QandAs: Loans

What is a Health Education Assistance Loan?

Answer:
The Health Education Assistance Loan is a Federal

loan program provided from the Department of Health and Human Services that offers financial assistance to graduate students in specific health disciplines.

Individuals who qualify for this loan include persons who enter schools of dentistry, medicine, podiatry, optometry, chiropractic, public health, pharmacy, veterinary, and so forth. The Health Education Assistance Loan (HEAL) is backed or insured by the Federal government. In turn, many students qualify for assistance. Medical school and health studies are costly; and unfortunately, many students and parents are unable to meet the expense.

The Health Education Assistance Loan is specifically for graduate students. Getting approved is easy, and students with average or no credit history can obtain funding. Like most Federal student loan programs. The Health Education Assistance Loan offers low interest rates and flexible repayment options. Repayment does not begin until after graduation. Even so, borrowers can utilize deferment and forbearance throughout times of financial hardships. This provision stops payments temporarily without damaging the borrower’s credit rating or relationship with the lender. To qualify for assistance, borrowers must provide personal financial information and proof of registration at a university or college. Credit checks are required for Health Education Assistance Loans.


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