• 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

     2021-2022 

     2020-2021  

     2021-2022:   

    1.  Request Loan Amount: Request your Federal Direct Subsidized/Unsubsidzed Loan amount online through Hamline's WorkDay 
    •  Log into your WorkDay account 
    • Select the Finances Icon 
    • Click on the Accept/Decline Award (found in the bottom right)
      • Complete Academic Unit as Hamline University 
      • Choose Award Aid Year 
    • Decide how much of your Federal Direct Subsidized/Unsubsidized Loan you wish to borrow for the academic year. 
      • Under the Decision field, Select: Accept, Accept Partial, or Decline. This MUST be done for all terms displayed. 
      • If you select Accept Partial, you will need to indicate the dollar amount that you would like to accept. Keep in mind that you will need to accept the same dollar amount in each academic term listed. Any eligibility not accepted here will be repackaged in an Offered Status at a later date, if you wish. 
      • Click Done. 
    • Do not make an online adjustment to a loan that you have previously accepted, this may inadvertently reduce your loan differently than expected.  
    •  If you would like to reduce the loan amount that you have accepted, please complete the 2021-2022 Loan Revision Request Form.
     
      2. Complete a Master Promissory Note: First time Hamline borrowers must complete a new MPN on the StudentAid.gov website HERE. You will need your FSA ID to sign in and complete the MPN. Please pay attention to the different types of loan MPNs. 
      3.   Entrance Counseling: First time borrowers must complete Subsidized/Unsubsidized Loan Entrance Counseling online HEREThe 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. You may use the  Loan Simulator on the Student Aid website to determine your estimated loan payments.  
      4.  Annual Student Loan Acknowledgement: The Annual Student Loan Acknowledgement is for student and parent borrowers who are accepting Federal Subsidized/Unsubsidized Loans, PLUS Loans for Parents, or PLUS Loans for Graduate/Professional Students. It will take around 10 minutes to complete the Acknowledgement. Within the Annual Student Loan Acknowledgement, borrowers are able to view how much they currently owe in loans, their progress toward aggregate loan and grant limits (if applicable), and have access to content surrounding smart borrowing, interest rates, and payments.

     

       In order to fill out the Acknowledgement, you will need your Verified FSA ID.  

     

         If this is your first time accepting a federal student loan, you are acknowledging that you understand your responsibility to repay your loan. You will also need to know the School Name, the Degree Name, and the Field of Academic Program. 

     

         If you already have existing federal student loans, you are acknowledging that you understand how much you owe and how much more you can borrow. 

     

     

     2020-2021:   

    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 2020-Summer 2021, choose the 2020-2021 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.
       
       2020-2021 Federal Direct Subsidized/Unsubsidized Loan Application  
        
    2.  Complete a Master Promissory Note: First time Hamline borrowers must complete a new MPN on the StudentAid.gov website HERE. You will need your FSA ID to sign in and complete the MPN. Please pay attention to the different types of loan MPNs. 
    3.  Entrance Counseling: First time borrowers must complete Subsidized/Unsubsidized Loan Entrance Counseling online HEREThe 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. You may use the  Loan Simulator on the Student Aid website to determine your estimated loan payments.  
    4.   Annual Student Loan AcknowledgementThe Annual Student Loan Acknowledgement is for student and parent borrowers who are accepting Federal Subsidized/Unsubsidized Loans, PLUS Loans for Parents, or PLUS Loans for Graduate/Professional Students. It will take around 10 minutes to complete the Acknowledgement. Within the Annual Student Loan Acknowledgement, borrowers are able to view how much they currently owe in loans, their progress toward aggregate loan and grant limits (if applicable), and have access to content surrounding smart borrowing, interest rates, and payments. 
         In order to fill out the Acknowledgement, you will need your Verified FSA ID.  

     

         If this is your first time accepting a federal student loan, you are acknowledging that you understand your responsibility to repay your loan. You will also need to know the School Name, the Degree Name, and the Field of Academic Program. 

     

         If you already have existing federal student loans, you are acknowledging that you understand how much you owe and how much more you can borrow. 

    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 October 1, 2020 and September 30, 2021, the fee is 1.057% of the amount requested. For loans with a first disbursement paid to Hamline on or after October 1, 2021, the fee is to be determined.

    Subsidized* VS Unsubsidized

     Subsidized Loans*

     Unsubsidized Loans

    Only available to Undergraduate, Post Baccalaureate, Online Bachelor's Degree Completion, Undergraduate Certificates, 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 loans disbursed 7/1/20 - 6/30/21 is 2.75%.

     Interest rate for loans disbursed 7/1/21 - 6/30/22 is 3.73%

    Available to Undergraduate, Post Baccalaureate, Online Bachelor's Degree Completion, Undergraduate Certificates, Licensure, Masters, Graduate Certificates, and Doctorate 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 loans disbursed 7/1/20 - 6/30/21 is 2.75% 

     Undergraduate interest rate for loans disbursed 7/1/21 - 6/30/22 is 3.73%

     Graduate and Doctorate interest rate for loans disbursed 7/1/20 - 6/30/21 is 4.3%.

     Graduate and Doctorate interest rate for loans disbursed 7/1/21 - 6/30/22 is 5.28%


    Annual and Aggregate Loan Limits by Student Type

    Year

    Dependent Undergraduate* Students

    Independent Undergraduate* Students

    Master, Graduate Certificates, and Doctorate Students

    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.

     * Online Bachelor's Degree Completion follow the undergraduate aggregate loan limits

    ** 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 on the Federal Student Aid website for more information.

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

    To learn more about student loan repayment, please visit the "Make a Student Loan Payment", under the "Manage Loans", tab on StudentAid.gov.

     

     

  • 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

    NOTE: Only courses required for your program count in the Financial Aid Enrollment Status.

    UNDERGRADUATE, POST BACCALAUREATE, ONLINE BACHELOR'S DEGREE COMPLETION, 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, GRADUATE CERTIFICATES, AND DOCTORATE PROGRAMS

    Half-time*: At least 4 credits per semester.
    Full-time: At least 8 credits per semester.