The Health Professions Loan is administered by the U.S. Department of Health and Human Services, Health Resources and Services Administration Bureau of Health Workforce. The loan application process and requirements to be considered for funding are determined by the U.S.
Department of Health and Human Services. Health Professions Student Loan awards will be made by Iowa State University to eligible students.
Federal Health Professionals Loan (HPSL)
Loan Features
- Need-based loan that is repaid 12 months after leaving
- 0% interest while in school and 12 months after leaving school
- No loan origination fee
- Loan amounts vary by funding available, as well as financial need
How to Apply
- Complete the FAFSA by March 1st.
- Students who file the FAFSA by March 1st will be notified to complete questionnaire in Workday to confirm if they want to apply for the Health Professions Student Loan.
- Once the questionnaire is completed, the student and parent(s) must provide requested financial information.
- If offered the Health Professions Student Loan, the student will be prompted to complete a promissory note and self-certification form to sign for the loan.
Requirements
- The student must provide parent financial information to be considered for the Health Professions Student Loan, despite being considered independent for all other financial aid purposes
- The FAFSA must be completed by March 1st
- The student and parent(s) must provide requested financial information to determine if the student is eligible to receive the Health Professions Student Loan.
- Student and parent financial information will be used to calculate if the student had financial need to qualify for the Health Professions Student Loan. Funding is not guaranteed.
Repayment
- Repayment begins twelve months after the student graduates or ceases to be enrolled full-time
- Interest will start accruing when repayment begins
- The loan will be repaid to University Accounting Service (UAS)
- The loan can be consolidated with Federal student loans