* per year is available through the Federal Direct Stafford/Ford Loan Program. The amount of FDUSL available is the difference between $40,500* and the student's eligibility for the subsidized direct loan. During school and periods of deferment, principal is deferred but interest accrues from the date of disbursement.
*for Health Professions students
Federal Direct Grad PLUS Loan
The Federal Direct Grad PLUS loan is available to graduate and professional students who have borrowed the maximum subsidized and 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 starts 60 days after the final disbursement. Students are eligible for an in-school deferment as long as they are enrolled for at least half-time. Standard repayment is 10 years and can be extended to 25 years depending on the amount borrowed.
Summary: Provision of Education Loans Programs
HPSL - Health Professions Student Loan
FDUSL - Federal Direct Unsubsidized Stafford Loan
Loans offered through the federal student assistance programs are guaranteed for repayment by the federal government should the borrower die or become totally disabled before repayment is completed.
|Annual Maximum||Cost of Attendance|
|Eligibility Evaluation||FAFSA and PROFILE with parental data|
|Grace Period||1 year|
|Minimum Monthly Payment||$40|
|Standard Years to Repay||10 yrs|
|FDUSL||Grad PLUS loan|
|Annual Maximum||$40,500 ***||Cost of Attendance|
|Aggregate Maximum||Defined by U.S. Dept. of Education*||None|
|Eligibility Evaluation||FAFSA (no parental data required)||FAFSA (no parental data required)*requires credit check|
|In-School Repayment||Interest, OR may capitalize||Interest, OR may capitalize|
|Grace Period||If have FDSL, 6 months, principal only||None|
|Minimum Monthly Payment||$50||$50|
|Standard Years to Repay||10 yrs (can go to 25 yrs)||10 yrs (can go to 25 yrs)|
Refer to your copies of loan documents to determine which of the possible reasons for deferment listed below are allowable. The deferments allowed for each individual loan program vary, depending on when you received your loans.
- At least half-time attendance
- Limited period of unemployment
- Limited period of economic hardship
- Graduate or post graduate fellowship-supported study outside of U.S.
- Limited period of military service
- National service volunteer
- Approved rehabilitation programs for disabled individuals
- Approved periods of community service activity
- Advanced period of temporary disability
- Limited period of temporary disability
- Full-time graduate study within U.S.