Loans

Federal Health Professions

The Health Professions Student Loan is a need-based, school-managed fund provided by the federal government. Parental information is required on the FAFSA to be considered. Entrance Counseling and Promissory Note must be completed before the loan is official

• Amounts: There is no regulated maximum, however yearly awards are dependent on availability of funds and the number of eligible student applicants. There is also no lifetime limit.
• Interest Rate: The interest rate is fixed at 5%
• Disbursements: All loans are disbursed in two equal halves - one in the fall and one in the spring. The amount of the Health Professions Loan funds will be applied directly to the student’s tuition account with Student Account Services on Main Campus. Any remainder after tuition is paid will be issued to the student by Direct Deposit Authorization Agreement by the University.
• Fees: No origination fees for this loan and no interest accrues during continued enrollment in a health professions program at full-time status. Interest begins to accrue 12 months after graduation, withdrawal, or enrollment of less than half-time status.
• Repayment: The standard repayment plan is ten years commencing after a twelve-month grace period.

Federal Direct – Unsubsidized

The Federal Direct Unsubsidized Loan is not based on financial need. The school determines the amount you can borrow based on your cost of attendance and other financial aid you receive. The student is required to file the FAFSA to apply. Entrance Counseling and a Master Promissory Note must be completed for the University of Kentucky College of Dentistry before the loan is official.

• Amounts: Up to $44,944 annually from the unsubsidized loan or the Cost of Attendance, whichever is lower. The maximum lifetime limit for the unsubsidized loan is $224,000.
• Interest Rate: The interest rate changes each year on July 1. Interest begins to accrue at the time of disbursement on the unsubsidized loan amount that is released.
• Disbursements: All loans are disbursed in two equal halves -- one in the fall and one in the spring. The amount of the Direct Loan funds will be applied directly to the student’s tuition account with Student Billing Services on Main Campus. Any remainder after
• tuition is paid will be issued to the student by Direct Deposit Authorization Agreement by the University.
• Costs: The origination fee changes each year on October 1 and will be deducted from the borrowed amount before a disbursement is made.
• Repayment: The standard repayment plan is ten years commencing after a six-month grace period. Additional repayment plans are offered and information is provided to the student during Mandatory Exit Counseling during the Spring Semester of the last year of Dental School.

Federal Direct – Grad Plus

Effective, as of July 1, 2006, graduate students were eligible for the Graduate PLUS Loan. This loan is similar to the Parent PLUS Loan for which some undergraduate students had eligibility if the parent needed to borrow the money. Because of the increase to tuition and fees at most college and universities across the nation the Federal Government now allows graduate students to take part in this program. The student is required to file the FAFSA to apply. Entrance Counseling and a Master Promissory Note must be completed for the University of Kentucky College of Dentistry before the loan is official.

• Amounts: The maximum amount that a student can receive annually is the cost of attendance less all other aid the student received.
• Interest Rate: The interest rate changes each year on July 1. To be eligible you must be a U.S. citizen or eligible non-citizen and provide a valid social security number. Students must be enrolled at least half-time, must complete a FAFSA, Grad PLUS Master Promissory Note and must be credit worthy.
• Disbursements: All loans are disbursed in two equal halves; one in the fall and one in the spring. The amount of the Direct Loan funds will be applied directly to the student’s tuition account with Student Billing Services on Main Campus. Any remainder after tuition is paid will be issued to the student by automatic deposit or check from the University.
• Costs: The origination fee changes each year on October 1 and will be deducted from each disbursement.
• Repayment: The standard repayment plan is ten years commencing after a six-month grace period. Additional repayment plans are offered and information is provided to the student during Mandatory Exit Counseling during the Spring Semester of the last year of Dental School.

NOTE: Because the Grad PLUS Loan requires a credit check before an applicant is approved it is recommended each Grad PLUS Loan applicant review their credit history at annualcreditreport.com. If a mistake found on the credit history, the applicant should file a dispute with the Credit Bureau to have the mistake removed. It is also advised the applicant keep any documentation concerning this dispute.

Important Reminder

• Cost of Attendance: https://studentsuccess.uky.edu/financial-aid-and-scholarships/cost-attendance. The total estimated expense to attend UK, including tuition, fees, housing, meals, books, supplies, transportation, and personal expenses.
• ​Tuition and Fees: https://www.uky.edu/studentaccount/tuition-fees. The specific charges for instruction and related services, excluding other living and personal expenses.