Federal Stafford Loan, Stafford Online Master Promissory Note,  Federal Graduate PLUS Loan, PLUS Online Master Promissory Note, Alternative Loans
 

All students must go through Loan Entrance Counseling before receiving Federal Loans or SELF Loans. If you are a first time borrower at Hamline you may complete the Stafford Loan Entrance Counseling and SELF Loan Counseling online.

Once you have completed the seminar the information will be electronically sent to the Office of Financial Aid. Please note: No Federal Loans or SELF Loans can be disbursed to your student account until the entrance counseling has been completed. 

How to Apply

To be considered for the Federal Stafford Loan and the Federal Graduate PLUS Loan, all students must complete the Free Application for Federal Student Aid (FAFSA).

Federal Stafford Loan (Subsidized and Unsubsidized)

The Hamline University Financial Aid Award Notice will indicate the amount and type(s) of Stafford Loan(s) you are eligible to borrow, and will include a Stafford Loan Request Form. 

You may also print the 0708 Stafford Loan Request Form in PDF format.

Half-time Half-ti
There are two types of loans which you may be eligible to borrow; the subsidized Federal Stafford Loan and/or the unsubsidized Federal Stafford Loan. 

The Federal Stafford Loan has an origination fee of up to 1.5% and a default fee of up to 1.0%, which is taken off each disbursement. Some lenders and guarantors may pay a portion of these fees on behalf of the student.  Loan funds will be electronically wired to Hamline University and will be credited to the student’s account by the Financial Aid Office.

The subsidized Federal Stafford Loan is interest-free until the repayment period, which begins six months after the student leaves school or drops below half-time status.  For Stafford Loans the interest rate is fixed at 6.8%.  The unsubsidized Federal Stafford Loan does not carry the in-school interest subsidy. The lender and the student determine the method of in-school interest payment and/or accrual. The terms of the out-of-school repayment on the unsubsidized Federal Stafford Loan are identical to the subsidized Federal Stafford Loan.

At Hamline University we process most loans electronically. Although you may choose any lender that currently participates in the Federal Family Educational Loan Program we ask that you consider using a lender from the "Preferred Stafford Lenders" list. The lenders listed on the Preferred Lender list process student loans electronically with Hamline University. Lenders contained on the Preferred Lender list are "open door" lenders, meaning that you do not have to have an account at their institution in order to process your student loan application through them.

For your convenience, we have made arrangements with our Preferred Lenders to have loan funds disbursed through electronic funds transfer (EFT). This process will allow loan funds to be directly applied to your student account without having to sign a check. If your lender does not participate in EFT, a paper check will be sent to Hamline University and you will be notified when the check is ready for your signature.

Information for Application:
Once you have decided on a lender, complete the Stafford Loan Request Form that you received with your award letter and forward to our office for processing.

1. Stafford loans must be disbursed in equal disbursements for the terms the student is enrolled. 

Attention new borrowers or borrowers choosing a new lender:
After you have completed the Stafford Loan Request Form please submit your Stafford Online Master Promissory Note. (If you choose a lender that is not on the Preferred Lender List, online MPN access is not available. A MPN will be sent to the address you listed on you Stafford Loan Request Form.)

Also, if you are a first time student borrower, you must receive Stafford Loan Entrance Counseling before your loan funds can be credited to your student account. You can complete your Stafford Loan Entrance Counseling online or in person.
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Enrollment Requirements
To receive Stafford Loan eligibility, you must be enrolled at least half-time per term.

	Half-time (per term Academic Year)	Half-time               (Summer)
Licensure	4	4
Master	4	4
Doctorate	4	4
Post Bac	6	6

Award Letter Changes/Revisions
In the event that we receive new or additional information including, but not limited to housing, outside funding or enrollment, your financial aid is subject to change. Please be aware that all financial aid award letter changes/revisions will be sent to you electronically. An e-mail will be sent to your Hamline netmail account that will instruct you to log into Piperline to review your revised award. If at any time you would like a paper copy of your financial aid award, you may request one at Student Administrative Services.

-time Half-time
Stafford Online Master Promissory Note

Please click on the lender that you listed on your Stafford Loan Request Form to complete the Online Master Promissory Note. (If you choose a lender that is not on the Preferred Lender List, or for students borrowing a Stafford Loan through Law Loans, online MPN access is not available. A MPN will be sent to the address you listed on your Stafford Loan Request Form.)

 
808851     Access Group (Law, Masters, and Doctorate Students only) 
824573     American Student Loan Network
806361     Bremer 
824756     Citibank 
802218     Sallie Mae
830694     US Bank
870005     Wachovia 
807176     Wells Fargo

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Federal Graduate PLUS Loan

Available to graduate Degree Students.  (Post Baccalaureate and Licensure Students not eligible)

Graduate students now have access to an additional Federal Loan Program called the Federal Graduate PLUS Loan. Students will be able to borrow the Federal Graduate PLUS loan in addition to the Federal Stafford Loans and/or Private Educational Loans.  Borrowers must apply for their annual loan maximum eligibility under the Federal Stafford Loan Program before applying for the Federal Graduate PLUS Loan.

The Federal Graduate PLUS Loan has the following features: 
A fixed interest rate of 8.5%.

The Federal PLUS Loan has an origination fee of 3.00% and a default fee of 1.00%, which is taken off each disbursement.  Some guarantors may pay the default fee on behalf of the student. 

Credit Check is required.  Students with no adverse credit would be approved for the Federal Graduate PLUS Loan.

Ability to defer repayment while you are in school at least half-time. 

Loan cancellation in the event of your death or permanent and total disability.

Eligible for Federal Loan Consolidation.

Application Information:
To be considered for the Federal Graduate PLUS Loan, all students must complete the Free Application for Federal Student Aid (FAFSA).

PLUS Online Master Promissory Note for Graduate Students
Please click on the lender that you listed on your Federal Graduate PLUS Loan Request Form to complete the online Graduate PLUS Master Promissory Note. (If you choose a lender that is not on the Preferred Lender List online MPN access is not available. A Graduate PLUS MPN will be sent to the address you listed on you Graduate PLUS Loan Request Form.) 
 
808851     Access Group (Law, Masters, and Doctorate Students only) 
824573     American Student Loan Network 
806361     Bremer
824756     Citibank  
802218     Sallie Mae
830694     US Bank
870005     Wachovia
807176     Wells Fargo

Alternative Loans 

You may have an alternative loan included in your Hamline University Financial Aid Award Notice. There are a variety of alternative loans available. All alternative loans are based on satisfactory credit history. Please refer to the appropriate Law & Graduate Alternative Loan Comparison Chart for specific information regarding alternative loans. Applications for alternative loans are available in the Office of Financial Aid.
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January/Winter Term
If you need financial aid for the January term, you may be eligible to apply for an Alternative Loan. Please contact the Student Administrative Services Office at (651) 523-3000 to determine  if you qualify.