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Loans

The following loan programs are available to HNU students.

Federal Subsidized Loans Federal Unsubsidized Loans Federal Parent PLUS Loans
Graduate PLUS Loans Private Loans Federal Perkins Loans

 

FEDERAL DIRECT SUBSIDIZED STAFFORD LOANS
Subsidized loans are available to undergraduate students only.  Subsidized loans are based on need as determined through the FAFSA process. These loans are called subsidized because the government pays the interest for students while in school on at least a half-time basis. Repayment begins six months after graduation or if the student drops below half-time status. The interest rate is fixed and interest begins accruing when the loan goes into repayment. Maximum award amounts depend on your year in school and range from $3,500 to $5,500. First time HNU borrowers must complete entrance counseling and a master promissory note at www.studentloans.gov.

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FEDRAL DIRECT UNSUBSIDIZED STAFFORD LOANS
Unsubsidized loans are available to both undergraduate and graduate students. These loans are not based on financial need. Interest accrues on the loan while the student is in school. Repayment begins six months after graduation or if the student drops below half-time status. The interest rate is fixed at 6.8%. Undergraduate students are generally eligible to receive a minimum of $2,000 in unsubsidized loans. Undergraduate students whose parents do not qualify for the PLUS Loan program (see below) and independent students may also apply for additional Unsubsidized Federal Stafford Loan funds. Maximum loan amounts are $6,000 for freshman and sophomore level undergraduate students, $7,000 for junior and senior level undergraduate students, and $20,500 for graduate level students. First time HNU borrowers must complete entrance counseling and a master promissory note at www.studentloans.gov.

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FEDERAL PARENT PLUS LOANS
PLUS loans are not based on financial need so parents may borrow from this program to replace a part or all of the Expected Family Contribution. The maximum loan is based on the Cost of Attendance minus other financial aid. These loans are available to parents who have satisfactory credit histories and whose dependent students are studying at least half time. The interest rate is 8.5%. Interest accrues and repayment begins 60 days after the final disbursement for the year. Please do not apply for a PLUS loan before all other student aid and loans are finalized. Failure to do so may cause reduction in other loans or grants. Parents may complete the credit check and promissory note at www.studentloans.gov.

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GRADUATE PLUS LOANS
Graduate PLUS loans are not based on financial need so graduate students may borrow from this program to replace all or part of the Expected Family Contribution. The maximum loan is based on the Cost of Attendance minus other financial aid. These loans are available to students pursuing a master’s degree, enrolled at least half time, and who have satisfactory credit histories. The interest rate is 8.5%. Interest accrues and repayment begins 60 days after the final disbursement for the year. Please do not apply for a Graduate PLUS loan before July 1, 2012 and all other student aid and loans are finalized. Failure to do so may cause reduction in other loans or grants. Graduate students may complete the credit check and promissory note at www.studentloans.gov. For more specific instructions, please follow the steps listed for Parents under “What You Should Do Next” in this information wrap.

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PRIVATE LOANS
Private or Alternate educational loans may be available to help bridge the gap between financial aid and the cost of education. Private loans are credit based.The terms of these loans differ according to the lender and you should compare the information to determine which loan best suits your needs.  you may apply for a loan with any lender of your choosing. To help you get started, we provide a recommended lender list at www.elmselect.com.

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FEDERAL PERKINS LOANS
HNU can award limited Perkins Loans to students with high federal need. Please contact your Financial Aid Counselor for more information.

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