The Pennsylvania Higher Education Assistance Agency (PHEAA) has launched a new Medical and Health Professional Loan Program to support graduate students affected by the elimination of the federal Graduate PLUS Program.
These programs are designed to ease the financial barriers for students who are pursuing advanced degrees in medical, dental, veterinary, and other health-related fields. Deferred repayment during residency, fellowship, internship, research, and other clinical training, and the potential for reduced reliance on co-signers are extremely beneficial to students.
“We’re stepping in where federal aid may fall short,” explained Senator Wayne Fontana, Chairman of the PHEAA Board of Directors. “The new federal borrowing caps threaten to limit how much graduate students can finance for advanced degrees. In response, we’re expanding our graduate loan program to benefit those seeking advanced degrees and those pursuing a career in the medical and health professions. Their specialized education and knowledge are critical to our future in the Commonwealth.”
Financial support is also available to students pursuing advanced degrees in other areas of study, such as engineering, education, law, Master of Business Administration (MBA), and other graduate programs through PHEAA’s Graduate Loan Program.
The Graduate, Medical, and Health Professionals Loan Programs offer:
- Competitive, fixed interest rates
- No application or origination fees
- 0.50% interest rate reduction for graduating
- Flexible repayment options
“At PHEAA, we are constantly assessing the needs of the world of higher education and creating new, affordable ways to address those needs,” said James Steeley, PHEAA President and CEO. “With federal aid programs tightening and programs such as Grad PLUS facing elimination, we need to be innovative in creating paths of assistance. Our students seeking these advanced degrees, as well as health and medical degrees, require assistance in affording their education. We are here for them.”
Students can apply at pheaa.org/medical, pheaa.org/health-professional, and paforward.pheaa.org/grad.
