Health Profession Student Loans
A Health Profession Student Loan is a low-interest loan available for students in medicine, dentistry, or pharmacy. The interest rate on the Health Professions Loan is a fixed rate of 5% for the entire loan period. Interest does not accrue on the loan as long as the borrower is a student and enrolled full time status. Once enrollment drops below full time a grace period of one year begins. During this time, payments are not required and interest does not accrue. For questions concerning Health Professions Student Loans please contact the Student Loan Office (859) 257-3406 ext. 258 or e-mail at studentloans@lsv.uky.edu. Information is also available at http://bhpr.hrsa.gov/dsa.
Health Professions borrowers are entitled to the following rights:
- Deferment – allows temporary postponement of payments on the loan. The borrower must request a deferment in writing. Deferments that are available:
- Student deferments - are available to borrowers who are enrolled full time status in a health professions school and provide verification of enrollment to our office. A student deferment will be placed on the account and payments will not be due at this time.
- Military Deferment
- Internship or Residency Deferment
- Advanced Professional Training
- Peace Corps Deferment
- Temporary Disability Deferment
- Hardship - A period of hardship is available to assist borrowers that do not qualify for deferments. A hardship grants relief from making regularly scheduled payments but interest will accumulate during a period of hardship and must be paid before additional hardship is granted. The original repayment terms (10 years) will not be extended for periods during which hardship is granted, so it may be necessary to reschedule payments following the period of hardship so that the loan can still be repaid within the 10 year maximum repayment period.
The forms necessary to apply for deferment or hardship are available by calling the Student Loan Office (859) 257-3406 ext 258, or email studentloans@lsv.uky.edu or through the Campus Partners web site www.mycampusloan.com.
Entrance Counseling – Beginning Award Year 2008 - 2009
A Health Professions Loan requires completion of entrance counseling and acknowledgment of disclosure of total loan indebtedness each year you are awarded this type of loan. First time borrowers are required to complete a Master Promissory Note (MPN). These steps must be performed electronically at http://ipromise.campuspartners.com. Electronic signature of the Master Promissory Note requires the pin number assigned to you by the federal government when you completed the FAFSA. The loan will not be released until all requirements have been satisfied.