Health Professions Student Loans

• The Health Professions Student Loan program is a federal loan program governed by the provisions of 42 CFR 57, subpart C. These loans are available only to students enrolled in the Doctor of Pharmacy program.
• Loans from this fund are awarded to eligible students as part of the financial aid offer prepared by Drake’s Financial Aid Office. When an offered loan has been accepted, the student will receive an e-mail from ECSI, Drake’s servicer for these loans. The e-mail will contain instructions on completing the promissory note and entrance counseling for the loan. The Student Accounts office will receive notification from ECSI when these requirements have been completed.
• Under the provisions of the Truth in Lending Act (TILA) – Regulation Z, the borrower has three business days to rescind the decision to receive a loan. Loan funds will not be disbursed to the student account until these three days have elapsed.

Repayment of Health Professions Student Loans

• Prior to graduating or withdrawing, borrowers must complete loan exit counseling. A hold will be placed on the Drake student account until the exit counseling requirement has been satisfied.
• ECSI will also contact the borrower to set up repayment arrangements. Terms of repayment are governed by the promissory note. Repayments must be made directly to ECSI and should not be sent to Drake University.
• Health Professions Student Loans are eligible for inclusion in a federal student loan consolidation. To learn more, visit https://studentaid.gov/manage-loans/consolidation.
• Health Professions Loans have some flexibility features, including forbearance, deferment, and cancellation options available to qualifying borrowers. Forbearances and deferments extend the repayment period for the loan. Cancellations reduce the balance that is owed on the loan. Contact ECSI for complete information on available options and an application.
• Contact information for ECSI is available at https://heartland.ecsi.net/index.main.html#/contactus