Loan Programs
Graduate and Licensure Students

General Requirements and Information
To be considered for the Federal Stafford Loan and the Federal Graduate PLUS Loan students must complete the Free Application for Federal Student Aid (FAFSA).

Priority Deadline for Loan Applications:  July 1, 2008

To be eligible for all federal loans and some alternative loans for students, you must be enrolled at least half-time per term.

	Half-time (per term Academic Year)	Half-time (Summer)
Licensure	4	4
Master	4	4
Doctorate	4	4

Your Student Loan Disbursements
After Hamline has certified the loan, and the lender receives your fully completed Master Promissory Note (MPN) and approves your loan, the lender will send loan documents notifying you of your loan approval.

If you are a first-time borrower at Hamline University, you must complete student loan entrance counseling before your funds can be credited to your account.

Federal regulations require that Stafford Loans have multiple disbursements. Your loan proceeds will be sent to Hamline University, by your lender, at the beginning of each term.

Lender List Selection Guidelines
Hamline University does not endorse any specific lenders, but has compiled a list of experienced lenders who are committed to providing quality service at a reasonable cost. The selection committee used the following criteria to determine the lender list based on lender responses to a Request for Information Survey:

• Low lending costs
• Cost saving benefits
• Variety of loan products that include both federal and alternative loans
• Attractive loan terms
• Satisfactory customer service to the student and the school
• Acceptable historical volume or demand
• Suitable processing capabilities

The lender list is to be used as a guide to help parents and students compare different lenders so they can choose a loan program that will provide them with the best benefits.

Hamline University does not receive any preferred loan terms based on volume agreements, nor receive any type of payment from any lender for placement on the lender list. The decision is made based on the lender’s performance along with the products and services offered to students.

Although Hamline University has a lender list, students or parents are welcome to borrow from any lender they choose, even if that lender is not on the list.  

Subsidized and Unsubsidized Federal Stafford Loans
All eligible students may apply for the Federal Stafford Loan for up to the amount shown on the
financial aid award letter.  The Financial Aid Office determines the portion of the loan that the federal government pays interest on while the student is in school (Subsidized Stafford Loan).

The Federal Stafford Loan has an origination fee of up to 1.5% and a default fee of up to 1.0%, which is taken off each disbursement. Loan funds will be electronically wired to Hamline University and will be credited to the student’s account by the Financial Aid Office.

The Subsidized Stafford Loan is interest-free until the repayment period, which begins six months after the student leaves school or drops below half-time status. The interest rate on the Subsidized Stafford Loan is a fixed rate of 6.80%.

The Unsubsidized Stafford Loan does not carry the in-school interest subsidy. The interest rate on the Unsubsidized Stafford Loan is a fixed rate of 6.80%. The lender and the student determine the method of in-school interest payment and/or accrual. The terms of the out-of-school repayment on the Unsubsidized Stafford Loan are identical to the Subsidized Stafford Loan.

Annual Stafford Loan Limits

Licensure	$12,500
Master	$20,500
Doctorate	$20,500

Choosing a Lender
Please click on "START NOW" to view Hamline’s Federal Stafford Lender List.

Although Hamline University has a lender list, you are welcome to borrow from any lender you choose, even if that  lender is not on the list. Also note that the lender list does not constitute an endorsement of any lender by Hamline University. The information on the lender list is updated by the lender periodically as terms may change.

        

NEW HAMLINE BORROWERS STAFFORD APPLICATION AND ENTRANCE COUNSELING

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RETURNING HAMLINE BORROWERS STAFFORD APPLICATION

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Federal Graduate PLUS Loan 
Available to graduate Degree Students.  (Licensure Students not eligible)

Graduate students may have a Federal Graduate PLUS Loan included in their Hamline University Financial Aid Award Letter.  Students will be able to borrow the Federal Graduate PLUS loan in addition to the Federal Stafford Loans.  Borrowers must apply for their annual loan maximum eligibility under the Federal Stafford Loan Program before applying for the Federal Graduate PLUS Loan.

The Federal Graduate PLUS Loan has the following features: 
A fixed interest rate of 8.5%.

The Federal Graduate PLUS Loan has an origination fee of 3.00% and a default fee of 1.00%, which is taken off each disbursement.  Some guarantors may pay the default fee on behalf of the student. 

Credit Check is required.  Students with no adverse credit would be approved for the Federal Graduate PLUS Loan.

Ability to defer repayment while you are in school at least half-time. 

Loan cancellation in the event of your death or permanent and total disability.

Eligible for Federal Loan Consolidation.

PLUS loan borrowers have up to ten years to repay their PLUS Loan(s). The minimum monthly payment on a PLUS Loan is $50 per month.  With recent passing of legislation, interest paid on PLUS Loans may be tax deductible. Consult with your tax advisor for more details. 

Choosing a Lender
Please click on "START NOW" to view Hamline’s Federal PLUS Lender List.

Although Hamline University has a lender list, you are welcome to borrow from any lender you choose, even if that  lender is not on the list. Also note that the lender list does not constitute an endorsement of any lender by Hamline University. The information on the lender list is updated by the lender periodically as terms may change.

        

FEDERAL GRADUATE PLUS LOAN APPLICATION

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Alternative Loans
The option to apply for an alternative loan may be included in your Hamline University Financial Aid Award Letter. There are a variety of alternative loans available. All alternative loans are based on satisfactory credit history, and some may require a creditworthy cosigner.

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 vary depending on the student and/or cosigner’s credit. The interest rate is variable and may change as often as quarterly.

Choosing a Lender
Please click on "START NOW" to view Hamline’s Alternative Lender List.

Although Hamline University has a lender list, you are welcome to borrow from any lender you choose, even if that  lender is not on the list. Also note that the lender list does not constitute an endorsement of any lender by Hamline University. The information on the lender list is updated by the lender periodically as terms may change.
        

ALTERNATIVE  LOAN APPLICATION (Applications are also availible in the Financial Aid Office)

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January/Winter Term
If you need financial aid for the January term, you may be eligible to apply for an Alternative Loan. Please contact the Student Administrative Services Office at (651) 523-3000 to determine if you qualify.