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Step 3: Understand and Apply for Your Loans

In this step, we will help you:

  • Understand the loans you have been offered
  • Take action to apply for your loans
  • Give you deadlines by which to apply for your loans
  • Inform you about how those loans are used to pay your student eBill and generate a disbursement for living expenses (if eligible)

Understand the loans you have been offered

Below is a general outline of the loans that may be included in your financial aid package. 

  1. To begin, login to MyHLS Financial Aid  and click on the Awards tab to see your aid package.  
  2. Next, compare the chart below to your award and review the information that relates to your specific award.  The links will direct you to our loan terms page for more specific loan rate and terms information.
  3. Note which loans you should take immediate action on as well as the ones where no action is required until the Fall of 2014. 

Your student budget establishes the annual limit on the amount of financial aid (grants and loans from all sources) that is available to you. While some students choose to live under their budget and borrow less funds, others have a need to use a combination of resources that add up to the maximum amount of their budget.  

If you are interested in LIPP, you should pay attention to your maximum LIPP eligible borrowing figure, and try not to borrow more than that amount. To see your maximum LIPP eligible borrowing amount, login to MyHLS Financial Aid and click on the Messages tab.

 Domestic Students:

Loan TypeEligibilityAmountAction StepDeadlinesNotes
Federal Direct Unsubsidized Stafford LoanAll Domestic Students$20,500Sign Promissory Note at studentloans.govAugust 1, 2014Every FAFSA applicant automatically receives this award offer.
Federal Perkins LoanAll Domestic HLS Grant Recipients$5,000None until you are notified in September 2014TBDThis amount can change from year to year depending on our annual allotment.
Harvard Law School LoanAll Domestic HLS Grant Recipients$4,000None until you are notified in September 2014TBDThis is unsubsidized funding. In some cases, domestic students with dependent will receive additional HLS loan funding
Required Supplemental Base LoanAll Domestic HLS Grant Recipients$14,800Complete a Federal Direct GradPLUS application or a Private Supplemental Educational Loan applicationAugust 1, 2014This $14,800 is the minimum amount an HLS grant recipient must borrow through the lender of their choice
Optional Supplemental LoanAll Domestic  StudentsStudent budget minus other aidComplete a Federal Direct GradPLUS application or a Private Supplemental Educational Loan applicationAugust 1, 2014If you want to borrow both the base loan amount and the optional amount, you should complete one application for the total amount you wish to borrow.

 

International Students:

Loan TypeEligibilityAmountAction StepsDeadlinesNotes
Unsubsidized Harvard Law School LoansAll International Students$20,500None until you are notified in September 2014TBDEvery International student financial aid applicant automatically receives this award offer.
Additional Harvard Law School LoansAll International HLS Grant Recipients

*$5,000 Subsidized

*$4,000 Unsubsidized

None until you are notified in September 2014TBDThe amounts are meant to imitate the Perkins and HLS loan funding that domestic grant recipients receive. *The amounts can change from year to year depending on the availability of funds.
Required Supplemental Base LoanAll International HLS Grant Recipients$14,800Complete a Private Supplemental Educational Loan application of your choosingAugust 1, 2014This $14,800 is the minimum amount an HLS grant recipient must borrow through the lender of their choice.
Optional Supplemental LoanAll International StudentsStudent budget minus other aidComplete a Private Supplemental Educational Loan application of your choosingAugust 1, 2014If you want to borrow both the base loan amount and the optional amount, you should complete one application for the total amount you wish to borrow.

 

NOTE! All loans will be disbursed in two separate disbursements; one each semester.  Be certain to borrow the amount you will need for the entire academic year.  Additionally, if you are borrowing from a loan program that deducts fees prior to disbursement, you may increase your loan by the amount of the fees and we will increase your budget for this expense.  Likewise, if you decide that you do not need or want to borrow as much as you initially thought, you should request a loan adjustment.

You will want to read the Education Loans Overview section of our web site for more loan details before signing or applying for any loan.  

Loans and Your eBill

If you apply for your supplemental loan funds prior to July 1st, your loan will be processed in time to be reflect as an anticipated financial aid credit on your first eBill in early July. If you apply on or after July 1st, but before August 1st, the loan will appear as an anticipated credit on your August eBill. Applications received after  August 1st will be processed daily and can be used towards your balance due in lieu of payment. If all of your financial aid is not in place by August 8, 2014 you could be placed on financial hold blocking your ability to register, add or drop classes, or receive a cash advance.  Additionally you could incur a fine of $250.

If your anticipated financial aid credits exceed the total of your eBill charges, you will be eligible for a fall cash advance that can be used for living expenses. A cash advance is money that the University advances to you, interest free, based on the fact that you will soon have loans and/or grants that will disburse to your student eBill.   Eligible students who have all of their financial aid in place by August 8, 2014 will receive a cash advance the first part of September. Students who receive a cash advance should budget the funds for living expenses for the entire fall semester. Spring term cash advance checks will be disbursed no later than December 22, 2014. See the Cash Advances & Refunds section of our web site for more details.

Now you are ready to go to the Loan Application Links page!

Last modified: November 25, 2014

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