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Financial Aid

 @HamiltonFinAid

Office of Financial Aid
800-859-4413
315-859-4962 (fax)

Types of Financial Aid

Loans for ParentsOther Financing Options

Loans for Students

Most financial aid awards consist of scholarships, work-study and loans. The student loan debt for recent graduates has ranged between $17,000 and $20,000.

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

Federal Direct Loan for Students:

  • There are two types of Federal Direct Student Loans, Subsidized and Unsubsidized
  • Eligibility for the loan is determined through the FAFSA
  • Repayment begins six months after the student graduates or drops below half-time enrollment
  • Federal Direct Subsidized and Unsubsidized Loans have a fixed interest rate of 3.86% effective July 1, 2013 with a 1.051% origination fee.  Subsidized Loans do not begin accruing interest until after college graduation while Unsubsidized Loans accrue interest once disbursed.
  • Loans first disbursed on or after Dec. 1, 2013 will have an origination fee of 1.072%.
  • Hamilton includes only subsidized loan in our financial aid awards. Depending on eligibility, additional loans may be borrowed to offset the expected family contribution
  • The amount of subsidized loan offered will increase each year as the student advances to the next year of study until the student has reached the loan threshold outlined in the table below. In most cases, the amount offered is the maximum subsidized loan limit also indicated in the table below
  • The completed Direct 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 on My Hamilton
  • Students are required to sign a Master Promissory Note (MPN)
  • An online entrance counseling session must be completed prior to the loan disbursement
  • Loan proceeds will be credited directly to the student account within 10 days prior to the start of classes for both semesters
  • An in-person exit counseling session is required upon graduation or if you drop below half-time attendance
  • Federal regulations require that student loan information be reported to the National Student Loan Data System. Students should monitor their loan information while in school and after graduation
  • Additional information is available via the Direct Loan website and the Direct Loan Basics for Students brochure

Federal Student Loan limits for the 2013-14 academic year
 


Year of Study
Maximum Subsidized /
Unsubsidized Base Amount

Additional Unsubsidized

Maximum Eligibility
Freshman $3,500 $2,000 $5,500
Sophomore $4,500 $2,000 $6,500
Junior $5,500 $2,000 $7,500
Senior $5,500 $2,000 $7,500

Federal Student Loan Interest Rates


Academic Year
Subsidized
Interest Rate
Unsubsidized
Interest Rate
2013-14 3.86% 3.86%
2012-13 3.4% 6.8%
2011-12 3.4% 6.8%
2010-11 4.5% 6.8%
2009-10 5.6% 6.8%


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
  • Federal regulations require that student loan information be reported to the National Student Loan Data System. Students should monitor their loan information while in school and after graduation

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