Finance your education at the MGH Institute of Health Professions

The MGH Institute of Health Professions Education Loan is designed in cooperation with the MGH Institute of Health Professions, by Harvard University Employees Credit Union, to meet the financing needs of graduate and fifth-year undergraduate students attending the MGH Institute of Health Professions. The program is offered by HUECU, a not-for-profit financial institution with locations at Mass General Hospital, the Charlestown Navy Yard, Longwood Medical Area and Harvard Square.

Key features
  • Deferment of payments of up to four years while enrolled in a qualified MGH Institute program
  • Funds are disbursed directly to the student’s account at the school
  • Final disbursement amount will be certified by the Financial Aid Office
  • 0.25% interest rate reduction for automatic recurring payments2
  • Immediate credit decision
  • Zero pre-payment fees
  • No co-signer required
  • 0.50% interest rate reduction with qualified co-signer3

Available to U.S. citizens, permanent residents and international students enrolled in a qualified program at the MGH Institute, including ABSN students.

Domestic International
Origination Fee 0.00 % 2.50 %
10-Year Fixed Fixed rate1 at 5.50 % for full 10-year term
As low as 4.764% APR1
Est. monthly payment: $129.94
Fixed rate1 at 6.00 % for full 10-year term
As low as 5.489% APR1
Est. monthly payment: $138.78
15-Year Fixed Fixed rate at 6.00 % for full 15-year term. As low as 5.267% APR1
Est. monthly payment: $ 101.94
Fixed at 6.50 % for full 15-year term.
As low as 5.95% APR1
Est. monthly payment: $ 109.85

Please review the full program disclosure for further information on loan rates and cost.


A student can borrow up to $75,000 annually with the exact amount being certified by your financial aid office up to the cost of attendance.

To qualify, a co-signer must be a U.S. citizen or a U.S. permanent resident and must also meet certain credit criteria.

You can release the co-signer on your loan after 48 qualifying on-time payments. However, the release is subject to the credit-worthiness of the primary borrower.

Terms and Conditions Apply. In order to qualify, a borrower must be accepted into or enrolled at the MGH Institute of Health Professions at least half-time, and must satisfy all required underwriting and document requirements. You are an eligible domestic borrower if you are a U.S. Citizen or permanent resident. All international borrower must pass an OFAC screening, and applications will not be accepted from residents or citizens of OFAC sanctioned countries.

1. Interest Rate & APR. Your interest rate is determined by the term option you select. You may receive a lower rate if a qualified cosigner is associated with your application. The APR assumes you are enrolled for 48 months, have a 6 month grace period before repayment begins, and qualified cosigner associated with your loan. The APR includes a 2.50 % origination fee for international borrowers. Interest is charged daily throughout the life of the loan, beginning the first date of disbursement, during school, through any grace or deferment period, and ending when the loan is paid in full. You are not required to make payment on your loan while enrolled in school and during your grace period, however you can make principal and interest payments at any time. HUECU does not accept principal only payments. All payment are first applied to fees, interest, and then principal. Calculations are estimates only. Actual rates and payment information may vary based upon applicable terms.

Loan Example: Repayment examples are based upon a borrower (domestic) and qualified cosigner, and include a cosigner discount of 0.50%. Other assumptions include 4 years in school, and a 6-month grace period. Borrowing $10,000 at 5.00% and 10 year term, results in 4.764% APR, monthly payment of $129.94, finance charge of $5,592.80 and total repayment of $15,592.80. Due to the in-school and grace period, the APR is lower than the interest rate.

2. AUTO-PAY. In order to be eligible for the 0.25% interest rate reduction for automatic payments, you must be signed up for automatic payments through University Account Service (UAS). Payment must be set-up from a U.S. bank account. If at any-time automatic payments are stopped, the rate discount will not be applied. The discount will not reduce the monthly payment amount but will help you pay down the loan faster. Auto-pay is not required to obtain a loan. HUECU reserves the right to change rate discounts at any time.

3. COSIGNER DISCOUNT. In order to be eligible for the cosigner discount, your cosigner must meet underwriting and credit requirements.

4. PRIME RATE. All current HUECU products offer a fixed interest rate. However, if you previously borrowed a hybrid or variable rate loan with the credit union, the current education loan prime rate is 3.25 %

5. MEMBERSHIP. Membership in the Credit Union requires a $5 minimum deposit in a Share Savings Account.