Student Loan Programs To be considered for any Federal Loan, students must complete the Free Application for Federal Student Aid (FAFSA). To be eligible for all federal loans and some alternative loans for students, you must be enrolled at least half-time per term (see enrollment guide at the bottom of the page) in a degree-seeking program. You can learn more about applying for the FAFSA on our page about How to Apply for Financial Aid. You are also welcome to download our Student Loan Code of Conduct. For All Students **Please see below as well for additional loans specific to your student type** 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 (Subsidized Loan). 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. 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 Loan Dependent 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 Loans These United Methodist Funds are only available to undergraduate students who are members of the United Methodist Church. Additional Loans For Master, Doctorate and Law Students Only Federal Direct Graduate PLUS Loan Master, Doctorate and Law students may have a Federal Direct Graduate PLUS loan included in their Hamline award letter. If so, those students will be 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. Generally, 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. This assumes all of your applications and required paperwork is completed. 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. Tools for Successful Student Loan Repayment 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.