The Financial Aid Office at the University of Hartford encourages students and parents to first exhaust all Federal loan eligibility before borrowing an alternative education loan.  Federal loans for students include the Stafford and for graduate students, the graduate PLUS.  The parent PLUS is a loan for parents of undergraduate students.  Federal loans are secured by the Federal Government, have fixed interest rates and provide the borrower with protections that private educational loans may not. 

The University of Hartford website, www.hartford.edu, has detailed information on how to apply for the Federal loan programs and suggestions on lenders for these programs.  The undergraduate subsidized Stafford loan rate as of July1, 2008, is 6.0% fixed. The interest on a subsidized Stafford is paid by the government while you are in school, and your repayment begins 6 months after graduation or dropping below half time enrollment. The graduate subsidized Stafford loan has the same terms as the undergraduate, with a fixed interest rate of 6.8%.  All unsubsidized Stafford loans have a fixed rate of 6.8%, as of July1, 2008.  The interest on unsubsidized loans and PLUS loans begins to accrue at disbursement.  Unsubsidized Stafford repayment begins 6 months after graduation or dropping below half time enrollment.  We recommend paying the unsubsidized Stafford loan interest while you are in school, to avoid compounded interest at repayment. The interest on a PLUS is 8.5% fixed and begins to accrue at disbursement.  Payments begin 60 days after the final disbursement.  

Alternative education loans are intended to fill the gap between the financial aid awarded and the cost of attendance.  Before selecting an alternative education loan, have a clear understanding of how it compares to other loans regarding origination fees, interest rates, payback periods and borrower and academic requirements.  We also recommend you check with your state department of higher education for alternative education loan options.  Some alternative education loans offer varying rates depending on your credit report.  You can estimate your monthly payment by visiting http://finaid.org and clicking on calculator.  Some loans offer interest rates that change with the Prime Rate or the LIBOR.  For those current rates, please visit www.moneycafe.com.  

For students and parents seeking alternative education loan options, please review the loan chart on the reverse carefully.  Remember these are loans, which must be repaid.  The loans listed will address various academic and financial circumstances.  All of these loans are pending a credit check of the borrower and co-borrower that will be performed by the lender. This chart will help you with an overview.  More information about any of these loans is available through the websites listed.  All inquiries and applications should be directed to the lender.

The Connecticut Family Education Loan Program (CTFELP) is based on bond issues within the state of Connecticut and is available to students from Connecticut and students attending schools in Connecticut.  CTFELP offers a very competitive fixed rate loan (rate as of 5/1/2008 is 6.99%). 

Please contact the office of admission and student financial assistance with any questions at
(800) 947-4303 or finaid@hartford.edu.

Click here to view Alternative Education Loan Options