How to Get a Health Education Assistance Loan (HEAL)
What it is
| At a Glance | |
|---|---|
| Loan Type: | Education |
| Lender: | Government |
| Secured: | No |
An health education assistance loan, also known as HEAL, is a loan that was created to allow participating lenders to provide eligible graduate students financing for education in schools of medicine, osteopathy, dentistry, veterinary medicine, optometry, podiatry, public health, pharmacy, chiropractic, or in programs in health administration and clinical psychology. Interest rates for health education assistance loans may not be charged to the borrower on the unpaid balance of the loan in excess of the average bond-equivalent rate during the prior calendar quarter for 91-day Treasury bills sold at auction plus three percent, rounded to the next highest 1/8 of one percent.
Payment of principal and interest may be deferred during specific eligible periods of deferment. The HEAL program does not provide a subsidy payment for interest. Accrued interest may be compounded not more frequently than annually by adding it to the principal amount of the loan. Repayment of HEAL loans begins the first day of the 10th month after the month the borrower ceases to be a full-time student at a HEAL school.
Who it's for
Tuition and education expenses become more and more expensive every day. Often, students aren't able to pay for these costs on their own and neither are their parents or guardians. For those who are considering entering the medical profession, health education assistance loans can help. They are for people attending post-secondary education and require additional and easy-to-access funding. The loan has a low interest rate and flexible repayment options.
What you need to do to apply
Students entering education to obtain degrees or certificates in the medical profession need to go through proper approval channels. This means providing financial and personal background, information about intended education, proof of registration at an academic institution, and a credit check.
Apply for a Health Education Assistance Loan (HEAL)
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