The Health Professional Student Loan (HPSL) is a need-based loan offered at a 5% interest rate to students in the School of Veterinary Medicine, Doctor of Veterinary Medicine (DVM) program. The HPSL is not available to students in the Master of Preventative Veterinary Medicine (MPVM) program. Graduate students are considered independent for financial aid eligibility; however, regulations by the U.S. Department of Health and Human Services require schools to consider parents' information for the purpose of awarding HPSL funds.
The HPSL loan has the following incentives:
- 5% interest rate; fixed
- Interest does not accrue while the student is enrolled at least half-time
- 12-month grace period
For a student to seek eligibility for the HPSL, the student must:
- Have a Free Application for Federal Student Aid (FAFSA) on file. California Dream Act (CADAA) applicants are not eligible for this federal loan
- Provide parent income information for the year requested. Parent income is only used for seeking eligibility for the HPSL
- Have a minimum need of $200
How Need is Calculated
A student’s need for the HPSL is calculated using student and parent income information to identify a combined Estimated Family Contribution (EFC) number. The combination of the student and parent EFC is then subtracted from the Cost of Attendance (COA) along with grants, scholarships, and any other resources used to pay for tuition and fees.
Students who are eligible for the HPSL will be offered the loan in August. For the 2021-22 academic year, a student may be awarded the HPSL between $200 and the maximum amount of $9,000, dependent upon need. The maximum of the HPSL may vary by academic year and funds are limited.
Steps for Loan Acceptance
Students will accept the HPSL through MyAwards or by submitting a Student Loan Change in Aid. After the loan is accepted, students must wait three (3) business days to access their requirements through MyAwards.
Students will be completing the following requirements on the website of our loan processor, Heartland ECSI:
- Truth in Lending Disclosures (3)
- Entrance Interview Counseling and student information
- Promissory Note
After the requirements are completed, the Right to Cancel hold period begins and requirements will automatically satisfy after three (3) business days. A student must complete the School of Veterinary Medicine Supplemental Application through MyAwards and submit it with a signature through Contact An Expert.
Re-Calculation of Need
It is required by the Department of Health and Human Services to recalculate need if, during the academic year, a student receives additional grants, scholarships, or any other resources to help pay for tuition and fees. This recalculation may require the student’s HPSL to be reduced or canceled. It is important for a student to report any additional resources through a Change in Aid submission.