• Financial Aid

  • Office of Financial Aid 

    MS-C1915
    Hamline University 
    1536 Hewitt Avenue
     
    Saint Paul, MN 55104
     
     

    651-523-3000
    800-888-2182
     

    Fax: 651-523-2585 

    finaid@hamline.edu 

  •  

    Federal Direct Subsidized/Unsubsidized Loans

    All eligible students may apply for the Federal Direct Subsidized/Unsubsidized Loan for up to the amount shown on the financial aid award letter. 

    How to Apply 

    1. Request Loan Amount: Request your Federal Direct Subsidized/Unsubsidized Loan amount online via Piperline. (The amount requested will be split evenly between the terms for which you are awarded.)

      - Use the link above to log in to Piperline.
      - Choose the Financial Aid Services tab
      - Click on the Award link.
      - Choose Award by Aid Year.
      - Select Academic Year from the drop down list. (For Fall 2013-Summer 2014, choose the 2013-2014 academic year)   
      - Click the Accept Award Offer tab, decide how much of your Federal Direct Subsidized/Unsubsidized Loan you wish to borrow for the academic year and follow the instructions on the screen.
      - Click the Submit Decision button to save your request

      If you prefer not to accept your loan online, you may complete and submit a paper Federal Direct Subsidized/Unsubsidized Loan Request Form. Your Federal Direct Subsidized/Unsubsidized Loan will not be processed until you have requested the loan amount.                                                                                                                                                                                                                                                                               2014-2015 Federal Direct Subsidized/Unsubsidized Application
          2013-2014 Federal Direct Subsidized/Unsubsidized Application    
                    
    2. Complete a Master Promissory Note: First time  Hamline borrowers must complete a new Master Promissory Note (MPN) at StudentLoans.gov. You will need your FAFSA PIN to sign in and complete the MPN. 
         
    3. Entrance Counseling: First time Hamline borrowers must complete Subsidized/Unsubsidized Loan Entrance Counseling online at StudentLoans.gov. The average Hamline Undergraduate student Federal DIrect Subsidized/Unsubsidized loan debt is $23,829.  The average Hamline Master and Doctorate student Federal Direct Subsidized/Unsubsidized loan debt is $29,573.   The average Hamline Law student Federal Direct Subsidized/Unsubsidized loan debt is $60,655. You may use the Loan Payment Calculator on the Federal Student Aid website to determine your estimated loan payments.      

    Loan Fees 

    The loan fee is a processing fee the lender takes out from the loan prior to each disbursement sent to Hamline. For loans with a first disbursement paid to Hamline between March 1, 2013 and December 1, 2013, the fee is 1.051% of the amount requested. For loans with a first disbursement paid to Hamline on or after December 1, 2013, the fee is 1.072% of the amount requested.

    Subsidized* VS Unsubsidized

    Subsidized Loans* 

     Unsubsidized Loans 

    Only available to Undergraduate, Post baccalaureate, and Licensure students

    Loan amount dependent on income (need-based)

    Interest-free until the repayment period

    Repayment starts six months after student drops below half-time status

    Interest rate for 2013-2014 academic year is 3.86% fixed

    Available to Undergraduate, Post baccalaureate, Licensure, Masters, Doctorate, and Law students

    Loan amount not dependent on income (not need-based)

    Interest starts once loan has been paid to the student

    Interest can be paid while in school or student can wait until repayment starts (talk to loan servicer for info about in-school payments)

    Repayment starts six months after student drops below half-time status

    Undergraduate interest rate for 2013-2014 academic year is 3.86% fixed

    Graduate and Law interest rate for 2013-2014 academic year 5.41% fixed


    Annual and Aggregate Loan Limits by Student Type

    Year Dependent Undergraduate Students  Independent Undergraduate Students  Master, Doctorate, and Law
    First Year

     $5,500 including a max of $3,500 in subsidized*   

     $9,500 including a max of $3,500 in subsidized*

      $20,500 unsubsidized 

    Second Year 

     $6,500 including a max of $4,500 in subsidized*

     $10,500 including a max of $4,500 in subsidized* 

      $20,500 unsubsidized
    Third Year and 
    Each Year After** 

     $7,500 including a max of $5,500 in subsidized*

     $12,500 including a max of $5,500 in subsidized*

      $20,500 unsubsidized
    Subsidized*/ 
    Unsubsidized
    Loan Lifetime Limits
      

     $31,000 including a max of $23,000 in subsidized*  

     $57,500 including a max of $23,000 in subsidized*

     $138,500 including a max of $65,500 in subsidized

    The graduate debt limit INCLUDES loans received from undergrad. 

    * Time limitation (150%) - Students can only receive subsidized loans for 150% of the published length of the borrower's educational program (assuming the borrower hasn't reached their annual or aggregate limit listed above). For example, a student in a 4 year program can only receive subsidized loans for 6 years at most. Please view this Federal Student Aid announcement for more information.

    ** Post Baccalaureate students, including initial teaching licensure not in the MAT program, follow the undergraduate loan limits for third year.

  • ENROLLMENT STATUS - UNDERGRADUATE AND POST BACCALAUREATE 

    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.

    *Half-time status is a requirement for all federal and some alternative student loans.

  • ENROLLMENT STATUS - TEACHING LICENSURE, TEFL, AND EDISCOVERY CERTIFICATES

    Half-time*: At least 4 credits per semester.

    Full-time: At least 8 credits per semester.

    *Half-time status is a requirement for all federal and some alternative student loans. 

  • ENROLLMENT STATUS - MASTER AND DOCTORATE 

    Half-time*: At least 4 credits per semester.

    Full-time: At least 8 credits per semester.

     *Half-time status is a requirement for all federal and some alternative student loans.

  • ENROLLMENT STATUS - LAW 

    Half-time*: At least 6 credits per semester. 

    Full-time: At least 12 credits per semester.

    Summer half-time*: At least 3 credits.

    Summer full-time: At least 6 credits.

    *Half-time status is a requirement for all federal and some alternative student loans.

    The Hamline School of Law requires an "Underload Status Request" for all students taking less than 8 credits per semester during the fall and spring.