Health Professions Student Loans, Including Primary Care Loans and Loans for Disadvantaged Students
Program Funding
Annual program obligations reported to SAM.gov.
Funded Projects
Examples of what this program has supported.
Program Objective
To increase educational opportunities by providing long-term, low-interest loans to students in need of financial assistance and in pursuit of a course of study in an approved health discipline.
Eligibility
Eligible Applicants
- U.S. State Government
- Nonprofit Organization
- Federally Recognized Tribal Government
- U.S. Territory Government
- Other
Any accredited public or other nonprofit private school of medicine, dentistry, osteopathic medicine, optometry, podiatry, pharmacy, or veterinary medicine which provides a course of study leading to a degree of Doctor of Medicine or Doctor of Osteopathic Medicine for PCL and LDS borrowers, Doctor of Dentistry (or an equivalent degree), Doctor of Optometry (or an equivalent degree), Doctor of Podiatric Medicine (or an equivalent degree), Bachelor of Science in Pharmacy (or an equivalent degree), Doctor of Pharmacy (or an equivalent degree), or Doctor of Veterinary Medicine (or an equivalent degree) for HPSL and LDS borrowers. Additionally, the school must be located in the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Northern Mariana Islands, the U.S. Virgin Islands, Guam, American Samoa, the Republic of Palau, the Republic of the Marshall Islands, or the Federated States of Micronesia. Federally Recognized Indian Tribal Government and Native American Organizations may apply if they are otherwise eligible.
Beneficiaries
- Health Professional
- U.S. Citizen
Specialized group (e.g. health professionals, students, veterans), Student/Trainee, U.S. Citizen
Student applicants must display financial need and be enrolled or accepted for enrollment in a health professions school to pursue a full-time course of study leading to a degree as specified above. Students must also be citizens, nationals or lawful permanent residents of the United States, the District of Columbia, the Commonwealths of Puerto Rico, the Northern Mariana Islands, the U.S. Virgin Islands, Guam, American Samoa, the Republic of Palau, the Republic of the Marshall Islands, or the Federated States of Micronesia.
How to Apply
Award Procedure
Notification is made in writing (electronic) by a Notice of Award. When Federal Capital Contribution funds are available for re-distribution, a Notice of Award is sent to the School's Contact Person notifying the school of the amount of federal funds allocated for loans within the program and discipline prior to the beginning of the academic year in which the award is to be utilized. Students are notified by the school’s financial aid office of approval or disapproval of loans at times determined by schools.
Decision Timeline
- Approval: From 120 to 180 days
Approximately 120 - 180 days after receipt of applications.
Program details & compliance
Description
To increase educational opportunities by providing long-term, low-interest loans to students in need of financial assistance and in pursuit of a course of study in an approved health discipline.
Mission Categories
Primary: Health Education
Other categories:
Dental Education
Use of Funds
Allowed Uses
Funds on deposit can only be used for loans to eligible students pursuing a full-time course of study. The maximum amount a student may borrow is the cost of attendance (including tuition, other reasonable educational expenses and reasonable living expenses). Third and fourth year medical and osteopathic medicine students may be eligible for additional funding to repay earlier higher-interest educational loans. The interest rate is five percent. To be eligible for a Primary Care Loan (PCL), students of allopathic medicine and osteopathic medicine must meet financial need criteria and agree to enter and complete a residency training program in primary health care not later than four years after the date on which the student graduates from such school. The PCL borrower must also practice primary health care for 10 years (including the years spent in residency training) or through the date in which the loan is repaid in full, whichever occurs first. To be eligible for the Loans for Disadvantaged Students (LDS) program, students must meet the Health Professions Student Loans (HPSL) criteria and also be from an economically or environmentally disadvantaged background as defined by the Secretary.
Required Documentation
Annual operating reports serve as the renewal application for current loan recipient institutions. 2 CFR 200, Subpart E - Cost Principles applies to this program.
Matching Requirements
Under the Federal Capital Contribution method, a school must match the Federal Capital Contribution with an amount equal to one-ninth of the funds drawn down.
Reporting & Compliance
Applicable 2 CFR 200 Subparts
- Subpart B — General Provisions
- Subpart C — Pre-Federal Award Requirements
- Subpart D — Post-Federal Award Requirements
- Subpart E — Cost Principles
- Subpart F — Audit Requirements