Other Sources of Support
All students are encouraged to seek support from outside scholarship sources. Outside scholarship information is available through links on
this website (prospective students/applicants) and the student portal of the HDS Intranet
(current students). Further information regarding scholarships, descriptions, and deadlines are published on a regular basis in
The Nave Online (the weekly student newsletter).
Our office maintains only a fraction of the material available on finding outside scholarship support. Many students find their local libraries contain written and computerized listings of organizations offering varying fellowship possibilities. The HDS population may also find that, in addition to the traditional civic and community organizations that allocate funding to graduate students, the student's denomination or church may act as a possible financing source.
Graduate Federal Plus Loans
Beginning July 1, 2006, graduate students will be eligible to borrow a Federal Graduate PLUS Loan. The PLUS loan allows students who qualify to borrow funds up to their cost of attendance minus all sources of financial aid. Before applying for a Graduate PLUS Loan, students are required to meet with a financial aid counselor.
Students can apply for either the Direct Graduate PLUS Loan or from any other
lending agency via the Federal Family Education Loan Program (FFELP)
Direct Graduate PLUS Loan
Interest Rate
The Direct Graduate PLUS loan is a federal loan with a fixed 7.9% interest rate and a 4% federal guarantee fee. The Department of Education will only charge 2.5% initially. The remaining 1.5% will not be charged unless you fail to make your first 12 monthly payments
on time.
Eligibility
To qualify, an applicant must be a U.S. citizen or permanent resident and must have a satisfactory credit history. Individuals who apply and are turned down due to credit issues are eligible to obtain an endorser (co-signer) and reapply.
Amount
Borrowers are eligible to receive up to the cost of education minus all other aid received from all sources. Grad PLUS loan borrowers must first apply and be approved for their Stafford loan eligibility prior to borrowing a PLUS loan.
How to Apply
HDS students must meet with a financial aid representative before a PLUS loan will be certified. To apply for a Direct Grad PLUS, applicants must complete and return a credit check authorization
form. Once you have passed the credit check, you will be notified of approval.
Deferments, Forbearance, and Repayment Plans
Unlike private loans, PLUS loans are federal loans which qualify for deferment, forbearance, forgiveness, consolidation, and several different repayment plans. Deferments include unlimited in-school deferment, and up to 3 years of deferment for financial hardship and unemployment. PLUS loans also qualify for up to 3 years of forbearance. Repayment plan options include the 10-year standard plan, as well as an extended plan that will allow you to reduce your monthly payments by lengthening your repayment to up to 25 years. There is also an income-contingent repayment plan.
Grace Period
Please note, however, that PLUS loans do not have a grace period and repayment will begin within 30 days of completing your program. There are, however, options to request a forbearance so that you can begin repaying your PLUS loan after the same six-month grace period afforded the Stafford loan.
Federal Family Education Graduate Plus Loan (FFELP)
Interest Rate
The FFELP Graduate PLUS loan is a federal loan. The interest rate will not
exceed 8.5%, and there is a 4% federal guarantee fee. Please note that
interest rates and guarantee fees could be lower depending on which lender you choose.
Eligibility
To qualify, an applicant must be a U.S. citizen or permanent resident and must have a satisfactory credit history. Individuals who apply and are turned down due to credit issues are eligible to obtain an endorser (co-signer) and reapply.
Amount
Borrowers are eligible to receive up to the cost of education minus all other aid received from all sources. Grad PLUS loan borrowers must first apply and be approved for their Stafford loan eligibility prior to borrowing a PLUS loan.
How to Apply
HDS students must meet with a financial aid representative before a PLUS loan will be certified. To apply for a
FFELP Grad PLUS, applicants should apply directly with the lender they are
choosing to process the loan. Once you have passed the credit check, the
financial aid office will be contacted by your lender to electronically certify
your eligibility.
Deferments, Forbearance, and Repayment Plans
Unlike private loans, PLUS loans are federal loans which qualify for deferment, forbearance, forgiveness, consolidation, and several different repayment plans. Deferments include unlimited in-school deferment, and up to 3 years of deferment for financial hardship and unemployment. PLUS loans also qualify for up to 3 years of forbearance. Repayment plan options include the 10-year standard plan, as well as an extended plan that will allow you to reduce your monthly payments by lengthening your repayment to up to 25 years. There is also an income-contingent repayment plan.
Grace Period
Please note, however, that PLUS loans do not have a grace period and repayment will begin within 30 days of completing your program. There are, however, options to request a forbearance so that you can begin repaying your PLUS loan after the same six-month grace period afforded the Stafford loan.
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