Loans
Husson University is committed to providing an outstanding quality education at an affordable price. Our reasonable and competitive tuition costs are the lowest possible for a private institution without state subsidies. However, even after all financial aid resources are taken into account, you may find that you still need to pay a portion of your Husson University charges (tuition, fees and room and board if living on campus). Below is a description of the major loan programs.
You must repay your loans, so it is important to understand your options and responsibilities.
Loan funds will not be disbursed earlier than ten days prior to the start of a semester, but Husson University's Financial Aid Office determines the actual disbursement date. Loan funds will not be applied to your account until all necessary documents are received by the Financial Aid Office, including Direct Loan Entrance Counseling and a Master Promissory Note (MPN).
William D. Ford Federal Direct Loans
Direct Subsidized Loans:
- Direct Subsidized Loans are available to undergraduate students with financial need and enrolled in at least half time (6 credits)
- Your school determines the amount you can borrow, and the amount may not exceed your financial need.
- The U.S. Department of Education pays the interest on a Direct Subsidized Loan while you're in school at least half-time, for the first six months after you leave school (referred to as a grace period), and during a period of deferment (a postponement of loan payments).
There is a maximum eligibility limit to FEDERAL SUBSIDIZED DIRECT LOANS, EFFECTIVE JULY 1, 2013
Direct Unsubsidized Loans:
- Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need.
- Your school determines the amount you can borrow based on your cost of attendance and other financial aid you receive.
- You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods. If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).
Federal Direct PLUS Loan:
Parents of students, and some graduate students, can apply for a PLUS loan, which carries a low interest rate (9.08% for loans disbursed on or after July 1, 2024 and before July 1, 2025) and usually allows up to 10 years for repayment. If you or your parents would like further information on this program, please go to www.studentaid.gov.
These are private loans that are not associated with the Federal Direct Loan programs and also require credit checks and most often a co-borrower. It is advised to carefully compare and research all of your options to find out which is the best option for you. There are many advantages to accepting federal loans, and we do recommend accepting any Federal Loans before considering private loans. To look at the alternative loan options, please use our free tool at www.elmselect.com.
Note that alternative loan borrowers are required to file the FAFSA.
How does the Process Work?
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The Free Application for Federal Student Aid (FAFSA) is the first and most important step in applying for financial aid. It is used to determine your eligibility for need-based financial aid and all Federal, state and institutional student aid programs. Remember to include Husson University's school code (002043) in step six of the FAFSA.
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Wait for the Financial Aid Office to send your Financial Aid Award Letter and complete your offer acceptance.
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Make sure to complete your Master Promissory Note and Direct Loan Entrance Counseling on the FAFSA website, using your FSA ID.
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Loans will be applied first to your tuition bill and then any refunds (if you are eligible) will be applied to your account.
Interest Rates and Loan Fees
Interest Rates for Direct Loans First Disbursed on or After July 1, 2024, and Before July 1, 2025
Loan Type
|
Borrower Type
|
Fixed Interest Rate
|
|---|---|---|
Direct Subsidized Loans and Direct Unsubsidized Loans
|
Undergraduate
|
6.53%
|
Direct Unsubsidized Loans
|
Graduate or Professional
|
8.08%
|
Direct PLUS Loans
|
Parents and Graduate or Professional Students
|
9.08%
|
All interest rates shown in the chart above are fixed rates. A fixed rate will not change for the life of the loan.
For more information about interest rates and loan fees, please refer to the Department of Education's website:
Important Information About Borrowing and Repaying Student Loans
Whether you're borrowing federal or private student loans, different organizations (lenders, servicers, collection agencies, and more) play a part to ensure you receive and repay your money on time.
A cohort default rate is the percentage of a school's borrowers who enter repayment on certain Federal Family Education Loan (FFEL) Program or William D. Ford Federal Direct Loan (Direct Loan) Program loans during a particular federal fiscal year (FY), October 1 to September 30, and default or meet other specified conditions prior to the end of the second following fiscal year. The U.S. Department of Education releases official cohort default rates once per year.
FY 17 Husson University Cohort Default Rate: 8%
FY 17 National Cohort Default Rate: 9.7%
80% of students enrolled at Husson University borrow federal student loans.