A Health Professions Student Loan (HPSL) is a subsidized low-interest loan limited on the UC Berkeley campus to Optometry students. To be considered for an HPSL, Optometry students need to include parent information on their Free Application for Federal Student Aid (FAFSA), regardless of their independent status for all other programs.
Although the loan is made with government funds, Berkeley contributes a share and is your institutional lender; hence, you repay this loan to Berkeley. HPSL loans from UC Berkeley are managed by a loan servicer, Heartland-ECSI.
See the Loan Process section below to learn more about the HPSL and what steps you need to complete in order to receive the loan.
What's the Interest Rate?
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The interest rate for an HPSL is 5.0%
How Much HPSL Can You Borrow?
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Students typically receive around $7,500 of HPSL per academic year. Annual loan amounts can vary and are determined each year based on fund availability.
The Loan Process
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Once you've decided to borrow a federal student loan, you need to complete required processes before the loan pays out (disburses).
WHAT YOU NEED TO DOStep 1: File a Free Application for Federal Student Aid (FAFSA).
Step 2: If you are deemed eligible, you will need to submit an HPSL Verification Form. You may access the form through the My Finances section of CalCentral.
Step 3: Once the HPSL Verification Form has been approved, you will be offered an HPSL Loan and notified of this offer via email.
Step 4: Accept your loan online.
Step 5: Students who accept an HPSL on CalCentral will normally receive an email within 2–3 business days of accepting the loan from Heartland-ECSI, the loan servicer for these loans, with instructions on how to complete the requirements for the loan.
WHAT HAPPENS AFTER YOU DO YOUR PART
UC Berkeley will receive electronic notification from Heartland-ECSI of the completed requirements after the mandatory 3-business-day waiting period has expired.
After UC Berkeley receives the notification from Heartland-ECSI that all requirements are completed and the waiting period complete, the loan will disburse to your student account.
WHERE YOUR LOAN FUNDS GO
Your loan disburses to your student account and pays for any outstanding charges that you have.
If there are no outstanding charges on your student account when the loan is paid, or if your loan disbursement is larger than your total balance, you will receive a refund.
If you are going to receive a refund, you will get a notification from Billing and Payment Services.