HealthProfessionalLoan.com

• Low-interest, long-term federal loans
  
• Need-based awards
  
• Repayment begins 12 months after leaving school
  
• 0% interest while in school and 12 months after leaving school
  
• Completed FAFSA (Free Application for Federal Student Aid) is required
  
• Supplemental forms may be necessary, depending on the institution
  
• Funds are limited and offered on a first-come, first-served basis
  

• Students enrolled in health professions programs, such as medicine, dentistry, pharmacy, and others
  
• Must demonstrate financial need
  
• Completion of FAFSA and supplemental forms (if required) is necessary
  

• Online application process through the institution’s financial aid office
  
• Students may need to create or log into their Student Forms account
  
• No paper applications or documents are accepted
  

• Repayment begins 12 months after leaving school
  
• Students repay the loan directly to the institution’s Office of the Bursar
  
• Promissory note and self-certification form must be completed upon acceptance of the loan
  

• Health Professional Loans differ from Federal Direct Unsubsidized Stafford Loans for Select Health Professions
  
• Students will automatically be considered for the Health Professions Loan if they complete the FAFSA, supplemental form (if required), and demonstrate financial need
  
• Funds are limited, and awards are made on a first-come, first-served basis
  

• No specific interest rates mentioned in the search results, as HPSLs are need-based, government-funded loans with service requirements and loan limits.
  

• Undergraduate Direct Subsidized and Unsubsidized Loans: 6.53% fixed (for loans disbursed between July 1, 2024, and June 30, 2025)
  
• Graduate or Professional Direct Unsubsidized Loans: 8.08% fixed (for loans disbursed between July 1, 2024, and June 30, 2025)
  
• Direct PLUS Loans: 9.08% fixed (for loans disbursed between July 1, 2024, and June 30, 2025)
  

• Health Professional Loans (HPSLs) do not have publicly disclosed interest rates, as they are need-based and have unique terms.
  
• Federal student loans (Direct Subsidized and Unsubsidized, Graduate or Professional Direct Unsubsidized, and Direct PLUS Loans) have fixed interest rates ranging from 6.53% to 9.08%.
  
• HPSLs are designed for students pursuing healthcare careers and have service requirements and loan limits, whereas federal student loans are more general-purpose loans with broader eligibility.
  

• Yes, Health Professional Loans (HPSLs) can be consolidated with other federal student loans. According to the search results, HPSLs can be consolidated into a Direct Consolidation Loan, making them eligible for income-driven repayment plans and Public Service Loan Forgiveness (PSLF).
  

• Consolidation allows HPSLs to become eligible for income-driven repayment plans and PSLF, which may not be available otherwise.
  
• Consolidation can simplify loan management by combining multiple loans into one loan with a single interest rate and payment.
  
• Consolidation may provide a longer repayment period, which can reduce monthly payments.
  

• Consolidating HPSLs into a private consolidation loan would forfeit the benefits and protections available on federal student loans, such as income-driven repayment plans and PSLF.
  
• Consolidation may increase the total interest paid over the life of the loan, as the consolidation loan may have a longer repayment period and potentially a higher interest rate.
  
• Consolidation may affect the ability to claim the student loan interest deduction on taxes, as the new loan may not allow it.
  

• Employment: Health professionals must work full-time for a government or non-profit organization, such as:
  
• Public health organizations
• Government hospitals or clinics
• Non-profit research institutions
• Public schools or universities with healthcare programs
• Loan Type: HPSLs must be Direct Loans, as PSLF only applies to Federal Direct Loans.
  
• Repayment Plan: Borrowers must be enrolled in a qualifying repayment plan, such as:
  
• Income-Driven Repayment (IDR) plans
• Standard Repayment Plan with a 10-year repayment period
• 120 Qualifying Payments: Health professionals must make 120 qualifying monthly payments while working full-time for a qualifying employer.
  
• Certification: Borrowers must submit employment certifications to their loan servicer every year to ensure accurate tracking of qualifying payments.
  

• Primary Care Loans, another type of loan for healthcare professionals, may also be eligible for PSLF under the same conditions.
  
• Health professionals working for government contractors do not qualify for PSLF, even if they work in healthcare roles.
  

Public Service Loan Forgiveness (PSLF)

• Eligible Employers: Government agencies, non-profit organizations, and specific public service entities such as public schools, colleges, and certain child and family service agencies.
  
• Eligible Loans: Federal Direct Loans, including Direct Subsidized and Unsubsidized Loans, Direct PLUS Loans, and Direct Consolidation Loans.
  
• Qualifying Payments: Payments must be made under a qualifying repayment plan, while working for a qualifying employer.
  
• Certification: An annual PSLF Employment Certification Form must be submitted to confirm employment and track progress towards forgiveness.
  
• Forgiveness: After 120 qualifying payments, borrowers can apply for PSLF and have their remaining federal student loan balance forgiven.