Loans

Federal Direct Loans 

Upon filling out a FAFSA and determining federal aid eligibility, students can choose to take out one or both federal loans:

• Direct Unsubsidized Loan; and
• the Direct Grad PLUS Loan.

The Direct Loan Program enables students to borrow from — and repay loans to — the U.S. Department of Education (via a loan servicer) instead of to a bank or private lending institution. ​​​​​​

Health Professions Student Loans (HPSL) 

The Health Professions Student Loan (HPSL) Program is designed to provide financial assistance in the form of long-term low interest loans to financially needy students pursuing a degree in dentistry. 

Eligibility Requirements and Process:

• Must meet the federal student aid eligibility requirements.
• A student applicant must be a citizen or national of the United States, or a lawful permanent resident of the United States, the Commonwealth of Puerto Rico, the Northern Mariana Islands, the Virgin Islands, Guam, American Samoa or the Trust Territory of the Pacific. A student who remains in this country on a student or visitor’s visa are not eligible.
• Must demonstrate financial need.
• Must be enrolled full-time (9 credit hours each semester) in Doctor of Dentistry
• Must not be in default on any federal student loan or owe on a federal student grant.
• Must meet Howard University Satisfactory Academic Progress (SAP) standards.
• Students must provide parental tax information on their FAFSA. Institutions must take parents' information into account for the purpose of awarding HPSL Funds to all its students. This requirement cannot be waived. Parental income is used to determine the student’s overall need and if the student comes from “economically disadvantaged” backgrounds. In cases where the parents refuse to provide income information, an affidavit documenting such a refusal cannot be accepted in lieu of the required information. Unless the parents are deceased, a student who does not provide parental income information may not be considered for HPSL funds.
• Students will be contacted directly via their Bison email (usually during Spring semester). This will notify the students that they are being selected to determine eligibility and are invited to submit the necessary documentation to apply for the HPSL. There is no initial application process to be considered. The only requirement is that students under consideration must have a  current FAFSA with  all pertinent parental tax information. Selected students will be notified of the application process at that point.
• If it is determined that the student will be awarded the HPSL and the student already has loan(s) accepted to the maximum on their account, the least favorable loan (usually Graduate Plus Loan, if applicable,) will be decreased in order to make room for the HPSL.
• Students receiving the HPSL must complete Loan Exit Counseling with Heartland ECSI upon graduation or dropping below half-time enrollment.

Private Student Loans 

Private loans can be used as a substitute for a student's expected family contribution as determined by need analysis.

Each lender conducts a credit check in which the debt to income ratio must not exceed 40% including the loan being applied for. Lenders require a good credit report from the applicant and co-signer, if applicable. The criterion for loan approval varies with each lender; however, most lenders agree that a credit report cannot include:

• bankruptcies,
• foreclosures,
• repossessions,
• charge-offs,
• open judgments, or
• excessive past due accounts within the past two years.

Additionally, a student applicant cannot currently be in default on any educational loan.