Student Loan

The Student Loan Program is a part of Hendrick Health System's mission. The purpose of the program is to provide financial assistance to students and employees for their education in designated health fields. The student ("Borrower") is encouraged to seek primary financial assistance from grants and financial institutions while utilizing Hendrick Health System ("Hendrick") as a supplemental source of financial aid. Hendrick reserves the right to enhance or limit any portion of the Student Loan Program at any time with or without notice. Financial assistance is available on a per semester basis (both summer terms are considered one semester) for students in designated health fields. “Hendrick will administer the loan application process, but the loan will be financed by First Financial Bank, N.A. (the “Bank”), and all payments under the note shall be made directly to the Bank.” NOT-WITHSTANDING ANY OTHER PROVISION OF THIS APPLICATION, BORROWER UNDERSTANDS AND AGREES THAT HENDRICK IS NOT OBLIGATED TO PROVIDE TO BORROWER EMPLOYMENT NOW OR IN THE FUTURE AND THAT IF BORROWER IS NOW OR HEREAFTER EMPLOYED, HENDRICK SHALL RETAIN ITS RIGHT TO TERMINATE BORROWER'S EMPLOYMENT AT THE WILL OF HENDRICK.

ELIGIBILITY CRITERIA

Any individual pursuing a curriculum of an approved, accredited school with probability and intent to work for Hendrick upon, graduation is eligible. Receipt of a student loan, however, does not guarantee the recipient employment with Hendrick.

1. The Borrower must maintain a cumulative grade point average ("GPA") of 2.5 or above on a scale of 4.0 to participate in the student loan program. Verification of GPA is required for each semester loan.
2. All applicants must submit a degree plan that will be reviewed to determine which courses are eligible for loan allocation.
3. In the event that the total amount of loans requested by all applicants for a semester exceeds the budgeted allocations, candidates will be selected based on application, grade point average, and reference information. Employees of Hendrick will be given priority.
4. Disbursement of funds is made in the form of a check payable directly to the student. Approved funds are not available until the week of "regular" registration. All approved funds will no longer be paid directly to the applicants, funds will be paid directly to the applicants account at the institution in which the applicant is attending.
5. Borrower must sign a legal and binding promissory note at the Bank prior to loan funding.
6. Borrower must complete FAFSA loan application, excluding Radiology.

Applications must be completed and submitted by the following deadlines:

Late applications will not receive consideration
Current employees of Hendrick do not need to complete the Criminal History Check form.
Criminal History Checks must be completed once a year for students not employed by Hendrick.

First Time Applicants

Borrower must submit:

1. Completed Student Loan Application.
2. Transcript or most recent grades with cumulative GPA or a GED.
3. Degree plan from the school Borrower will be attending.
4. Copy of acceptance letter from the accredited school.

Borrower must schedule a face-to-face interview with an Education Assistance Committee member.

Previous Applicants

1. Completed Student Loan Application.
2. Transcript from the accredited school with cumulative GPA of at least 2.5. If the current grades are not available at the time of the next Student Loan deadline. Applications may be submitted/reviewed and/or approved pending forthcoming grades.
   

No funds will be issued without verification of cumulative GPA.

Forgiveness/Repayment Information

Loan Repayment

Interest shall accrue on all advances made under the loan from the date of disbursement at the fixed rate not to exceed Wall Street Prime + 4%, fixed at closing. No payments will be required under the loan until a “Payment Event” (as defined below) has occurred, or until Borrower successfully completes the course of study, whichever happens first. Any of the following constitutes a “Payment Event”:

1. Ceasing to be enrolled as a full-time student in the course of study designated on this application form for more than one (1) semester;
2. Failure to complete course of study within one (1) year of the anticipated graduation date; or
3. Successful completion of the course of study.

Within thirty (30) days after the occurrence of a Payment Event, Borrower must execute a new promissory note at the Bank for repayment of the loan. Payments of principal and accrued, unpaid interest shall be made in equal monthly installments calculated over a four year period of time.

If Borrower fails to execute a new promissory note within thirty (30) days after a Payment Event, then the entire amount of unpaid principal and interest outstanding under the original note shall be due and payable in full at the end of the thirty (30) day period.

Loan Repayment by Hendrick

Repayment of the loan as set forth above will be the individual responsibility of Borrower. However, Hendrick will make loan payments on behalf of Borrower under the following conditions:

1. Borrower obtains full-time employment with Hendrick within one (1) month of the completion of the course of study;
2. Borrower obtains appropriate licensure within six (6) months of completion of course of study; and
3. Borrower executes a new promissory note at the Bank within thirty (30) days after the occurrence of a Payment Event.

If any of the above conditions are not met, or if, prior to complete repayment of the note, Borrower’s employment with Hendrick is terminated or reduced to less than full-time status, then Hendrick will cease making payments on the note, and Borrower will be fully responsible for making all remaining payments required under the note directly to the Bank.”

Click Here! for the Student loan application.