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What is the process of Health Professions Student Loan (Hpsl)?

To be eligible for a health professions student loan (hpsl), you must prove financial need and attend a participating school.

A health professions student loan (hpsl) is a government loan for students who show financial need and attend participating schools. There are four different types of health-care loans:

Before you take out any loans, make sure you’ve exhausted all other choices, such as grants and fellowships. Because of their low interest rates, long grace periods, and generous interest subsidies, health professions loans should be taken out before other student loans for medical school if your school provides them and you are eligible.

Eligibility criteria for hpsl loan

To be eligible for the loans, you must be a U.S. citizen or permanent resident. You must also display financial need, which will be decided by your school based on the cost of attendance and your financial resources.

Each loan has its own set of conditions, such as which academic programmes are eligible.

Health Professions Student Loans (HPSL loan)

Full-time students pursuing a doctorate in one of the following fields can apply for HPSL loan:

  • Dentistry.
  • Pharmacy (bachelor’s degree also eligible).
  • Podiatric medicine.
  • Optometry.
  • Veterinary medicine.

» MORE: How to pay for vet school

Loans for Disadvantaged Students (LDS)

Full-time students seeking a doctorate in one of the following fields are eligible for LDS:

  • Allopathic medicine.
  • Osteopathic medicine.
  • Dentistry.
  • Pharmacy (bachelor’s degree also eligible).
  • Podiatric medicine.
  • Optometry.
  • Veterinary medicine.

To be eligible for an LDS, you must also be from a low-income family. This generally applies to students whose families follow governmental poverty requirements, though eligibility is eventually determined by the school’s financial aid office.


Nursing School Loans (NSL)

NSL are open to part-time and full-time nursing students enrolled in certificate, associate degree, baccalaureate degree, or doctoral degree programmes.


Primary Care Loans (PCL)

PCL are available to full-time students seeking an allopathic or osteopathic medical doctorate.

If you take out a PCL, you must adhere to the following terms:

  • Within four years of graduation, you must begin and complete your residency.
  • Practice primary care for at least 10 years or until the debt is paid off, whichever comes first.


What makes health professions student loans (hpsl loan) unique?

The Health Resources and Services Administration, not the Department of Education, offers funding for health professions student loans.

As a result, health professions loans are distinct from other federal medical loans, such as unsubsidized direct loans and graduate PLUS loans.

  • Interest rates that are competitive. Student loans for health professionals have a fixed interest rate of 5%. Graduate unsubsidized loans have an interest rate of 4.30 percent, while PLUS loans have an interest rate of 5.30 percent.
  • Grace periods that are longer. The loans have a 12-month grace period following graduation, which is twice as long as most federal student loan options.
  • Interest that is subsidised. Health-care loans are subsidised, which ensures you won’t have to pay interest before your grace period is finished. On unsubsidized and PLUS loans, you are still responsible for the interest that accumulates.
  • Not every school takes part. The loans are handled by the schools. To obtain funds, schools must apply to the federal government and meet certain requirements, such as having a default rate on current loans that does not exceed 5%.
  • There are no defined loan numbers. Your school will decide how much you get, and loan funding can be reduced. You can’t normally borrow more than the cost of attendance at your degree.
  • There will be less loan plans. Income-driven repayment and Public Service Loan Forgiveness are not available for these loans. Except for Primary Care Loans, all of the loans can be combined into direct loans to apply for these services.

» READ MORE: Student Loan Restructuring

How do you apply for a health professions student loan (hpsl)?

The Free Application for Federal Student Assistance, or FAFSA, is usually used to apply for a loan. However, a school can use its own application form for these loans; consult with the financial aid office to learn more about the process.

If your parents have passed, you must provide your parents’ financial details to obtain a health professions student loan, even though you are considered an independent student. This is a norm that cannot be waived by colleges.

If your school provides these loans and you apply, the loan will appear on your financial aid award letter alongside any other financial aid you obtain. Accept all free assistance before taking out student loans, once again.

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