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Loans are borrowed to cover tuition and educational expenses for
undergraduate and graduate programs and must be repaid. Repayment
begins six months after graduation or when enrollment ceases or
drops below half time. Not al loans are based on financial need.
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This
federal program is administered by WSU.
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Students
certified in the College of Pharmacy or the College of Veterinary
Medicine may be eligible for these loans.
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The
loan has a 5% fixed interest rate and has a nine-month grace
period (no payments required) prior to repayment.
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Students
who wish consideration for the HPL are required to supply parent
information on the original (1st one filed for the year) FAFSA
regardless of dependency status.
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Due
to limited funding, corrections filed with the federal processor
to include parent information after the initial filing will
not be considered.
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Students
must be enrolled in 5 or more credits per term.
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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.
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Funds
will not be released unless the promissory note is signed and
returned to the University Receivables Office.
Deferment of
Payment
A deferment period on an 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.
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