Health Professions Loans
Beginning Fall 2010, there are new rules governing Health Professions education loans (which include the Primary Care Loan, Loan for Disadvantaged Students, and Health Professions Loans for Veterinary Students).
In 2008, the Higher Education Opportunity Act added a new section to the Truth In Lending Act (TILA) specifically regulating these loans. The new rules require the Office of Financial Aid to:
- Provide specific disclosures at three points in the process,
- Give you as the borrower at least 30 days to accept the loan,
- Obtain a self-certification form signed by the you before disbursement of the loan, and
- Delay disbursement for at least three days allowing you to cancel the loan if you choose to do so.
Shortly after your Health Professions Loan is awarded, we will send you your first disclosure form, which you should examine and keep for your records. We will also send you a federal self-certification form which you must complete and return to the Office of Financial Aid if you wish to accept the loan. If you need assistance in completing this form, please contact a medical financial aid officer.
Once we receive the self-certification form from you, we will send your second disclosure document. Examine and keep this document for your records. If you wish to cancel the loan at that time, you must contact the Office of Financial Aid before the date listed on the disclosure.
If you want the loan, accept it in your financial aid student portal. You will also be directed to sign an HPL Master Promissory Note (MPN).
Once you have accepted the loan in your portal, we will send you the third disclosure form. Again, if you wish to cancel the loan at this point, notify the office before the date indicated on this disclosure. Otherwise, the loan will disburse the day after your cancellation date or on the first day that disbursements may be made for the semester, whichever is later.
If you have questions about this process, please contact the Office of Financial Aid and ask for a medical financial aid advisor.
In summary, what YOU must do to allow us to disburse your HPL:
- Accept your loan in your student portal
- Complete and return the self-certification form that we send you
- Complete an HPL Master Promissory Note