Student Loan Programs To be considered for any Federal Loan, students must complete the Free Application for Federal Student Aid (FAFSA). You can learn more about applying for the FAFSA on our page about How to Apply for Financial Aid. You may also download our Student Loan Code of Conduct. To be eligible for all federal loans and some alternative loans for students, you must be enrolled at least half-time per term in a degree-seeking program. To see enrollment definitions and other important loan information such as loan disbursement dates, NSLDS reporting, load deadlines, and counseling requirements, scroll toward the bottom of this page. For All Students Federal Perkins LoanFederal 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) LoanAll 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 (Subsidized Loan). Alternative LoanAlternative 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. Typically, federal student loans are less expensive and offer better repayment terms than alternative education loans, so be sure to exhaust your eligibility for federal student loans before considering an alternative education loan. Additional Loans For Undergraduate, Post Baccalaureate, and Teaching License Students Only Federal Direct Parent Plus LoanDependent undergraduate students may have a Federal Direct Parent PLUS Loan included in their Hamline 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 award letter indicates the maximum amount a parent may borrow for a student’s education during the coming school year. United Methodist Scholarships and LoansThese United Methodist Funds are only available to undergraduate students who are members of the United Methodist Church. Additional Loans For Master and Doctorate Students Only Federal Direct Graduate Plus LoanMaster and Doctorate students may have a Federal Direct Graduate PLUS loan included in their Hamline award letter. Those students are able to apply for the Federal Direct Graduate PLUS loan in addition to the Federal Direct Unsubsidized loan. Borrowers must apply for their annual loan maximum eligibility under the Federal Direct Unsubsidized loan before applying for the Federal Direct Graduate PLUS Loan. Please keep in mind that this is only available to master and doctorate students, licensure students are NOT eligible. When are Loans Credited to Your Account? Student loans will be disbursed in two equal payments as long as all of your applications and required paperwork is completed. Hamline will receive half of your loan proceeds at the beginning of the fall semester and the remaining half at the beginning of the spring semester. Your fall and spring loan disbursements will be credited to your account during the first week of the semester or 10 days prior to the first meeting of your earliest class, whichever is later. If you are borrowing a supplemental education loan from a lender that cannot forward your funds to Hamline via Electronic Funds Transfer (EFT), your loan funds will be mailed via paper check. Once you endorse your paper loan check at the Cashier's Office, the funds will be credited to your student account. Refunds of any over payment will be processed no later than 14 days after federal aid is disbursed onto your student account. Loan Deadline Loan applications must be received one week prior to the end of the term for which you are applying. National Student Loan Database System (NSLDS) Access and Reporting NSLDS is the U.S. Department of Education's central database for Title IV (federal) student aid. Schools are required to submit enrollment as well as federal grant and loan information to the database. This information will be accessible to authorized users such as lenders and institutions of higher education. Students and parents can also access information regarding loans and/or Pell grants through this website. The site displays information on loan and/or grant amounts, outstanding balances, loan statuses, and disbursements. In order to use the NSLDS Student Access website, you will need your FSA ID. Exit Counseling and Repayment View your required exit counseling information and get a list of resources to help you manage and successfully repay your student loan debt. Learn more about Exit Counseling and Repayment. Enrollment Status Undergraduate, Post Baccalaureate and teaching licensure Half-time*: At least 6 credits per semester.Full-time: At least 12 credits per semester.State Grant: At least 15 credits per semester for full award. Master and Doctorate Half-time*: At least 4 credits per semester.Full-time: At least 8 credits per semester. Master in Law (MSL) Half-time*: At least 3 credits per semester.Full-time: At least 6 credits per semester.