![](https://webarchive.library.unt.edu/eot2008/20090114081252im_/http://bhpr.hrsa.gov/images/spacer.gif) |
|
|
Printer-friendly
Adobe .pdf
FEB 9 1995
To: Schools, Lenders,
and Holders Participating in the Health Education Assistance Loan (HEAL)
Program
Subject: HEAL-to-HEAL Loan
Consolidation -- Announcement
Lender Policy Memorandum L-95-7
School Policy Memorandum S-95-7
The Health Professions Education
Extension Amendments of 1992, Public Law 102-408, Section 706(e) authorized
HEAL-to-HEAL Loan Consolidation. The HEAL Program is marketing this initiative
as HEAL Refinancing. Since our last announcement three additional lenders are
offering HEAL Refinancing for a total of eight lenders now participating in
the HEAL Refinancing Program. Moreover, some participating lenders have lowered
their interest rates and/or compounding terms. Please refer to the enclosure
to identify lenders with new and lower rates.
Three New Lenders Enter
the HEAL Refinancing Program
The three new lenders in
the HEAL Refinancing program are Missouri Higher Education Loan Authority (MoHELA),
PNC Bank, N.A., and Star Bank, N.A. (a trustee for Brazos Student Finance Corporation).
The MoHELA refinancing
interest rate over-the-life of the loan, is variable and indexed to the
average of 91 -day U.S. Treasury Bills, for the preceding quarter plus 2.2%.
This rate will be rounded up to the next higher one-eighth of 1 percent.
Interest will be capitalized annually.
The PNC Bank, N.A. refinancing
interest rate over-the-life of the loan, is variable and indexed to the average
of 91 -day U.S. Treasury Bills, for the preceding quarter plus 2.1 %. This rate
will be rounded up to the next higher one-eighth of 1 percent. Interest
will be capitalized once at repayment.
The Star Bank, N.A. refinancing
interest rate over-the-life of the loan, is variable and indexed to the average
of 91-day U.S. Treasury Bills, for the preceding quarter plus 2.125 %. This
rate will not be rounded to the next higher one-eighth of 1 percent.
Interest will be capitalized annually.
Enclosed is a current list
of the lenders participating in the HEAL Refinancing Program, their address
and telephone number, and current interest rates. We encourage schools and lenders
to provide this list to all eligible borrowers.
Please contact the HEAL
Branch at (301) 443-1540 if you have any questions regarding the HEALRefinancing
Program.
Stephen Boehlert
Chief, HEAL Branch
Division of Student Assistance
HEAL REFINANCING
Household
Bank, f.s.b. |
P.O. Box 95562 |
T-Bill + 2.125% over-the-life of
the loan, |
|
Hoffman Estates, IL 60195 |
Capitalized at repayment |
|
1-800-777-1136 |
|
Iowa Student Loan Liquidity |
HEALhelp |
T-Bill + 2.175% over-the-life of
the loan |
Corporation |
P.O. Box 9285 |
Capitalized annually |
|
Des Moines, IA 50309-9285 |
|
|
1-800-243-7552 |
|
Mellon
Bank, N.A. |
HEALthy Alliance - PHEAA |
T-Bill + 2.2% over-the-life of the
loan for |
|
P.O. Box 8176 |
loans over $25,000.00 |
|
Harrisburg, PA 17105-8176 |
|
|
1-800-421-4817 |
T-Bill + 2.7% over-the-life of the
loan for |
|
|
loans up to $25,000.00 |
|
|
Both rates capitalized annually |
Missouri Higher Education |
Big Payoff - PHEAA |
T-Bill + 2.2% over-the-life of the
loan |
Loan
Authority (MoHELA) |
P.O. Box 8176 |
Capitalized annually |
|
Harrisburg, PA 17105-8176 |
|
|
1-800-666-4352 |
|
Pennsylvania Higher. |
Remedi - PHEAA |
T-Bill + 2.0% for years 1 through
12; may |
Education
Assistance |
P.O. Box 8176 |
rise to T-Bill + 2.5% for years 13
through 25 |
Agency
(PHEAA) |
Harrisburg, PA 17105-8176 |
Capitalized annually |
|
1-800-343-1809 |
|
Note: Available only to current or |
|
|
previous PHEAA HEAL borrowers |
|
|
PNC
Bank, N.A. |
PNC - PHEAA |
T-Bill + 2.1% over-the-life of the
loan |
|
P.O. Box 8176 |
Capitalized at repayment |
|
Harrisburg, PA 17105-8176 |
|
|
1-800-421-4817 |
|
Star
Bank, N.A. (trustee for |
Debt Minder - PHEAA |
T-Bill + 2.125% over-the-life of
the loan |
Brazos Student Finance |
P.O. Box 8176 |
Capitalized annually |
Corporation) |
Harrisburg, PA 17105-8176 |
|
|
1-800-722-8189 |
|
Student
Loan Marketing |
HEAL Relief Account |
T-Bill + 3.0% over-the-life of the
loan |
Association
(Sallie Mae) |
P.O. Box 1304 |
Capitalized annually |
|
Merrifield, VA 22116-1304 |
|
|
1-800-643-0040 |
Note: Interest rate reducing programs are |
|
|
being offered |
2/3/95 |
|