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Health Student Loan
Students enrolled full time in College of Dentistry or College of Pharmacy may apply for the HPSL loan program. If funding is available, applications will be made available in the spring/summer. Unlike Direct Stafford Loans, when you accept HPSL, you are borrowing from UIC. Funding for the HPSL program is limited and awarded on a first come, first serve basis. The HPSL has a fixed interest rate of 5%. There are no origination fees.
The federal government pays interest on (subsidizes) the loan until you begin repayment and during authorized periods of deferment thereafter. Repayment of principal and interest begins after a grace period of 12 months after you leave school or fall below half time enrollment.
Parental income must be provided on the FAFSA if you are applying for an HPSL, as the level of parental contribution determines eligibility. The parental contribution is not factored into your Federal Direct Stafford Subsidized and/or Unsubsidized Loan eligibility. HPSL amounts vary according to eligibility and available funds. Subsidized and/or unsubsidized Direct Stafford loan(s) will then be awarded to meet your remaining need or cost of attendance.
Master Promissory Note (MPN)
Borrowers of HPSL must sign a Master Promissory Note (MPN) agreeing to pay back the loan to the federal government, with interest, according to the terms of the program. You must complete the HPSL Master Promissory Note online here
UIC Financial Counselor™ Requirement
Every year that you borrow a loan at UIC, you must complete a UIC Financial Counselor™ session. If you do not complete this online debt management tutorial, your grades, transcripts, and subsequent class registration will be put on hold.
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