Health Professions Loan (Federal Loan)

[Biggytooth]

Hi everyone,

I am attempting to calculate my expenses for dental school and project what my total debt load might be upon graduation. I come from a lower income family, and am hoping I will qualify for the Health Professions Loan, which is subsidized and has a 5% interest rate. Can anyone who has received this loan tell me the amount that they were able to accept for any given academic year? I understand that it varies by school and perhaps each year. But any information would be appreciated.

Thank you!

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[BasicG]

I received 41k this year and my EFC is 0

 

[erinnnnn]

My school only provides a few thousand per year but to all students who qualify (maybe 30 people per class?). EFC also 0.


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[IOPEU]

There is a subsidized loan for dental students??

 

[Biggytooth]

There is a subsidized loan for dental students??

Only if you qualify for it. Its typically made available for lower income families.

 

[super frank]

Every school has a different max they offer.

 

[biochem5]

I received this years ago and something to keep in mind that I did not fully think about when I was in school was that the health professions loan is not on income based repayment. If you have federal loans and health professions loan you make two different payments. Right now my federal loans are on pause with corona but I am still having to pay $286 per month (loan was originally 27000 total) for the health professions.

 

[Biggytooth]

I received this years ago and something to keep in mind that I did not fully think about when I was in school was that the health professions loan is not on income based repayment. If you have federal loans and health professions loan you make two different payments. Right now my federal loans are on pause with corona but I am still having to pay $286 per month (loan was originally 27000 total) for the health professions.

Good thing to know. I'm surprised they didn't pause that repayment as well. But, in theory, can't a person consolidate their HPL loans with the other loans after graduation?

 

[biochem5]

Good thing to know. I'm surprised they didn't pause that repayment as well. But, in theory, can't a person consolidate their HPL loans with the other loans after graduation?

On its own, it’s being serviced through your school which had a big statement on the website I use to pay it stating how it’s not considered a federal loan and not part of the federal mandate. As far as consolidation I think it may be possible but some of the benefits of it would be lost for example, I didn’t have to start making those payments until a year after graduation and in that year it didn’t accrue any interest. The nice low interest rate of 5% would get averaged with your other higher interest rate loans on consolidation. So if you consolidate your main advantage of the loan would be no interest accruing during school.

 

[Biggytooth]

On its own, it’s being serviced through your school which had a big statement on the website I use to pay it stating how it’s not considered a federal loan and not part of the federal mandate. As far as consolidation I think it may be possible but some of the benefits of it would be lost for example, I didn’t have to start making those payments until a year after graduation and in that year it didn’t accrue any interest. The nice low interest rate of 5% would get averaged with your other higher interest rate loans on consolidation. So if you consolidate your main advantage of the loan would be no interest accruing during school.

Okay, that's good to know. I appreciate the information