Loans

Federal Direct Unsubsidized Loans

Federal loan not based on credit and awarded in compliance with federal regulation. Graduate students may borrow up to $20,500 for every two semester loan period, given that federal criteria are met. Additional information regarding eligibility and aggregate limits can be found at studentaid.gov.

GradPLUS Loan

Federal Loan that does have credit requirements. Students apply independently through the Direct Loan Program and may borrow up to their cost of attendance (minus any other financial aid) which will be indicated on a student’s financial aid offer letter. Students will need to reapply for this loan every two semesters.

Federal Direct Subsidized/Unsubsidized Loans

Federal loans are not based on credit and are awarded in compliance with federal regulation. Accelerated BSN students are considered to be 5th year undergraduates who may borrow up to $12,500 for every two semester loan period, given that federal criteria are met (independent students may borrow up to $12,500, dependent students may borrow up to $7,500).

Additional information regarding eligibility and aggregate limits can be found online. Because ABSN students have attained a bachelor degree, they are no longer eligible to receive Federal Pell Grant, Federal SEOG, or the Mass Grant. Parents of a dependent BSN can apply borrow the ParentPLUS Loan on behalf of the student. Although independent students are not eligible to borrow the Grad PLUS, they may be able to borrow credit-based private loans to cover the full cost of the program.

Students who need financing beyond the federal loan limits may wish to consider an alternative loan. This type of loan is made through a private lender, rather than the federal government. Interest rates typically vary based on the borrower’s credit. For each two-semester period, students are able to borrow the full cost of attendance minus any other aid. Although not always required, students should consider adding a co-signer with a strong credit history. Adding a credit-worthy co-applicant typically results in a lower interest rate and increased chance of approval.

Read the fine print carefully: some loans require payments while the student is enrolled and may not be deferred if the student enrolls in another educational program. The MGH Institute of Health Professions has created a list of recommended lenders.

This list, while comprehensive, is by no means exhaustive. Students are able to borrow through any lender offering alternative loans. Regardless of where students borrow, the Financial Aid Office staff recommends borrowing the minimum amount needed to avoid excessive debt. NOTE: Alternative loans do not qualify for Public Service Loan Forgiveness.

Students with questions should financialaid [at] mghihp.edu (email the Financial Aid Office).

File a Free Application for Federal Student Aid at FAFSA.gov.

To view your total loan borrowing and learn who your federal student loan servicer is, visit studentaid.gov and log in with your FSA ID.

Next to “Loan Type” you will see a column named “Make a Payment”. Your federal student loan servicer will be listed, and if you click the link, you will be directed to their website.

Your federal student loan servicer is the organization that will collect your payments. In the meantime, visit their website to create an online account and update your contact information with them. It would be beneficial to call and speak to one of their loan representatives to learn about what repayment plans you may qualify for and also how repayment will work.

The FAFSA must be filed every year in order to determine federal loan eligibility. The latest FAFSA is made available every October 1.

The majority of IHP students take out loans to finance their program of study. The financial aid office provides a full array of services to assist students with their financial planning, including debt management counseling. The average debt of our 2021 graduates was $65,103 for the ABSN program, $131,021 for our master’s degree programs, and $158,411 for professional degree programs. The latest report from the Department of Higher Education lists our default rate at 0.2% - one of the lowest in the Commonwealth and significantly below the national average. This low default is related to our graduates’ high pass rate on board exams and a high placement rate after graduation.

After your graduate, leave school, or drop below half-time enrollment, your federal student loans will enter a 6-month grace period. During this time, no payment is due on your loans, this gives you time to find a job or relocate. Once the grace period is over, you are required to start making payments towards your federal student loans. You have the option of choosing between non income-driven and income-driven repayment plans.

View Resource

The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. To ensure you are on the right track, you should submit a Public Service Loan Forgiveness (PSLF) & Temporary Expanded PSLF (TEPSLF) Certification & Application (PSLF Form) annually or when you change employers. They will use the information you provide on the form to let you know if you are making qualifying PSLF payments.

View Resource

They pay up to 85% of unpaid nursing education debt for the following:

• Registered nurses (RNs)
• Advanced practice registered nurses (APRNs)
• Nurse faculty (NF)

If you receive an award, you must work two years in either:

• A Critical Shortage Facility (CSF)
• An eligible nursing school, as nurse faculty (NF)

Review the Nurse Corps Loan Repayment Program Fact Sheet.

You will receive 60% of your total outstanding, qualifying, nursing education loans over the course of two years. After your two-year service contract, you may be eligible for a third year and an additional 25% of your loans. These funds are not exempt from federal income and employment taxes.

View Resource

The NHSC LRP is administered by the Health Resources and Services Administration (HRSA) of the U.S. Department of Health and Human Services (HHS). The NHSC LRP seeks primary care physicians, nurse practitioners, certified nurse midwives, physician assistants, dentists, dental hygienists, and behavioral/mental health providers to provide culturally competent, interdisciplinary primary health care services to underserved populations located in designated HPSAs identified by the Secretary of HHS. In return, the NHSC LRP assists clinicians with repayment of their outstanding qualifying educational loans. By statute, NHSC LRP funds are exempt from federal income and employment taxes. These funds are not included as wages when determining benefits under the Social Security Act.

View Resource

Eligible clinicians may receive up to $75,000 in student loan repayment in exchange for a three-year commitment to provide substance use disorder treatment services at NHSC-approved sites.

• Service: You have an opportunity to increase access to primary care services to communities in need.
• Flexible Service Options: You have a choice between three years of full-time or part-time service at an NHSC-approved SUD service site.
  • Note: If you serve in a private practice, you are not eligible to practice half-time.
• Loan Repayment: You will receive funds to repay your outstanding, qualifying, educational loans.

View Resource

Unless otherwise noted in the chart, the cancellation rate per completed academic year of full-time teaching or for each year of otherwise qualifying full-time service is as follows:

• 15% of the original principal loan amount for each of the first and second years
• 20% of the original principal loan amount for each of the third and fourth years
• 30% of the original principal loan amount for the fifth year

Each amount includes the interest that accrued during each year of service.

View Resource

The IHS Loan Repayment Program (LRP) can help dedicated health professionals like you chart a course for a long-lasting and successful health care career. The LRP funds IHS clinicians to repay their eligible health profession education loans — up to $40,000 — in exchange for an initial two-year service commitment to practice in health facilities serving American Indian and Alaska Native communities. Opportunities are based on Indian health program facilities with the greatest staffing needs in specific health profession disciplines. As an LRP participant, you are eligible to extend your contract annually until your qualified student debt is paid. Many health professionals enter this program because of the financial benefits but find the cultural and professional rewards to be so great that they spend their entire careers working in Indian health.

View Resource

A loan repayment program for health and human services professionals in Massachusetts. Amount repaid is based on length of service commitment. 

• Army Medical Department (AMEDD)
• College Loan Repayment Program (LRP)
• Navy Nurse Candidate Program
• Army Medical Scholarships
• For Members of the U.S. Armed Forces: What you need to know about your federal student loan benefits.

View Resource

At MedSend, they offer two types of grants for those who wish to serve as Christian medical missionaries.

The first is for US residents who have completed their medical training and are ready to commit to long-term missions. Student loan debt is often one of the biggest obstacles to serving as a medical missionary. At MedSend, they want to remove that obstacle for those who are called and have the hearts to serve. A MedSend grant will cover student loan installment payments during the time of service. Grants are typically awarded on a 4-year basis and are eligible for renewal.

The second type of grant is for students abroad who wish to further their medical training and intend to serve in-country as Christian medical missionaries. These types of grants are awarded through our MedSend National Scholars Program and fund residency/discipleship programs for those who have already completed some level of medical training.

View Resource

The NIH Loan Repayment Programs (LRPs) are a set of programs established by Congress and designed to recruit and retain highly qualified health professionals into biomedical or biobehavioral research careers. The escalating costs of advanced education and training in medicine and clinical specialties are forcing some scientists to abandon their research careers for higher-paying private industry or private practice careers.

The LRPs counteract that financial pressure by repaying up to $50,000 annually of a researcher's qualified educational debt in return for a commitment to engage in NIH mission-relevant research. Since tomorrow's medical breakthroughs will be made by investigators starting in their research careers today, the LRPs represent an important investment by NIH in the future of health discovery and the wellbeing of the Nation.

View Resource

Planned Parenthood is actively recruiting new medical providers to help care for the over two and a half million people who visit them each year. Planned Parenthood may be able to offer up to $150,000 in student loan repayments to clinicians who commit to working at a Planned Parenthood health center for up to three years. Please note this program has limited funding and will be offered to new clinical staff on a first come, first serve basis.

If you are completing your medical training as a physician, physician assistant, nurse midwife, nurse practitioner or registered nurse, consider becoming part of the Planned Parenthood team to increase access to health care, improve patient experience for their diverse patient base, reduce health disparities, and improve health outcomes. Diverse candidates are encouraged to apply.

Planned Parenthood’s Service Corps Program will require a two-to-three-year commitment from each clinician hired to work at Planned Parenthood affiliated organizations across the country. Clinicians who apply for the loan repayment program must meet certain eligibility requirements. This program is competitive and not every clinician who applies will be accepted.