Husson College Financial Aid Office

Application Process

Loans

Federal Subsidized Stafford Loan
Available to students demonstrating financial need who are enrolled at least half time in a degree program. The interest rate is variable and is adjusted annually but is capped at 8.25%. The federal government pays the interest on subsidized Stafford loans while the student is enrolled. Loans go into repayment six months after the student leaves school or graduates. Annual loan amounts vary by grade level:

1st year undergraduate

$2,625

2nd year undergraduate

$3,500

3rd, 4th, 5th year undergraduate

$5,500

Graduate

$8,500

Loan funds will not be disbursed earlier than ten days prior to the start of a semester but Husson College's Financial Aid Office determines the actual disbursement date. Loan funds will not be applied to a student's account until all necessary paperwork is received by the Financial Aid Office, including Entrance Interviews.

TO E-SIGN YOUR LOAN PLEASE CLICK HERE:

Federal Unsubsidized Stafford Loan
This non-need-based program is very similar to the Federal Subsidized Stafford Loan, except the interest is not paid by the federal government. The student is responsible for any accrued interest form the time of the first loan disbursement. The student has the option of paying the interest while in school or having the accrued interest capitalized when the loan repayment period begins. Capitalized interest is added to the student's principal loan balance.

Dependent undergraduate students who do not demonstrate financial need for a full Subsidized Stafford Loan may borrow through this program. Combined Subsidized and Unsubsidized Stafford Loans may not exceed the established annual loan limits as stated above. Dependent students whose parents cannot qualify for a PLUS loan will be considered independent for purposes of borrowing an Unsubsidized Stafford Loan and qualify for additional loan amounts. Independent undergraduate students may borrow through the Subsidized Stafford Loan program as well as through the Unsubsidized Stafford Loan program if they demonstrate sufficient need. Again, amounts vary by grade level:

1st and 2nd year undergraduate

$4,000

3rd, 4th, 5th year undergraduate

$5,000

Graduate

$10,000

Choosing a lender
First time borrowers of federal Stafford loans must select a lender to borrow their loan through. Our Lender List is enclosed with a student's financial aid award letter. Students who choose a lender who is not on our Preferred Lender List may experience unavoidable delays in the processing of his/her application. We strongly advise students to choose a lender from our Lender List to avoid these problems.

Federal Perkins Loan
Federal Perkins Loans are available to students who demonstrate exceptional financial need. The interest rate is fixed a 5% and interest does not begin to accrue until repayment begins 9 months after the student leaves school or graduates. We normally award these loans to students in the medical field so they can take advantage of the cancellation benefits.

Parent Loans for Undergraduate Students (PLUS)
PLUS loans are available to parents of dependent students through participating lenders. Eligible borrowers may borrow an amount up to the cost of attendance minus any financial aid. The interest rate is variable but is capped at 9%. Repayment begins once the loan has been fully disbursed. To obtain a pre-approval online credit check click here:

and you will know in minutes of your credit approval. Or to speak to a Sallie Mae Parent Answer Representative call 1-800-891-1410. Please contact the Financial Aid Office to obtain further information on the PLUS loan.

Educational Alternative Loans
Alternative loans are supplemental loans that students can access to supplement other financial aid resources. Please refer to Financing Your Education at Husson College that is enclosed with students' award letters for specific information. Be aware that while some lenders offer the ability to apply via the Internet or phone, students should allow six weeks for alternative loan processing. It should be noted that alternative loans should only be used after all financial aid programs and available resources have been exhausted. These loans to do not have capped interest rates, like federal loan, and cannot be consolidated with federal loans.

Educators for Maine Program
This forgivable loan program is available to Maine residents pursuing careers in education. Undergraduate students are selected through an application process to receive $3,000 a year. These loans can be forgiven by teaching in a public school in Maine upon graduation; otherwise, repayment begins with an interest rate of 9%. For additional information, please contact the Finance Authority of Maine (FAME) at 1-800-228-3734 or go to www.famemaine.com. Applications are also available in Husson College's Financial Aid Office.