Your browser does not support JavaScript

Below is a summary of the general loan guidelines and repayment details. You should always refer to your promissory note and to your lender’s web site for the most accurate borrower specific information.

Glossary of loan terminology

  • Direct Stafford Loans

    The annual loan maximum is $20,500 in unsubsidized funding (up to $8,500 subsidized funding was available through the 2011-2012 academic year based on financial need)

    Interest rates for current and prior years:

    July 1, 2006 through June 30, 2013 6.8%
    July 1, 2013 through June 30, 2014 5.41%
    July 1, 2014 through June 30, 2015 6.21%
    July 1, 2015 through June 30, 2016 5.84%
    • You have a six month grace period, with repayment beginning in the seventh month.
    • For the subsidized portion of this loan, interest does not accrue until 6 months after the last day of class which for May graduates is May 13, 2016 (Federal regulations state that your graduation date is the last day of class and not the actual date you receive your diploma.)
    • Interest accrues from the date of disbursement on the unsubsidized portion. You had the choice of paying interest as it accrued or not. If you paid interest on a regular basis, your loan amount at the time of repayment, will consist of the principal amount only. If you chose to defer payment of the interest while you were in school, and through your grace period, then the amount of money that accrued during your deferment period will be added to the principal amount for a new loan amount at the time of repayment.
    • You have the option of paying all of the accrued interest prior to the end of your grace period in order to avoid having the interest capitalize and paying interest on interest. Most students cannot pay the interest while they are in school and therefore, the interest that accrues during your enrollment will be capitalized once either at the time you separate from the University or at the time you end your grace period and enter repayment. Check with your lender to see when they capitalize the interest on your unsubsidized loan.
  • Direct GradPLUS Loans

    The annual loan maximum is your student budget minus any other aid.
    GradPLUS loans are always unsubsidized and have an annual fixed interest rate.

    Interest rates for current and prior years:

    July 1, 2006 through June 30, 2013 7.9%
    July 1, 2013 through June 30, 2014 6.41%
    July 1, 2014 through June 30, 2015 7.21%
    July 1, 2015 through June 30, 2016 6.84%
    • GradPLUS loans taken out after 7/1/08 are eligible for a 6 month Post Enrollment Deferment from the last day of class 5/13/2016. If you are unable to make payments immediately, you can apply for a deferment or forbearance through your lender.
    • Interest accrues from the date of disbursement on all GradPLUS loans. You had the choice of paying interest as it accrued or not. If you paid interest on a regular basis, your loan amount at the time of repayment, will consist of the principal amount only. If you chose to defer payment of the interest while you were in school, and through your grace period, then the amount of money that accrued during your deferment period will be added to the principal amount for a new loan amount.
    • You have the option of paying all of the accrued interest prior to the end of your grace period in order to avoid paying interest on interest. Most students cannot pay the interest while they are in school and therefore, the interest that accrues during your enrollment will be capitalized once either at the time your separate from the University or at the time you end your grace period and enter repayment. Check with your lender to see when they capitalize the interest on your unsubsidized loan.
  • Perkins Loans

    The annual loan maximum is $8000. Most HLS students received between $2,700 and $6,100 during their time at HLS.

    • All Perkins loans have a 5% fixed interest rate and are subsidized loans.
    • You have a nine month grace period, with repayment beginning in the tenth month.
    • Interest does not accrue until nine months after the last day of class which, for May graduates, is May 13, 2016 (Federal regulations state that your graduation date is the last day of class and not the actual date you receive your diploma.)
    • Harvard University is the lender and ECSI is the servicer of your Perkins loan. The servicer will change this summer to UAS
    • If you are going into a job such as Peace Corp/Vista, Nonprofit Family Service Agency, U. S. Armed Forces in hostile area, Law Enforcement (District Attorney), you may qualify for federal loan cancellation. Refer to the Student Loan Office’s Perkins Loan Cancellation and Postponement form.
    • Perkins loans that are eligible for LIPP will not receive a double benefit, therefore, if you are not paying on your Perkins loan because it is being cancelled through the federal government’s program, LIPP will not use the Perkins loan in it’s calculation of eligibility. Contact the LIPP office with specific Perkins cancellation and postponement questions.
    • There is only one repayment option for Perkins loans: fixed monthly payment amount for a maximum of 10 years depending on total amount borrowed (minimum monthly payment of $40).
  • Harvard Law School Loans

    The annual loan maximum will vary from year to year and is based on the reason we awarded you these funds.

    • All HLS loans have a fixed interest rate ranging from 5 -8% depending on the award year and the reason we awarded your these funds.
    • Most students receive Unsubsidized Harvard Law School loans with the exception of international students who receive the first $8500 in subsidized funds in the 11-12 academic year (in order to mimic the federal loan program that year), students with dependents and summer SPIF loans.
    • Your Unsubsidized Harvard Law School loans accrue interest from the date of disbursement, whereas your subsidized Harvard Law School loans do not accrue interest until the loan is in repayment.
    • Your loan has a six month grace period with the first payment due in the seventh month after the last day of class which for May graduates, is May 13, 2016
    • Harvard University is the lender and ECSI is the servicer of your HLS loans. The servicer will change this summer to UAS.
    • There is only one repayment option for Harvard Law School loans: 10 years of a fixed monthly payment amount (minimum monthly amount of $50).