Health Professions Loan Assistance Program
The Health professions Loan Assistance Program is a loan assistance program which mainly focuses on the rural areas and recruiting and training professionals in health profession and provide loan assistance to undeserved areas professionals so they can pursue their careers in the health profession
Updated by Annany Sah on 7th February 2020
The Wisconsin Health Professions Loan Assistance Program (HPLAP) was established to assist rural and underserved communities in recruiting and retaining primary care health and dental professionals. Dental care providers who agree to work in federally designated shortage areas are eligible for up to $50,000 in education loan repayment assistance through this competitive program.
Table of content
- What is Health Professions Loan Assistance Program?
- Amount of Funding for HPLAP
- Loans Which Qualify
- Conclusion
What is Health Professions Loan Assistance Program?
The HPLAP has two funding sources, with slightly different criteria. One portion of the program is funded solely by State funds and another portion uses federal funds. Most of the specifications for the awards provided under these two funding sources are the same. However, those awards that are partially funded by federal matching dollars have some additional requirements.Through the Health Professions Loan Assistance Program, primary care providers can apply for loan repayment assistance in return for agreeing to serve in a Health Professional Shortage Area (HPSA) for a period of 3 years.The program is also open to physicians who work in rural areas that are not designated HPSAs.
Eligibility Criteria
To be eligible for th HPLAP the following must be met:
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You must be a physician, psychiatrist, dentist, dental hygienist, physician assistant, nurse practitioner, or certified nurse midwife
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3 years of service in an underserved rural or urban community.
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Priority is given to those serving in a Health Professional Shortage Area.
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Primary care physicians and psychiatrists practicing in a rural community are eligible for up to $100,000.
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Health care professionals in Wisconsin may receive up to$50,000.
Amount of Funding for HPLAP
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Physicians, dentists, obstetricians, and psychiatrists are eligible to receive up to $50,000.
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Physician assistants, certified nurse midwives, nurse practitioners, and dental hygienists are eligible to receive up to $25,000.
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Physicians who practice in a rural HPSA may be eligible for up to an additional $50,000 in funds through the Rural Physician Loan Assistance Program.
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Loans Which Qualify
Some of the Loans which qualify under HPLAP are as follows:
1.Stafford loans
Direct Stafford Loans, from the William D. Ford Federal Direct Loan (Direct Loan) Program, are low-interest loans for eligible students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school. Eligible students borrow directly from the U.S. Department of Education at participating schools.
2.Grad PLUS loans
The Grad PLUS Loan is a federal student loan available to students attending graduate school and professional school. The Grad PLUS Loan offers a fixed 7.08% interest rate for the 2019-2020 school year and flexible loan limits.
3.Consolidation loans
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4.Perkins loans
A Federal Perkins Loan, or Perkins Loan is a need-based student loan offered by the U.S. Department of Education to assist American college students in funding their post-secondary education.
5.Private student loans
A private student loan is a financing option for higher education in the United States that can supplement, but should not replace, federal loans, such as Stafford loans, Perkins loans and PLUS loans.
6.Loan Trust Funds
Loans from the Trust Fund Loan Program (TFLP) are made from the Permanent Coal Tax Trust Fund managed by the Montana Board of Investments. Short and long term loans are both available under this program as they are applicable to the credit of the borrower, the type of financing, and the term of the loan.
7.State Loans
State Loans. a credit relation in which the state (or its local institutions) appears as a borrower or lender. As a rule, state loans are issued in monetary form, although sometimes (in case of devaluation of the currency) they are issued in kind and repaid in products.
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Conclusion
Wisconsin Health Professions Loan Assistance Program through the Health Professions Loan Assistance Program, primary care providers can apply for loan repayment assistance in return for agreeing to serve in a Health Professional Shortage Area for a period of 3 years. This revolving loan program is open to full-time students who are pursuing a degree in dentistry, optometry, pharmacy, podiatric medicine or veterinary medicine at one of more than two dozen participating U.S. schools.
Student loan repayment is an important phase for every borrower, it is advised to have an indept knowledge about the various student loan repayment options available so that you can take advantage of what they have to offer and build your credibility as a borrower.
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