Health Student Loan
Students enrolled full time in College of Dentistry or College of Pharmacy may apply for the Health Profession Student Loan (HPSL) program. If funding is available, applications will be made available in the spring/summer. Unlike Federal 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. Federal 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. If required, you will be sent an email notification with instructions within 48 - 72 hours after acceptance of the loan. Once you have received these instructions, you may complete the HPSL Master Promissory Note online here
UIC Financial Counselor
Each year that you borrow a HPSL at UIC, you must complete a UIC Financial Counselor session. This counseling session and quiz, helps students understand their loan responsibilities. Financial Counselor must be completed prior to any HPSL funds being disbursed to your student account. So please make sure to complete as soon as possible, but no later than two weeks prior to the start of the semester in which you have been offered and accepted a HPSL.
Truth in Lending Act Disclosures (TILA)
Students applying for the HPSL, please be aware that prior to the loan being processed you will need to provide additional information. You may be prompted to provide this information at the time you complete your MPN or you will be notified via an email request. Likewise, please be aware that the University is required per the Federal Reserve Board to provide various disclosures prior to the loan funds being disbursed to your student account. Your HPSL will not disburse until both the MPN and TILA requirements are completed online.
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