Loans

QUALIFIED LOANS. These are government and commercial loans for actual costs paid for tuition, reasonable educational expenses, and reasonable living expenses relating to the attainment of a degree in the designated health care discipline. Such loans must have documentation that is contemporaneous with the training received in a health professions school. Contact ADHPLRP with any questions.

1. Government Loans. These loans are made by Federal, State, county or city agencies that are authorized by law to make such loans.
2. Commercial Loans. These loans are made by banks, credit unions, savings and loan associations, insurance companies, schools, and other financial or credit institutions that are subject to examination and supervision in their capacity as lenders by an agency of the United States or of the State in which the lender has its principal place of business.
3. Consolidated/Refinanced Loans. If health professions educational loan(s) in paragraph a and b above are consolidated/refinanced, the consolidation/refinanced document must be submitted, along with the copies of original loan document for each loan listed on the consolidation/refinanced document, to establish the contemporaneous nature of such loans.
4. Third Party Loans. These are health professions educational loan (s) taken out by other parties to finance or refinance the health professions education pursuant to (paragraphs a and b) above. The perspective Program participant must be listed on the legal lending document as the co-borrower to establish the contemporaneous nature of such loans. Only the amount clearly indicated for the educational loan shall be repaid.
5. Parent Plus Loans. These are health professions educational loan(s) taken out by Parents of perspective Program participants. Parent Plus Loans can be considered for repayment. Legal lending document must list perspective Program participant as the student – a copy of the document must be submitted along with application package. If Parent Plus Loans have been consolidated/refinanced perspective Program participant must be listed on the consolidated/refinanced legal lending document before the loan can be considered eligible for repayment.