Federal Perkins Loan, Federal Stafford Loan, Stafford Online Master Promissory Note, PLUS Loan, PLUS Online Master Promissory Note, Alternative Loans, United Methodist Loan
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 for Loans
To be considered for the Federal Perkins Loan, Federal Stafford Loan, and Federal PLUS Loan all students must complete the Free Application for Federal Student Aid (FAFSA).
Federal Perkins Loan
The Federal Perkins Loan is a student loan you borrow directly from Hamline University.
The fixed annual interest rate is 5%. However, this loan is interest free until repayment begins, which is nine months after you leave school or drop below half-time status.
Borrowing the Federal Perkins Loan is now a paperless process. There are no paper applications or documents to be completed!
1. Check your award letter for eligibility.
2. If you have Perkins Loan eligibility on your award letter and you
want to borrow this loan, you need to complete the application
process and sign your Perkins Master Promissory Note (MPN)
online at www.signmyloan.com.
- You will need your federal (FAFSA) PIN to begin the online process. If you did not electronically file your FAFSA and do not have a federal PIN, you can request a federal PIN at www.pin.ed.gov.
- You will receive an e-mail notification from Sign My Loan when your Perkins Loan is available to sign online. This e-mail will contain specific instructions for completing the online process.
- The e-mail notice will be sent to your preferred e-mail address, which is recorded in Piperline. It is extremely important that you verify this address in Piperline, as it is a critical communication tool in the Perkins Loan process.
Once you have electronically signed your MPN, your Perkins Loan dollar amount will be applied to your account on a semester basis for the 20067–2008 academic year.
If you have Perkins Loan eligibility on your award letter and you do NOT want to borrow this loan, please send a written notice or e-mail to the Office of Financial Aid.
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For more information, please go to www.hamline.edu/perkins
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 0708 Stafford Loan Request Form.
You may also print the 0708 Stafford Loan Request Form in PDF format.
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 1.00%, 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. The Stafford Loan 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.
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 may 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 (6 credits per semester).
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.
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, online MPN access is not available. A MPN will be sent to the address you listed on your Stafford Loan Request Form.)
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 PLUS Loan
Dependent undergraduate students may have a Federal PLUS Loan included in their Hamline University Financial Aid Award Notice. Depending on need, a parent may borrow up to Hamline's "cost of attendance" minus any other financial aid that is awarded to the student. The Hamline University Student Financial Aid Award Notice indicates the amount that you may consider borrowing for your student's education during the coming school year.
PLUS Loans are available to "creditworthy" parents of dependent students who are enrolled at least half-time. If you are denied a PLUS Loan, the student should contact the Office of Financial Aid to determine if she/he is eligible to borrow additional funds through the Federal Unsubsidized Stafford Loan program.
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. Loan funds will be electronically wired to Hamline University and will be credited to the student’s account by the Financial Aid Office.
The Parent (PLUS) Loan is flexible to allow you to decide how much you need to borrow. Repayment of the PLUS loan begins within sixty days after the final disbursement of the loan proceeds. (However, some lenders will allow you to apply for forbearance while your student is in school.) The PLUS loan interest rate is fixed at 8.50%. PLUS loan borrowers have up to ten years to repay their PLUS Loan(s). The minimum monthly payment on a PLUS Loan is $50 per month. With recent passing of legislation, interest paid on PLUS Loans may be tax deductible. Consult with your tax advisor for more details.
At Hamline University we process most loans electronically. Although you may choose any lender that currently participates in the PLUS Loan Program we ask that you consider using a lender from the "Plus Loan Preferred Lenders" list. The lenders listed on the PLUS Loan Preferred Lender list process student loans electronically with Hamline University. Lenders contained on the PLUS Loan 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's Hamline 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.
Application Information
To be considered for the Federal PLUS Loan, all students must complete the Free Application for Federal Student Aid (FAFSA).
- Complete the PLUS Loan request form and return to the Office of Financial Aid.
- Please go to Plus Online Master Promissory Note to complete a new PLUS Master Promissory Note (MPN) for each student you are borrowing for. If online access is not available, a PLUS MPN will be mailed to the address that you list on the PLUS Loan request form.
PLUS Loan applications are available in the Office of Financial Aid, or you may print a 0708 PLUS Loan Request Form in PDF format.
PLUS Online Master Promissory Note
Please click on the lender that you listed on your PLUS Loan Request Form to complete the online PLUS Master Promissory Note. (If you choose a lender that is not on the Preferred Lender List online MPN access is not available. A PLUS MPN will be sent to the address you listed on you PLUS Loan Request Form.)
824573-American Student Loan Network
806361-Bremer
824756-Citibank
802218-Sallie Mae
830694-US Bank
870005-Wachovia
807176-Wells Fargo
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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
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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United Methodist Loan
The United Methodist Loan is only available to students who are members of the United Methodist Church. The maximum amount for eligible members is $2,500 for undergraduate students. The borrower must have a credit worthy co-signer. Repayment begins no later than six month after the student leaves school. The current interest rate is 6%, which accrues while the student is attending school.
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