Loan Programs for Undergraduate, Post baccalaureate, and Teaching Licensure Students General Requirements To be considered for any Federal Loan, students must complete the Free Application for Federal Student Aid (FAFSA). For more information, please see our page on How to Apply for Financial Aid. To be eligible for all federal loans and some alternative loans for students, you must be enrolled at least half-time (further information is located on the right-hand side of this page). Student Loan Code of Conduct Tools for Successful Student Loan Repayment Hamline has compiled a list of excellent resources designed to help you manage and successfully repay your student loan debt. Please view our Tools for Successful Student Loan Repayment. Loan Programs Available Federal Perkins Loan - Federal Perkins Loans are borrowed directly from Hamline University. The loan is interest free until repayment begins, which is nine months after the student leaves school or drops below half-time status. The fixed annual interest rate is 5.00%. Federal Direct Subsidized/Unsubsidized (Stafford) Loan - All eligible students may apply for the Federal Direct Subsidized/Unsubsidized Loan for up to the amount shown on the financial aid award letter. The Office of Financial Aid determines the portion of the loan that the federal government pays interest on while the student is in school (Federal Direct Subsidized Loan). Federal Direct Parent PLUS Loan - Dependent students may have a Federal Direct Parent PLUS Loan included in their Hamline University Financial Aid Award Letter. Depending on need, a parent may borrow up to Hamline’s “cost of attendance” minus any other financial aid that is awarded to the student. The Hamline University Student Financial Aid Award Letter indicates the amount a parent may consider borrowing for a student’s education during the coming school year. Alternative Loan - Alternative loans are non-federal loans with you, the student, as the borrower. Alternative loan approval is based on your satisfactory credit history. Some alternative loans require a credit-worthy cosigner or allow you to use a cosigner in order to receive a lower interest rate. Alternative loans help bridge the gap between the cost of attendance and the amount of federal loan eligibility. Typically federal student loans are less expensive and offer better terms than alternative education loans, so be sure to exhaust your eligibility for federal student loans before considering an alternative education loan. The interest rate and fees on an alternative loan may vary depending on the student’s and/or cosigner’s credit. The interest rate is typically variable and may change as often as monthly. United Methodist Scholarships and Loans - These United Methodist Funds are only available to undergraduate students who are members of the United Methodist Church.