Harvard Law School has a limited amount of its own loan funds. These funds are typically awarded to students who qualify for HLS grant assistance, students who qualify for SPIF, and , in some cases, students with exceptional circumstance as reviewed and determined by the Financial Aid Committee. LL.M. students from certain countries with need-based financial aid may qualify for an HLS loan. The Graduate Program will inform students of their eligibility.
Harvard Law School loan funds have the following terms and program features:
- Fixed interest rate of 5.0% (other rates range from 5 to 7% depending on varying needs as determined by the Financial Aid Committee)
- Funding is subsidized for the 2023-24 academic year; unsubsidized in previous years (summer loan is subsidized)
- No loan fees, no separate application
- One Master Promissory Note for all three years of law school
- Six-month grace period (repayment begins in the seventh month following the last day of enrollment at HLS)
- Ten-year repayment period ($50 minimum monthly payment), no cumulative debt limit
- Deferment and forbearance provisions similar to the Direct Unsubsidized Loan Program
- Cancellation due to death or permanent disability available
Additional Application Requirements:
In order to accept the HLS loan, the student must sign an electronic master promissory note. A master promissory note generally only needs to be signed once during your time at HLS, and future HLS loans can be disbursed based on the original promissory note as long as the terms of the note does not change. If you are eligible an HLS loan, you will be notified, via e-mail when your promissory note is available for you to sign. Your Harvard Law School Financial Aid application gives us the authority to award you these funds and no separate loan application is needed.
View our Truth in Lending statements for the specific loan for which you are eligible.