Health Professions Student Loan
The Health Professions Student Loan (HPSL) is a fixed-rate, low interest, need-based federal loan administered by Ohio State. Students enrolled full-time in the Colleges of Dentistry, Optometry, PHP Pharmacy, or Veterinary Medicine are eligible for Health Profession Student Loan consideration at OSU. Borrowers must be U.S. citizens or eligible non-citizens, maintain Satisfactory Academic Progress (SAP) for financial aid eligibility, and meet all other requirements listed as Student Responsibilities.
According to federal regulations, Ohio State must take parent income and asset information into account, regardless of your dependency status, when determining eligibility for the HPSL. However, Ohio State will not use the parent information provided by independent students to calculate your eligibility for Federal Work-Study or Direct Loans.
Application Process
To apply for a Health Professions Student Loan you must:
- complete the FAFSA or Renewal FAFSA by your priority deadline.
- include your parent information on the FAFSA (regardless of your dependency status).
- list The Ohio State University school code (#003090) on the FAFSA.
How Much Will I Receive?
Health Professions Student Loans are awarded only to students who demonstrate financial need and meet awarding criteria. This amount cannot exceed the student’s unmet financial need. The maximum annual limit is $2,500 plus tuition. There is no lifetime aggregate maximum under this program.
Please note: Due to limited funding, Ohio State may not be able to award the maximum Health Professions Loan allowable by program guidelines.
Repayment Terms
The HPSL interest rate is currently 5%. No interest accumulates while you are enrolled full-time or during the one-year grace period. Repayment of principal and interest begins twelve months after you graduate, withdraw, or drop below full-time enrollment. Borrowers may be allowed up to ten years for repayment of this loan.
What do I need to do to receive this award?
To receive the HPSL you must complete and sign a promise to repay (also known as a promissory note). Borrowers have two options to complete the promissory note:
- an e-mail notification will inform you when the electronic promissory note is available. This e-mail will direct you to the Office of the Treasurer website at Student Loan Services for your signature.
- if you prefer to sign a paper note, the website will give you the option of requesting a paper copy. The paper copy will be mailed to the address you choose.
Once the note is completed, signed, and if paper, returned to Student Loan Services, 220 Lincoln Tower, the funds will be disbursed to your account.
If you wish to decline or reduce the loan, you may complete the Report Your Changes form, or contact us via your osu.edu e-mail account at sfa-reportyourchange@osu.edu. Alternatively, you may contact us via the financial aid contact in your college office.
What do I need to do to keep this award?
Students may receive HPSL assistance as long as they continue to meet all eligibility criteria, including SAP, for receipt of federal aid.
Please note: If your FAFSA information changes as a result of verification, your award may change.
What is an online Exit Interview?
Students who graduate, withdraw, or drop below half-time enrollment are required to complete an exit interview to understand their rights and responsibilities and repayment terms. Students who fail to repay their student loan(s) may default on their loan. Default occurs when you become 270 days delinquent in making payments on your loans. If you default:
- the entire unpaid amount of your loan becomes due and payable.
- we will report your default to national credit agencies.
- we may sue you, take all or part of your federal tax refund or other federal payments, and garnish your wages so that your employer is required to send us part of your salary to pay off your loan.
- you’ll have to pay collection fees and costs, plus court costs and attorney fees.
- you’ll lose eligibility for other Federal Student Aid and most other federal benefit programs.
- you’ll no longer be eligible for loan deferments (such as deferments while you’re in school, unemployed, or experiencing economic hardship).
To complete the Online Exit Interview, go to www.treasurer.ohio-state.edu and click on "Online Exit Interview" in the Quick Links menu.
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