With nearly a decade covering personal finance, Rebecca Safier simplifies loans and other complex financial topics to help people manage their money with confidence. Her work has been featured in Forbes Advisor, Buy Side from WSJ, U.S. News & Wor.
Rebecca Safier Personal Finance WriterWith nearly a decade covering personal finance, Rebecca Safier simplifies loans and other complex financial topics to help people manage their money with confidence. Her work has been featured in Forbes Advisor, Buy Side from WSJ, U.S. News & Wor.
Written By Rebecca Safier Personal Finance WriterWith nearly a decade covering personal finance, Rebecca Safier simplifies loans and other complex financial topics to help people manage their money with confidence. Her work has been featured in Forbes Advisor, Buy Side from WSJ, U.S. News & Wor.
Rebecca Safier Personal Finance WriterWith nearly a decade covering personal finance, Rebecca Safier simplifies loans and other complex financial topics to help people manage their money with confidence. Her work has been featured in Forbes Advisor, Buy Side from WSJ, U.S. News & Wor.
Personal Finance Writer Kennedy Edgerton Personal Finance EditorKennedy Edgerton is a personal finance editor, leveraging his passion for writing and personal finance to produce stimulating content that empowers readers to enhance their lives through advised decision-making. He has written for several publication.
Kennedy Edgerton Personal Finance EditorKennedy Edgerton is a personal finance editor, leveraging his passion for writing and personal finance to produce stimulating content that empowers readers to enhance their lives through advised decision-making. He has written for several publication.
Kennedy Edgerton Personal Finance EditorKennedy Edgerton is a personal finance editor, leveraging his passion for writing and personal finance to produce stimulating content that empowers readers to enhance their lives through advised decision-making. He has written for several publication.
Kennedy Edgerton Personal Finance EditorKennedy Edgerton is a personal finance editor, leveraging his passion for writing and personal finance to produce stimulating content that empowers readers to enhance their lives through advised decision-making. He has written for several publication.
Published: Aug 31, 2023, 10:04am
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For most healthcare students, expensive loans are unavoidable. Fortunately, there are need-based loan options to level the field. A health professions student loan is a government-funded loan option designed by the Health Resources and Services Administration (HRSA) for health students. These loans come with low interest rates, longer grace periods and other benefits.
Before deciding on a health professions student loan, understand each loan type and determine which one fits your situation.
The government developed health professions student loans to encourage disadvantaged students to pursue healthcare careers and increase the number of primary care providers.
Borrowers must demonstrate financial need and attend a participating school. Loans made on or after November 13, 1998 may be made in amounts up to the cost of attendance. Previously, the maximum loan amount was tuition plus $2,500. However, schools may offer different limits based on individual needs.
You must also complete a residency training program no more than four years after graduation and work for 10 years in primary care or until the loan is fully repaid.
HRSA offers four types of loans to qualifying students.
This is the standard HPSL the HRSA offers. Other HPSL variations, such as primary care loans, incorporate most of the standard loan elements. It’s available to part-time or full-time students pursuing the following degrees:
Nursing student loans are available to full-time nursing students studying for their associate’s, bachelor’s or master’s degree. Nursing school loans have a cumulative limit of $25,825 over four years. Limits increase at a rate of 4.3% annually so confirm the limit before applying.
Primary care loans are reserved for full-time students pursuing doctoral degrees in allopathic medicine or osteopathic medicine. To borrow a primary care loan, you must complete your residency in primary care within four years of graduation. You must also work as a primary care physician for the life of the loan or 10 years—whichever is less.
LDS loans are reserved for students who come from low-income families based on government guidelines.These loans are available to part-time or full-time students pursuing the following degrees:
Eligibility for an LDS loan differs from other health professions loans. All students interested in this loan—regardless of age—must provide their parents’ financial information, according to the need analysis in Title IV of the Higher Education Act.
HRSA’s health professions student loans have certain eligibility requirements that differ depending on your institution.
Generally, you must be a U.S. citizen pursuing a degree in allopathic medicine, osteopathic medicine, dentistry or pharmacy at an accredited institution. These loans are reserved for students with demonstrated financial need, which is determined by your school’s financial aid office based on your background.
Health professions student loans are good options for disadvantaged students pursuing healthcare careers. However, these loans have unique benefits and disadvantages.
Some schools have dedicated application forms for health professions student loans. Other schools offer these loans based on your Free Application for Federal Student Aid (FAFSA) information.
Check with your school to find out about its application process. Either way, submit the FAFSA to put yourself in the running for other types of loans, grants and work-study.
Students must provide their parents’ information on the FAFSA to qualify for a health professions student loan, even if they’re considered independents. Each school will review your information and send out a financial aid award letter.
Your award letter will detail your offers for student loans, grants, work-study and other financial aid.
Find the best Student Loan Refinance Lenders for your needs.
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Personal Finance WriterWith nearly a decade covering personal finance, Rebecca Safier simplifies loans and other complex financial topics to help people manage their money with confidence. Her work has been featured in Forbes Advisor, Buy Side from WSJ, U.S. News & World Report, Newsweek Vault and other publications. Rebecca has her student loan certification from the National Association of Certified Credit Counselors and her Master of Education in Adolescent Counseling from the Harvard Graduate School of Education.
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