Loan Programs for Master and Doctorate 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 onHow 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 per term. In order to be considered at halt-time status, master, and doctorate students must be enrolled in at least 4 credits per term. 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 Unsubsidized (Stafford) Loan - All eligible students may apply for the Federal Direct Unsubsidized Loan for up to the amount shown on the financial aid award letter. Master and Doctorate students are not eligible for Federal Direct Subsidized Loans. Federal Direct Graduate PLUS Loan - Graduate students may have a Federal Direct Graduate PLUS Loan included in their Hamline University Financial Aid Award Letter. Students will be able to borrow the Federal Direct Graduate PLUS loan in addition to the Federal Direct Stafford Loans. Borrowers must apply for their annual loan maximum eligibility under the Federal Direct Stafford Loan Program before applying for the Federal Direct Graduate PLUS Loan. NOTE:This is available to graduate degree students, Licensure Students are NOT eligible. Alternative Loan - Alternative loans are non-federal loans with lender approval 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.