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 Health Professions and Nursing Loans

The federal government sponsors two loan programs for field-specific studies—the Health Professions Student Loan and the Nursing Student Loan and Graduate Student Nursing Loan. (Note: for specific information about Perkins Loans, click here.)

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ABOUT THE HEALTH PROFESSIONS STUDENT LOAN PROGRAM

The federal Health Professions Student Loan Program provides low-interest loans to full-time, financially needy students who are studying one of the health professions. At the University of Michigan, the Health Professions Student Loan is available only to students who are pursuing degrees in pharmacy or dentistry. A second Health Professions Student Loan—the Loan for Disadvantaged Students—is designated specifically for financially needy students from disadvantaged backgrounds. If you are awarded a Health Professions Loan, it will appear on your financial aid award notice.

— Health Professions Loan Eligibility, Loan Terms, and Requirements —

Eligibility Criteria Loan Terms Additional Information/Requirements

• Need-based (parental financial information required)

• Student must be enrolled at least half-time in a Pharmacy or Dental program

• Student must meet the financial aid priority application deadline

• 5% fixed interest

• Federally funded

• Twelve-month grace period before repayment

• Minimum monthly repayment $40

• Repayment is deferred and there is no interest while the student enrolled at least half-time

• You must complete a Health Professions Loan Master Promissory Note

• Students must complete their Rights and Responsibilities documents on Wolverine Access each year before funds can be disbursed.

• Special deferment provisions for volunteer service, etc.  (see Promissory Note and Rights and Responsibilities for information)

 

ABOUT THE NURSING STUDENT LOAN AND GRADUATE STUDENT NURSING LOAN PROGRAM

The federal Nursing Student Loan Program provides low-interest loans to full-time and half-time students pursuing a nursing diploma or an associate’s, bachelor’s, or graduate degree in nursing. The university selects loan recipients based on the information on their FAFSA. If you are awarded a Nursing Student Loan, it will appear on your financial aid award notice.

— Nursing Student Loan Eligibility, Loan Terms, and Requirements —

Eligibility Criteria Loan Terms Additional Information/Requirements

• Need-based

• Student must be enrolled at least half-time in a Nursing program

• Student must meet the financial aid priority application deadline (April 30)

• 5% fixed interest

• Federally funded

• Nine-month grace period before repayment

• Minimum monthly repayment $40

• You must complete a Nursing Student Loan Master Promissory Note to receive your loan funds. 

• Students must complete their Rights and Responsibilities documents on Wolverine Access each year before funds can be disbursed.

• Repayment is deferred and there is no interest while the student is enrolled at least half-time in a Nursing program (other programs do not qualify).

• Special deferment provisions for volunteer service, etc.  (see Promissory Note and Rights and Responsibilities for information)

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THE AMOUNT OF YOUR LOAN

Your financial aid award notice shows the amount of Nursing Student Loan funds you may borrow for the current award period. If you have already received a University of Michigan uniqname and password, you can view your financial aid awards on Wolverine Access (select Financial Aid > Awards). Wolverine Access also allows you to see the cumulative amount you have borrowed to date through all loan programs (select Loans > View Student Loan Summary). 

You can also use Wolverine Access to determine what your loan payments will be for all loan programs (Direct Stafford, Perkins, Health Professions, Nursing, and private loans) once you graduate or drop below half-time enrollment. See our Repaying Your Student Loans page for more information.

Once you have signed your loan documents and shortly before your loan funds are disbursed to you, you will receive a disclosure statement email, which will specify the loan amount you are borrowing and other important information about your loan. You will receive similar disclosure emails each time you borrow through the Nursing Student Loan program. 

 

COMPLETING YOUR LOAN REQUIREMENTS

 RIGHTS AND RESPONSIBILITIES

For each aid year for which you borrow these funds in the future, you will need to sign a new Rights and Responsibilities Statement in order to receive your loan funds. 

 MASTER PROMISSORY NOTE

The Master Promissory Note (MPN) is a "master" note, which authorizes the University to credit the loan funds to your U-M student account for multiple years. To receive your loan funds, you must sign an MPN the first time you are awarded a Health Professions and/or Nursing Loan. After the first time, you will not need to sign another one for the duration of your University of Michigan education.

Please note that some students may be required to sign more than one MPN, depending on which loan programs they are borrowing from.  For example, if you have a Nursing Student Loan and a Direct Stafford Loan (Subsidized and/or Unsubsidized), you will need to sign MPNs for both loans. You will receive separate notification about how to complete a Master Promissory Note for the Stafford Loan. You can also find out which documents you must sign by checking the View Document Status page in Wolverine Access.

You can complete/sign your Health Professions and/or Nursing Loan documents online using Wolverine Access. You will need the following items before you begin the process:

  • Social Security Number
  • Birth date
  • Names, addresses, and telephone numbers for at least two adult references who are not your parents (references must have different addresses than each other and you)
  • All students MUST use the Internet Explorer web browser; otherwise, you may not be able to complete the loan documents e-signature process. Please check to be sure the loan appears as a line item on your student financial aid summary in Wolverine Access before attempting to sign the note. If the loan has been declined or canceled for any reason, you will receive an error message when trying to sign the note. If you have questions, contact our office.
  • Click here for additional tips, including clearing caches and printing pages. If you need technical assistance, please call U-M Information and Technology Services at 734-764-4357.

Once you’ve gathered this information, log into the Student Business section of Wolverine Access and follow these steps:

 Verify that your address and phone number are correct by selecting Addresses and Phone Numbers.

 Select Financial Aid > Loans.

 Select the link to eSign your loan documents.

 Follow the directions on this site to complete and electronically sign your loan documents.  It is strongly recommended that you set aside sufficient time to complete the entire e-signature process in one sitting.  The approximate time to complete the process is 15 minutes. Please note that some students may be required to sign more than one MPN.  Completing your loan documents online is the fastest and easiest way to complete these loan documents

 If you are unable to complete the e-signature process online, you may request a paper copy of the loan documents; however, the process of signing paper loan documents takes much longer (up to three weeks) and you will not be able to access a copy of your signed loan documents online in the future.  Contact your financial aid office for more information.

 

RECEIVING YOUR LOAN FUNDS

You must have signed all of your loan documents (see below) and be enrolled at least half-time to receive your loan funds.  See Disbursement of Your Aid Funds for information about how your loan will be paid to you. Each time you borrow through the Health Professions or Nursing Student Loan Program, you will automatically receive your loan funds unless you decline them (see How to Accept, Decline, or Reduce Your Awards).

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