The University participates in three major loan programs: Federal Perkins Loan program, William D. Ford Federal Direct Loan program, and the private/alternative education loan program.
The Federal Perkins Loan was established to help students who demonstrate high-need pay for a college education. Perkins is awarded based on FAFSA results and availability of funds. Students are awarded an average of $1,800 per academic year.
Direct Lending is a federal family loan program allowing the student and/or parent to borrow directly from the Federal Government. Through the federal loan programs, full-time undergraduate students having graduated in Spring 2010, borrowed an average of $36,345 over the course of their academic career at the University. The average federal loan program debt for all undergraduate students over the same time period was $34,259.
The University also offers private/alternative education loans. Students borrow directly from a private lender. Annually, the University publishes a list of recommended private loans. Our recommended lenders were selected based upon criteria such as terms, conditions, rates and fees, reputation, experience, borrower benefits, and quality customer service. Students should review the list and choose the loan that best meets their needs. The University recommended list is not a comprehensive list. Students can borrow from any lender they would like.
Please click on the tabs below for information on each of our loan programs and instructions on application completion.
The Federal Perkins Loan is awarded through the University of Hartford and must be repaid to the University with interest. The interest rate is fixed at 5%. You must complete the FAFSA to qualify. Eligible students may be awarded up to $4,000 per academic year, to a maximum cumulative amount of $20,000 for undergraduate studies. Repayment of principal and interest begins 9 months after you fall below half-time status or when you separate from the University. The average length of repayment is 10 years.
Students must complete a Master Promissory Notice (MPN) before their loan will pay to their account. This MPN is separate from that necessary for the Stafford or PLUS and must be completed at the Bursar’s Office.
The subsidized Stafford Loan is a need-based federal loan. You must complete the FAFSA to qualify. Students will borrow funds directly from the federal government and begin repayment 6 months after falling below half-time status or after separation from the University. The interest rate is fixed at 3.4% for loans first disbursed on or after July 1, 2011. The federal government will pay the interest on this loan while you are in school and during the six months prior to the start of repayment. Students may borrow up to the following amounts with an aggregate limit (undergraduate education limit) of $23,000:
Freshman (0 – 23 credits) $3,500
Sophomore (24 – 53 credits) $4,500
Junior or Senior (54+ credits) $5,500
Your funds will credit to your account in 2 payments (disbursements). Usually, there is one payment for each semester. Additionally, the federal government will deduct a fee of .5% proportionately from each disbursement. This is a discounted fee. To retain this discount, you must make your first 12 payments on time during your repayment period. When your funds are paid to your account, the fee and discount will already have been accounted for.
Loan repayment averages between 10 and 25 years depending on the amount you have borrowed over the course of your education and the type of repayment plan you select. You will receive information about the different types of repayment available to you before you borrow your first loan and again before it is time to pay it back. Remember, this has to be repaid so be sure you only borrow what you absolutely must.
First-time borrowers at the University of Hartford must complete a Master Promissory Notice (MPN) and Entrance Counseling before your loan will pay. If you have previously borrowed at the University but are new to Direct Lending, you must complete a Master Promissory Notice before your loan will pay.
The unsubsidized Stafford Loan is a federal loan. You must complete the FAFSA to qualify. Students will borrow funds directly from the federal government and begin repayment 6 months after falling below half-time status or after separation from the University. The interest rate is fixed at 6.8%. You are responsible for payment of the interest on this loan while you are in school and during the 6 months prior to the start of repayment. You can elect to pay it quarterly while you are in school or have it added to the principle (capitalized). Students may borrow up to the following amounts (inclusive of any subsidized Stafford Loan funds you may be eligible for):
Freshman (0 – 23 credits) $5,500
Sophomore (24 – 53 credits) $6,500
Junior or Senior (54+ credits) $7,500
Dependent students may borrow an aggregate limit (undergraduate subsidized and unsubsidized total borrowing ability) of $31,000. Independent students have an aggregate of $57,500.
Your funds will credit to your account in 2 payments (disbursements). Usually, there is one payment for each semester. Additionally, the federal government will deduct a fee of .5% proportionately from each disbursement. This is a discounted fee. To retain this discount, you must make your first 12 payments on time during your repayment period. When your funds are paid to your account, the fee and discount will already have been accounted for.
Loan repayment averages between 10 and 25 years depending on the amount you have borrowed over the course of your education and the type of repayment plan you select. You will receive information about the different types of repayment available to you before you borrow your first loan and again before it is time to pay it back. Remember, this has to be repaid so be sure you only borrow what you absolutely must.
First-time borrowers at the University of Hartford must complete a Master Promissory Notice (MPN) and Entrance Counseling before your loan will pay. If you have previously borrowed at the University but are new to Direct Lending, you must complete a Master Promissory Notice before your loan will pay.
Additional Eligibility
Independent students needing further assistance and dependent students, whose parents are ineligible for the Federal PLUS, may be eligible for additional unsubsidized Stafford Loan funds. Documentation of their ineligibility (PLUS denial) is required. You may borrow the following in addition to what is already noted above:
Freshman (0 – 23 credits) $4,000
Sophomore (24 – 53 credits) $4,000
Junior or Senior (54+ credits) $5,000
The PLUS is a federal loan meant to provide graduate students or parents of dependent students with additional funds for educational expenses. Completion of the FAFSA is necessary to qualify ensuring you understand all of your federal aid options before you borrow.
Graduate students and parents will borrow funds directly from the federal government. Repayment can begin immediately or you can elect to begin repayment 6 months after the student falls below half-time status or separates from the University. The interest rate is fixed at 7.9%. The borrower is responsible for payment of the interest on this loan while the student is in school and during the 6 months prior to the start of repayment (if this is the option you choose). Borrowers can elect to pay it quarterly while the student is in school or have it added to the principle (capitalized). Borrowers can request up to the cost-of-attendance minus any other financial aid the student has received.
Funds will credit to the student’s account in 2 payments (disbursements). Usually, there is one payment for each semester. Additionally, the federal government will deduct a fee of 4% proportionately from each disbursement. When your funds are paid to your account, the fee will already have been accounted for.
Loan repayment averages between 10 and 25 years depending on the amount borrowed over the course of the student’s education and the type of repayment plan you select. You will receive information about the different types of repayment available to you before you borrow your first loan. Remember, this has to be repaid so be sure you only borrow what you absolutely must.
First-time PLUS borrowers at the University of Hartford must complete a Master Promissory Notice (MPN). First-time Graduate PLUS borrowers but also complete Entrance Counseling before the loan will pay. If you have previously borrowed at the University but are new to Direct Lending, you must complete a Master Promissory Notice before your loan will pay.
You can apply for the loan as well as complete the MPN and Entrance Counseling at www.studentloans.gov.
(800) 658-3567
| Rates | Prime + .25% to Prime +6.74% for student loans, Prime + .25% to Prime + 6.49% for parent loan, and Prime + 1% to Prime + 5.75% for consolidation loan. Credit based variable monthly. Fixed rate option available for some loans. |
| Fees | None for all loan options |
| Academic Requirements | Matriculated. The Student Loan for Parents requires the student maintain academic progress. |
| Prior Year Balance | Anytime if currently enrolled and 30 days after loan period ends if not currently enrolled |
| Repayment | 15 years. Can defer both interest and principal. Deferment and forbearance options. Parent loan has option of interest only payments for up to 48 months. |
| Borrower Benefits | .5% interest rate reduction with proof of graduation and .25% interest rate reduction with auto debit. Co-signer release after 24 consecutive on time payments. |
(888) 272-5543
| Rates | LIBOR + 2% to LIBOR + 9.875% Credit based variable monthly |
| Fees | None |
| Academic Requirements | None, open to international students with a U.S. endorser |
| Prior Year Balance | If currently enrolled or graduated 180 days after loan period ends. |
| Repayment | 5 - 15 years. Can defer both interest and principal, several repay options. Deferment and forbearance options. |
| Borrower Benefits | .25% interest rate reduction with auto debit and 2% reward in Upromise account under certain repayment options. Co-signer release after 12 consecutive on time payments. |
(800) 353-3357
| Rates | Prime + .2% to Prime + 7.7% Credit based variable monthly. Fixed Rate Loan also available. |
| Fees | None |
| Academic Requirements | Maintain academic progress |
| Prior Year Balance | 180 days from the end of the loan period |
| Repayment | 15 years. Can defer both interest and principal. Deferment and forbearance options. |
| Borrower Benefits | .5% interest rate reduction with auto debit. Co-signer release after 36 consecutive on time payments. |
(888) 549-9050
| Rates | LIBOR + 2.99% to LIBOR + 8.99% Credit based variable quarterly |
| Fees | None |
| Academic Requirements | Matriculated, attending at least part-time, open to international students with a U.S. endorser, member of a participating credit union (join for free during application), maintain CGPA 2.0 |
| Prior Year Balance | 90 days from the end of the loan period. |
| Repayment | 10 years. Can make interest only payments while in school or payments of $25. Deferment and forbearance options. |
| Borrower Benefits | 1% interest rate reduction when 10% of the loan principal is paid. Co-signer release after 24 consecutive on time payments. |
(800) 708-6684
| Rates | LIBOR + 2.7% to LIBOR + 9.75% Credit based variable monthly starting at 6.75%. Fixed rate loan also available. |
| Fees | None |
| Academic Requirements | Matriculated. Open to international students with a U.S. endorser |
| Prior Year Balance | 180 days from the last date of attendance. |
| Repayment | 15 years for variable rate loans, 10 years for fixed rate loans. Can defer both interest and principal. Deferment and forbearance options. |
| Borrower Benefits | .5% interest rate reduction with auto debit from Citizens account. .25% interest rate reduction from non-Citizens account. Co-signer release after 36 consecutive on time payments |
(800) 967-2400
| Rates | LIBOR + 3.25% to LIBOR + 11% Credit based Variable quarterly. |
| Fees | None |
| Academic Requirements | None |
| Prior Year Balance | No. |
| Repayment | 15 years undergrad and 20 years grads. Can defer both interest and principal. Deferment and forbearance options. |
| Borrower Benefits | .25% interest rate reduction with auto debit. Co-signer release after 24 consecutive on time payments. |
(866) 306-0868
| Rates | LIBOR + 3.5% to LIBOR + 9.5% Credit based Variable quarterly |
| Fees | None |
| Academic Requirements | Matriculated |
| Prior Year Balance | Balance cannot be more than 12 months older than the date of application |
| Repayment | Balances less than 30K have 20 years. Balances greater than 30K have 25 years. Can defer both interest and principal. Deferment and forbearance options. |
| Borrower Benefits | .25% interest rate reduction with auto debit. Co-signer release after 36 consecutive on time payments. |
*Everything listed applies to the private loan for students unless indicated.
First-time Stafford or Grad PLUS borrowers at the University of Hartford must complete a Master Promissory Notice (MPN) and Entrance Counseling before your loan will pay. If you have previously borrowed at the University but are new to Direct Lending, you must complete a Master Promissory Notice before your loan will pay. Remember, if you are a recipient of a Perkins Loan, you must sign a separate MPN with the Bursar’s Office.
Entrance Counseling and the MPN ensure you understand not only the terms and conditions of borrowing, but that you understand your options at repayment as well. The Entrance Counseling and MPN need only be completed once while you are in attendance at the University of Hartford unless your enrollment exceeds ten cumulative years. At such time, you will be required to complete a new MPN.
Upon separation from the University or if you should fall below half-time status, you will be required to complete Exit Counseling. Exit Counseling again reviews the terms and conditions of your federal loans and reminds you that your loans are about to go into repayment. You must complete Exit Counseling to receive your transcript.
All federal loan counseling and the MPN can be completed online at www.studentloans.gov. You will need the same PIN you used to complete your FAFSA electronically to sign the MPN. If you don’t have a PIN or can’t remember your PIN, you can go to www.pin.ed.gov. Keep your PIN handy so you can go back to this site at anytime for information on your loans. We will receive electronic notification of your completion of these requirements.