Study of medical science is one of the most expensive study. So study loans should be very helpful to bear the increased expenses of a medical student. If u study in MBBS, Dentistry, Pharmacy, Physiotherapy or veterinary medicine, you are eligible for the need-based Health Professions Student Loan (HPSL), which provides financial assistance in the form of long-term loans.
HPSL is a federal loan program powered by the government and administered by the University as the lender.
The maximum amount of money you may borrow in HPSL loans is limited to cover the cost of tuition and fees, and by the funds available and the 5 percent annual interest is subsidized by the federal government during the time you are in school and the one-year grace period. You begin repayment at the end of the grace period. Your payments are calculated for full repayment within 10 years.
To apply for the HSPL loan, you must report parental data on the FAFSA, even if you have independent student status.
Each and every time you accept an HPSL loan, you will be mailed a paper promissory note and loan disclosure form that you are required to complete and return to SFC before loan funds can be disbursed to you.
There are some restrictions on these study loans. ; Funds are given only to maintain your study costs including your tuition fees, hostel rents, living expenses and related study materials. Third and fourth year medical and osteopathic medicine students may be eligible for additional funding to repay earlier educational loans.
Students of allopathic medicine and osteopathy must meet financial need criteria. And should also agree to enter and complete a residency training program in primary health care within four years after completion of graduation and to practice primary health care through the date on which the loan is repaid in full.
So if you are really want to maintain your medical study costs with a loan, you should prepare from now to meet these criteria.
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