Preferred Lender List for Domestic Students: Academic Year 2022-2023

Loans on this list are available to U.S. citizens and legal permanent residents enrolled in any HLS degree program (J.D., LL.M., and S.J.D.). Important: J.D. students with further questions about the Preferred Lender List should contact J.D. Student Financial Services, and LL.M and S.J.D. students should contact the Graduate Program Financial Aid Office.

Students attending HLS may choose to borrow through any student loan program and are not required to use the lenders on the Preferred Lender List. It is possible that students could obtain better rates or terms from lenders not on this list. U.S. citizens and legal permanent residents may qualify for federal student loans and the terms and conditions of these federal funds may be more favorable than the terms and conditions of private education loans.

Please be aware of the following circumstances: under the CARES Act the accrual and payment of interest on federal student loans has been suspended through June 30, 2023. Additionally, various proposals have been made for legislation or federal administrative action involving the cancellation of federal student loan debt. HLS cannot predict whether the accrual and payment of interest on federal student loans will ever again be suspended, nor whether the principal of federal student loans will ever be canceled, in a way that will benefit HLS students with federal student loans but not private student loans. HLS recommends that students be aware of these circumstances and conduct such additional inquiry into these circumstances as they deem appropriate, in making their own decisions as to whether to select a federal student loan or private student loan.

For the current academic year of 2022-23, the last day you can submit an application to the lender of your choice is Friday, April 14, 2023.

Preferred Lenders at a Glance for the 2022-23 Academic Year

This is a quick guide to the highlights of each loan program. Although we have attempted to provide accurate information, borrowers should review and verify the exact terms, conditions, qualifications, and disclosures associated with any loan product with the lender. Students attending HLS may choose any loan program and are not required to borrow from the lenders on the Preferred Lender List. It is possible that students could obtain better rates or terms from lenders not on this list. If, after reviewing all of your borrowing options, you’d like to cancel or reduce a loan, you may find instructions on how to do so on our “How do I adjust my loan amount?” page.

	FEDERAL DIRECT UNSUBSIDIZED LOAN	FEDERAL DIRECT GRADPLUS LOAN	COLLEGE AVE STUDENT LOANS	HARVARD UNIVERSITY EMPLOYEES CREDIT UNION (HUECU)
How to Apply	This loan is automatically included in your provisional award if eligible.	Application Instructions	Lender Website	Lender Website
Type	Federal	Federal	Private	Private
Interest Rate for 10 Year Loan Term	6.54% Fixed	7.54% Fixed	4.65% Fixed	4.65% Fixed through 4/14/2023 thereafter rate will be 6.5%
Loan Fees	1.057%	4.228%	None	None
Estimated Repayment Cost per $10,000 Disbursed* for 10 Year Loan Term, No Cosigner	$16,802	$18,611	$14,465	$14,465
Repayment Term	Multiple repayment options available; view full program details below for more information	Multiple repayment options available; view full program details below for more information	10 year repayment term. No penalty for early repayment.	10 year, 5 year, or 15 year repayment terms available, no penalty for early repayment 4.25% fixed rate through 4/14/2023 for all borrowers selecting a 5 year repayment term, thereafter rate will be 6.25% 5.25% fixed rate through 4/14/2023 for all borrowers selecting a 15 year repayment term, thereafter rate will be 7.00%
Annual Loan Limit	$20,500 (if more than limit desired, may borrow through a second loan program)	School-approved cost of attendance	School approved cost of attendance for J.D. Program students For LLM/SJD student loan limits, contact the HLS Graduate Program $1,000 minimum loan amount	$107,000 for J.D. Program students For LLM/SJD student loan limits, contact the HLS Graduate Program $1,000 minimum loan amount
Deferment	Principal and interest payments deferred while student is in school Additional deferment for continued education, military service, service in various volunteer programs, VISTA, Peace Corps	Principal and interest payments deferred while student is in school Additional deferment for continued education, military service, service in various volunteer programs, VISTA, Peace Corps	Principal and interest payments deferred while student is in school 9 month grace period following in-school deferment Additional deferment of up to 12 months for judicial clerkship available	Principal and interest payments deferred while student is attending Harvard at least half-time, or for 48 months, whichever is less Borrower may be eligible for up to 36 months of in-school deferment after the initial enrollment period. 9 month grace period following in-school deferment
Forbearance	Up to 36 months during the life of the loan; can be used during a judicial clerkship	Up to 36 months during the life of the loan; can be used during a judicial clerkship	At lender’s discretion in cases of financial hardship, may be granted for up to 12 months (in either 3 or 6-month increments); can be used during a judicial clerkship; additional forbearance may be available at lender’s discretion	Judicial Clerkship Forbearance available for up to 12 months. At lender’s discretion up to 12 months of additional forbearance time during the life of the loan, granted and reviewed every 6 months
Eligible for J.D. LIPP Assistance?	Yes, for a minimum loan term of 10 years and subject to each J.D. borrower’s LIPP eligible borrowing limit	Yes, for a minimum loan term of 10 years and subject to each J.D borrower’s LIPP eligible borrowing limit	Yes, for a minimum loan term of 10 years and subject to each J.D borrower’s LIPP eligible borrowing limit	Yes, for a minimum loan term of 10 years and subject to each J.D borrower’s LIPP eligible borrowing limit

* This estimated repayment cost was calculated by HLS Student Financial Services based on a single disbursed amount of $10,000 repaid over a 10-year term, with loan fees added to the amount borrowed, and interest accrued during a 40-month in-school deferment and grace period capitalized (added to the outstanding principal) when repayment begins. Because lenders may use different assumptions about deferment and disbursement, these estimates may differ from repayment cost estimates provided by the lenders under Truth in Lending Act (TILA) requirements.

Other Important Information

The private lenders on the Preferred Lender List are not affiliated with each other or with Harvard University. The private lenders on the list were selected through a Request for Proposal (RFP) process conducted in January 2022. The RFP was posted on the Massachusetts Association of Student Financial Aid Administrators (MASFAA) listserve which includes both local and national lenders. A committee including members of Harvard Law School Student Financial Services and members of the Harvard Central Financial Administration evaluated the RFP responses. In choosing the lenders and loan products for the Preferred Lender List, proposals were evaluated based on competitiveness of interest rates and fees, borrower benefits, deferment and forbearance provisions, and customer service. You can view the RFP request and a description of the 2022-23 Preferred Lender List Selection Process.

The Higher Education Opportunity Act of 2008 (HEOA) requires institutions participating in the federal student loan programs develop, publish and enforce a code of conduct with respect to student loans. Harvard University is committed to the highest standard of ethics and conduct. Financial aid staff are bound to the conflict of interest and commitment policies applicable to Harvard employees.  Additionally, to comply with the HEOA, Harvard has adopted the federally mandated Code of Conduct to address specific legislative concerns relating to educational loan programs.

Lenders of private education loans are required to collect from all borrowers a completed and signed Private Education Loan Applicant Self-Certification Form prior to disbursing the loan. Individual lenders should have copies of this form on their websites and typically have implemented their own procedures for collecting the form as part of the loan application process. We recommend contacting your lender directly if you have specific questions about the process for submitting this form.