Loans for Students

Most financial aid packages consist of scholarships, work-study and loans. For Hamilton graduates in the Class of 2008 who had been packaged with loans, the average total indebtedness at graduation was approximately $14,000.  

Here is information regarding loans that may be included in your financial aid package.  Additional information on loans beyond those included in a financial aid package is available on our "Other Financing Options" page.

For the 2010-2011 academic year the Financial Aid Office will change the way we process Stafford and parent PLUS Loans. Currently we participate with the Federal Family Education Loan Program (FFELP), which is a lender-based process. Effective with the 2010-2011 academic year we will participate in the Direct Lending program. We will no longer offer FFELP-based loans.  With Direct Lending, the lender is the U.S. Department of Education; there are no banks or other financial institutions. Interest rates and aggregate limits will remain the same for Stafford Loans under Direct Lending. PLUS Loan borrowers will have an advantage with Direct Lending as the interest rate is lower. We are currently in the process of working with other offices on campus to implement this functionality. Additional information will be available on our web site as we work through this conversion. We appreciate your patience and welcome your questions.

Federal Stafford Loan:

• 2009-10 Student Loan Request Form  
• 5.6% subsidized and 6.8% unsubsidized fixed interest rate
• Subsidized (within need) portion accrues no interest while student is in college
• The portion of the loan that is "beyond financial need" is unsubsidized, which accrues interest upon disbursement
• Hamilton includes only subsidized loan in our financial aid awards.  Depending on eligibility, additional loans may be borrowed to offset the expected family contribution
• Regardless of financial need, any student can borrow a Stafford Loan if a FAFSA is filed 
• The completed Student Loan Request Form must be returned to the Financial Aid Office.  Most students receiving aid will find a personalized loan form when accessing the financial aid award area of their online MyHamilton account
• Students are required to sign a Master Promissory Note (MPN) with their lender
• An online entrance counseling session must be completed prior to the loan disbursement 
• Origination (0.5%) and federal default (up to 1%) fees may be removed prior to disbursement; check with your lender
• An in-person exit counseling session is required upon graduation or if you drop below half-time attendance
• Repayment begins 6 months after graduation or if you drop below half-time attendance 
• Stafford loan limits for the 2009-2010 academic year:

Federal Perkins Loan:

• 5% fixed interest rate 
• Students cannot request a Perkins Loan; Hamilton receives limited Perkins funds and distributes according to our policy
• Eligibility is based on financial need and students are notified in Award Letter
• Students sign for their loan in the Business Office after the start of classes each term
• An online entrance counseling session must be completed prior to the loan disbursement
• An in-person exit counseling session is required upon graduation or if you drop below half-time attendance
• Repayment begins 9 months after graduation and must be repaid in 10 years