Health Professions & Nursing

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 U-M, 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 Notice.

Eligibility Criteria

• 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

Loan Terms

• 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

Additional Information and Requirements

• 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)

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 Free Application for Federal Student Aid, or FAFSA. If you are awarded a Nursing Student Loan, it will appear on your Financial Aid Notice.

Eligibility Criteria

• Need-based
• Student must be enrolled at least half-time in a Nursing program
• Student must meet the financial aid application deadline (March 31)

Loan Terms

• 5% fixed interest
• Federally funded
• Nine-month grace period before repayment
• Minimum monthly repayment $40

Additional Information and Requirements

• Complete a Nursing Student Loan Master Promissory Note to receive loan funds.
• Complete Rights and Responsibilities documents on Wolverine Access annually before funds are disbursed.
• Repayment is deferred and there is no interest while enrolled at least half-time in a Nursing program.
• Special deferment provisions for volunteer service, etc. (see Promissory Note and Rights and Responsibilities for information)

Your Financial Aid Notice shows the amount of Nursing Student Loan funds you may borrow. If you have already received a U-M uniqname and password, view your financial aid on Wolverine Access (select Financial Aid > Awards). You may also see the cumulative amount borrowed to date through all loan programs (select Loans > View Student Loan Summary). 

Use Wolverine Access to determine your loan payments for all loan programs (Direct, 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.

Rights and Responsibilities

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

Exit Counseling

Students with Nursing/Health Professions loans must complete exit counseling through the U-M Student Loan Collections. Borrowers must complete an exit interview for each loan when they graduate, withdraw, or drop below half-time attendance. Failure to do so will result in an “exit hold” being placed on your record. Heartland Campus Solutions ECSI (ECSI) handles these exit interview for the U-M Student Loan Collection Office. You will receive a notification from ECSI when this is required. Visit the Student Loan Collections website for information.

Master Promissory Notes

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 Loan (Subsidized and/or Unsubsidized), you must sign MPNs for both loans. You will receive separate notification about how to complete a Master Promissory Note for the Direct Loan. You can also find out which documents you must sign by checking the "View Document Status" page in Wolverine Access.

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 or Decline Your Offer).