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Federal Health Professions Student Loans (HPSL)

A low-interest federal loan available to professional students in Doctor of Pharmacy or Veterinary Medicine who complete the FAFSA by March 1 including parent income information, demonstrate financial need, and enroll full-time in one of the eligible degree objectives. Choose an option below to expand and see more information.

  • Award Amounts, Interest Rate, and Loan Fees
    • The award amount depends on financial need as calculated by the Division of Financial Aid from FAFSA results. The interest rate is 5% annually on the declining balance. The Health Professions Student Loan program does not have origination fees.

  • Application Procedure
    • File the FAFSA every year by March 1 for consideration; award based on level of financial need.

      Once the loan is offered, accept offer on your myPurdue.

      Sign the promissory note at http://www.ecsi.net/prom3P 1-3 business days after accepting the loan.

  • Aggregate Maximums
    • None

  • Minimum Credit Hours Per Semester
  • Cosigner Required
    • No

  • Repayment
    • Grace Period: The 12-month period from date student ceases full-time student status. No interest accrues during grace period. No payments due, but voluntary payments may be made to reduce interest after grace period.

      $40 minimum monthly payment. Larger amount may be required, if necessary, to repay loan within time limit. (Must remain in 12 credit hours or grace period begins immediately).

      There is no penalty for early repayment.

      The maximum repayment period is 10 years.

  • Consequences of Delinquency
    • Account will be listed with a collection agency. Report will be made to a credit bureau. Loans made from Purdue will result in readmission to Purdue University being denied and official transcripts withheld. All further aid at Purdue University will be denied to student. Legal action will be taken on extended default.

Special Application Requirements

  • Parent's Financial Information
    • Students must file FAFSA for consideration. All professional students will be considered independent according to the need analysis formula in Title IV of the Higher Education Act. Nonetheless, institutions still must take parents' information into account for the purpose of awarding HPSL funds. This requirement cannot be waived. In cases where the parents refuse to provide income information, an affidavit documenting such a refusal cannot be accepted in lieu of the required information. Unless the parents are deceased, a student who does not provide parental income information may not be considered for HSPL funds.

      Use of parental data on the FAFSA does not guarantee the student is awarded the HPSL as these funds are limited each year.

Borrower's Responsibilities

  • Entrance/Exit Interview
  • Notification of Change of Name and/or Address
    • Notify ECSI, 181 Montour Run Road, Corapolis, PA, 15108-9408. Phone 1-888-549-3274.

Loan Comparison Chart

Interest Rate
4.66-6.21%
5.0%
5.0%
7.21%
7.21%

2.25-13.99%

Check with your lender.

Interest Rate
Type
Fixed
Fixed
Variable or fixed - Check with your lender.
Fees
1.072% of the accepted amount
None
None
4.288% of the accepted amount
4.288% of the accepted amount

0-5% of the accepted amount

Check with your lender.

Minimum enrollment
Undergrad: 6 cr, Grad: 4  cr
Undergrad: 6 cr, Grad: 4 cr 
12 cr. hours
6 cr hours
4 cr hours
Less than half-time for some - Check with your lender.
FAFSA
required
YES
YES
YES
YES
YES
NO
SAP required
YES
YES
YES
YES
YES
Check with your lender.
Standard repayment term
10 Years
10 Years
10 Years
10 - 25 Years
10 Years

Typically 5-15 years

Check with your lender.

When payment starts
6 months after graduation or falling below half-time enrollment
Perkins: 9 months (Purdue Loan: 6 months) after graduation or falling below half-time enrollment
12 months after graduation or falling below 12 cr. hours
Optional-based upon application
Immediately after falling below half-time enrollment
Check with your lender.
Who can apply
Student
Student
Student
Parent
or Step Parent
Student
Student
Responsible for repayment
Student
Student
Student
Parent
Student
Student
Student
Credit Check Required
NO
NO
NO
YES
YES
YES
Loan Limits
Based upon grade level and dependency status
$2,000
$2,000
Up to 100% of the cost of attendance, minus other financial aid received
Up to 100% of the cost of attendance, minus other financial aid received

Generally, up to 100% of the cost of attendance, minus other financial aid received.

Check with your lender.

Minimum required payment during student's enrollment
None; interest may accrue.
None
None
Payments can be deferred while the student is in school; interest continues to accrue and is added to the loan's principal after graduation.
None; interest may accrue.
Many private lenders allow payments to be deferred while the student is in school; interest accrues during this time. Many lenders offer options to make interest payments while the student is in school.
Repayment Plans
Graduated, extended, or income-based plans may be available to qualified borrowers.
None
None
Graduated and extended repayment options
Graduated, extended, or income-based plans may be available to qualified borrowers.
Discretionary programs available for troubled borrowers but are not part of the loan agreement.

Cosigner /
endorser option

N/A
N/A
N/A
YES
YES
Most private lenders require a cosigner for freshmen. A cosigner may result in a better interest rate. Check with your lender.
Cosigner /
endorser release
N/A
N/A
N/A
NO
NO
Some after 1 year - Check with your lender.
Tax deductible interest
YES
YES (subject to IRS guidelines)
YES (subject to IRS guidelines)
YES - parent can take tax deduction (subject to IRS guidelines)
YES
Generally, YES - the student can take the tax deduction (subject to IRS guidelines). Restrictions apply to loans for less than half-time enrollment.
Ability to consolidate
YES - Up to 25 years

Perkins: YES (but borrower must include at least one Direct Loan or Federal Family Education Loan (FFEL) Program loan in the Direct Consolidation Loan; note that benefits specific to Perkins Loans will be lost, though.)

Purdue Loan: NO

YES (but borrower must include at least one Direct Loan or Federal Family Education Loan (FFEL) Program loan in the Direct Consolidation Loan)
YES - Up to 25 years
YES - Up to 25 years
Check with your lender.
How to apply
Accept on myPurdue
Accept on myPurdue
Accept on myPurdue

Accept on myPurdue and www.student
loans.gov

Lender website