Loans are borrowed to cover tuition and educational expenses and must be repaid. Pharmacy HPL (Health Profession Loan) repayment begins nine months after graduation or when enrollment ceases or drops below half time. 

• This federal program is administered by WSU.  

• Continuing students certified in the College of Pharmacy may be eligible for these loans.  

• The loan has a 5% fixed interest rate and has a nine-month grace period (no payments required) prior to repayment.  

• Awards are contingent upon funding availability.

• Students who wish consideration for this loan are required to supply parent information on the FAFSA regardless of dependency status.  

  • Parental information will be used to determine the student's eligibility for the Pharmacy HPL loan.

• Students must be enrolled in 5 or more credits per term.  

• Once the student accepts the loan on the Financial Aid Award Notification, the University Receivables Office will mail a promissory note prior to the start of fall semester.

• Funds will not be released unless the promissory note packet is completed and returned to the University Receivables/Student Loan Office.

Deferment of Payment

A deferment period on an Pharmacy Health Profession Student Loan (HPSL) means that interest does not accrue and the borrower does not have to make payments on the loan. The following three statements describe the general mechanics of HPSL deferments:

• Deferments are only available for participation in certain activities prescribed in statute and regulations.
• Deferment periods do not count against the borrower's right to repay the loan within 10 years. For example, a borrower who has used three years of deferments still has a total of 10 years--not seven years--to repay the HPSL.
• Borrowers are allowed to move in and out of deferment and repayment. For example, a borrower may be in repayment, then participate in an activity for which deferments are available, go back into repayment, and then begin another deferable activity.
• Although borrowers engaged in specific activities are entitled to deferments on their HPSLs, the deferments are not automatic. 
• Borrowers must request deferments at least 30 days before the beginning of:
  • an activity that makes the borrower eligible for deferment; or
  • the repayment period (i.e., the due date of the first payment) if the borrower is beginning the activity during the grace period.
• Borrowers then must file deferment forms annually for each additional year of deferment.
• Contact University Receivables/Student Loan Office for more information.

• Estimating Your Loan Payments
• Loans - General Overview
• Sample Repayment Schedules
• Pharmacy Student Stafford Loan Program limits