The first thing that you should know about HEAL loans or, “Health Education Assistance Loans” is that these loans are no longer being issued. Therefore, you will not be able to get one of these loans if you do not already have one. There are many other student loan opportunities available for students, especially medical students, however, so you should be able to find a student loan that will work for you.
However, when you’re looking for an explanation about Health Education Assistance Loans, the type of people that they originally applied to should be mentioned. These loans were given to people who were studying to go into the medical field at some time in the future. As you can probably guess, the loans were generally for a considerable amount of money due to how much it costs to go to medical school. Before they were discontinued in 1998, these loans helped many different people.
Even though there are no new Health Education Assistance loans given out, there are still plenty of loans still on the books. These loans continue to help people with their continuing education in the medical field through refinancing.
If you have a Health Education Assistance Loan, and you’re worried about whether or not the loan is still good – don’t. Even though the loans were discontinued in the late 90’s, many of the loans have been refinanced since then and are still guaranteed – which means that you will still have that money to use on school until you either get to the payment deadline, or no longer need it.
The payment deadline will change depending on what sort of interest rates you are willing to pay on your loan. The normal repayment periods range from either ten to twenty-five years after you finish your academic schooling. However, people who have received Health Education Assistance Loans have up until thirty-three years after graduation to pay back the loan money.
Since there are no new HEAL loans, you should definitely not be concerned with this type of loan if you are a new medical school student. Instead, you should spend your time looking for a new type of loan or scholarship that is still available.