What Are Student Loans For Health Professions?

While many student loans are open for a variety of degrees, some student loans are for students who are entering specific industries, including healthcare. Health Professions Student Loans are loans offered by the Health Resources and Services Administration, and come with unique benefits such as increased interest and longer grace periods.

Types of student loans for health professions

There are several loans for the health professions offered by the Health Resources and Services Administration, each with their own qualification requirements. In any case, borrowers may have to work in an underserved area while repaying the loan, and they must demonstrate financial need.

Student loans for health professions (HPSL)

Student Loans for Health Professions (HPSL) are for full-time or part-time students pursuing graduate studies in one of the following fields of study:

  • Doctor of dentistry.
  • Bachelor or Doctor of Science in Pharmacy.
  • Doctor of podiatric medicine.
  • Doctor of Optometry.
  • Doctor of veterinary medicine.

Loans for disadvantaged students (LDS)

Disadvantaged Student Loans (LDS) are for full-time students from disadvantaged backgrounds who wish to earn a degree in one of the following programs:

  • Doctor of allopathic medicine.
  • Doctor of osteopathic medicine.
  • Doctor of dentistry.
  • Bachelor or Doctor of Science in Pharmacy.
  • Doctor of podiatric medicine.
  • Doctor of Optometry.
  • Doctor of veterinary medicine.

Student Nursing Loans (NSL)

Student Nursing Loans (NSL) are for full-time nursing students pursuing any of the following types of degrees:

  • Associate degree.
  • Bachelor degree.
  • Graduate Diploma.

Primary Care Loans (PCL)

Students applying for Primary Care Loans (PCLs) will need to commit to primary care residency training and continue working as a primary care physician after graduation. They are also expected to pursue a full-time PhD in one of the following areas:

  • Allopathic medicine.
  • Osteopathic medicine.

Pros and Cons of Student Loans for Health Professions

With a student loan for the health professions, borrowers can benefit from zero interest and no payment during study and for 12 months after graduation, a grace period of six months longer than with the most other student loans. These student loans also come with a fixed interest rate of 5%, compared to 5.28% for direct unsubsidized loans and 6.28% for direct PLUS loans, and they have no setup fees. .

Loans in this program usually come with a 10-year repayment plan, although they can be bundled with federal direct loans if you want to extend your repayment period or enroll in repayment programs such as plans. reimbursement based on income.

That being said, loans in this category are need-based, which means not everyone will qualify, and in many cases, you need to embark on a certain career path in a service area. much needed when repaying. You must also be a US citizen or permanent resident to qualify for these loans.

How to Apply for a Student Loan for Health Professions

To apply for a student loan for the health professions, you will start by completing the Free Application for Federal Student Assistance (FAFSA). After submitting your FAFSA, you will receive your financial aid award letter from your school. If the school offers student loans for health professions and you qualify for them, those options will be listed in your letter of assistance.

It should be noted that not all schools offer student loans for health professions; they must meet specific requirements established by the federal government and submit requests to participate in the program. Contact your financial aid office before applying to confirm if your school offers these loans and if there are any additional forms you will need to complete to be considered.

Frequently Asked Questions About Student Loans For The Health Professions

Can healthcare workers get student loan forgiveness?

Student loans for the health professions alone are not eligible for Income-Based Repayment Plans or Public Service Loan Forgiveness (PSLF). However, you can use a federal direct consolidation loan to consolidate these debts (except primary care loans), which would make them eligible for both options.

Are Health Professions Student Loans Federal?

Student loans for health professions are not the same as federal student loans – they are offered by the Health Resources and Services Administration rather than the US Department of Education. However, they can turn into federal student loans if you consolidate them with a direct consolidation loan.

Do Private Lenders Offer Student Loans For Health Professions?

Private lenders may offer their own versions of student health care loans, although these are not regulated by the US government. However, private loans have certain advantages; College Ave, for example, offers student loans for health professions with low interest rates and deferral options during residency.

Can You Consolidate a Health Professions Student Loan?

You can use a Federal Direct Consolidation Loan to consolidate student loans for health professions, except for primary care loans.

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