Office of Financial Assistance        |        200 Bloomfield Avenue        |        West Hartford, CT 06117

 

p: 800.947.4303        f: 860.768.4961        e: finaid@hartford.edu
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Loans

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 $1,700 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) and the necessary disclosures 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.

Subsidized

The subsidized Stafford Loan is a need-based federal loan available to undergraduate students. Students will borrow funds directly from the federal government and begin repayment after falling below half-time status or after separation from the University. The interest rate is tied to the 10 year T-Note and is currently set at 3.86% for loans first disbursed on or after July 1, 2013. The Federal government will pay the interest on the loan while you are in school. Students may borrow up to the following amounts with an aggregate 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 1.051% proportionately from each disbursement. 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.

Unsubsidized

The unsubsidized Stafford Loan is a federal loan available to both undergraduate and graduate students. You must complete the FAFSA to qualify. Students will borrow funds directly from the federal government and being repayment after falling below half-time status or after separation from the University. The interest rate is tied to the 10 year T-Note and is currently set at 3.86% for undergraduates and 5.41% for graduates for loans first disbursed on or after July 1, 2013. 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

Graduate Student $20,500

Doctoral Clinical Psychology: $37,167

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. Graduate students have an aggregate limit of $138,500. Doctoral Program Clinical Psychology students have an aggregate limit of $224,000.

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 1.051% proportionately from each disbursement. 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 for Undergraduate Students

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 after the student falls below half-time status or separates from the University. The interest rate is tied to the 10 year T-Note and is currently set at 6.41% for loans first disbursed on or after July 1, 2013. The borrower is responsible for payment of the interest on this loan while the student is in school (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 4.204% 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 must 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.

Alternative education loans, also called private loans, are a type of financial assistance beyond traditional financial aid. Traditional financial aid includes federal, state, and university funds obtained through completion of the Free Application for Federal Student Aid (FAFSA). Alternative loans are often used to pay the balance owed to the University after the traditional financial aid has been applied.

The University annually publishes a list of recommended private education loans to help students and their parents navigate the process. Look at the different options available for each loan and choose the one that best meets your needs. You can apply through the websites and phone numbers provided. Please keep in mind this is not a comprehensive list and, you can borrow from any lender of your choosing.

Alternative education loans must be repaid. So before you borrow, please review these helpful tips.

  1. Ensure you’ve filed the FAFSA. The FAFSA allows for opportunities for grant and loan assistance. These loans have fixed interest rates and multiple repayment options saving you funds over the life of the loan.
  2. Check into our monthly TuitionPay plan. It allows you to pay current annual expenses in manageable interest free installments. You can review this at tuitionpay.salliemae.com/hartford or by calling 1-800-635-0120.
  3. Look into the Federal PLUS. This loan also carries a fixed interest rate and can be borrowed by graduate students and parents of dependent students.
  4. Don’t borrow one more penny than necessary. Be hard on yourself. You will have to repay the loan and the less you have to repay, the better.
  5. You can increase your chances of being approved for an alternative loan by applying with a creditworthy co-signer.

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.

For information on repayment, please contact your servicer. You can also review information on some types of repayment here.

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