Funding Your Education

Beginning with the 2026-27 academic year, there are significant changes to federal loan borrowing for students beginning new degree programs. 

Harvard has created a webpage that summarizes the most significant changes. 

Eligibility 

To qualify for federal loans, students must submit the Free Application for Federal Student Aid (FAFSA) form and maintain enrollment in a minimum of 8 credits per term of enrollment. Students eligible to apply are US Citizens, US Permanent Residents, Citizens of Freely Associated States, Refugees, and Persons granted Asylum.  

International students are not eligible for federal aid.   

First-time borrowers to any federal loan program must complete online entrance counseling prior to the first disbursement of the loan. The counseling states the borrower's rights and responsibilities as well as the consequences of default. Upon receipt of a degree, approval of a leave of absence, or withdrawal from HDS, online loan exit counseling is required. In this session students will receive specific information on repayment options, indebtedness levels, and other general loan information. 

In addition to entrance counseling, first-time borrowers or those who have not borrowed loans through the Direct Loan Program in the past 10 years will also need to complete a master promissory note. Students who enroll at HDS and opt to take out loans will be sent information during the summer prior to enrollment with instructions on how to complete the master promissory note. 

Harvard Divinity School currently participates in several federally funded self-help programs, including the Federal Work-Study Program and the Federal Direct Unsubsidized Stafford Loan. These programs are available to U.S. citizens and permanent residents who need help in meeting the cost of their graduate study. Students who are not in degree programs or who are pursuing less than a half-time course of study are not eligible for federal financial assistance. 

How To Apply 

Applicants to any federal financial aid programs must file the HDS Application for Financial Aid and the Free Application for Federal Student Aid (FAFSA). Eligibility for these federally funded programs is determined from the information provided on these forms. Eligibility for the Federal Work-Study Program is based on financial need as stipulated by Federal Methodology, a method used to calculate a student's expected contribution. All graduate students are considered independent, and therefore parental financial information is not a factor in determining eligibility. 

Since Federal Methodology does not allow for the living expenses of the spouse and/or dependents, a budget based on the standard living expenses for a single student is used. There are certain categories for which the regulations allow an increase to this budget, which include (but are not limited to): 

• medical/dental expenses not covered by insurance 
• certain child care costs 
• computer purchase (may be used only once) 
• moving expenses (may be used only once) 
• certain housing costs 

Students applying for federal aid who believe they have allowable expenses that could be used to increase their budgets should document these expenses and request an appointment with a financial aid officer. Such added expenses to a student's budget do not increase their eligibility for institutional grant support, but they could, however, increase their increase their loan or federal work-study eligibility.

It is Harvard Divinity School policy that students currently in default on a previous Federal Family Education Loan Program (FFELP), Stafford, or Perkins Loan are ineligible to receive federal or institutional financial aid. 

Satisfactory Academic Progress 

Government regulations require that students make satisfactory academic progress each year in order to be eligible for federal loans and/or work-study. Satisfactory progress guidelines can be found in the HDS Handbook for Students. 

Verification 

Federal regulations require the Office of Financial Aid verify students' eligibility for federal financial aid. Verification is a process used to check the accuracy of the information provided by an applicant for federal financial aid. For 2026-27, Harvard University will comply with the Standard Verification Guidelines. To ensure compliance, additional documentation may be required of students. It is expected that any requests for additional information will be fulfilled. Failure to do so may result in the cancellation of federal aid. 

The Unsubsidized Stafford is a guaranteed student loan; therefore, the only reason students can be turned down is if they have met their annual or lifetime loan limits or are currently in default of a current or previous federal loan. The unsubsidized loan does accrue interest while you are in school and during your six-month grace period. Borrowers will receive quarterly interest statements and will have the option to make interest-only payments or allow the interest to be added to the base amount borrowed. 

Eligibility 

To qualify, an applicant must be a U.S. citizen or permanent resident and must not be in default of a previous federal education loan. Students must apply for financial aid by completing the Free Application for Federal Aid (FAFSA) for each year enrolled. In addition, you must submit any additional information requested (selective service registration, tax transcripts, W-2's, proof of citizenship etc.). 

Borrowing Limits 

Beginning with the 2026-27 academic year, there are significant changes to federal loan borrowing for students. 

Graduate Unsubsidized Direct Loan Limits for students beginning a new program (effective July 1, 2026): 

Professional Programs (including MDiv): Up to $50,000/year, $200,000 lifetime borrowing limit for all graduate Stafford loans. The lifetime borrowing combined aggregate limit for undergraduate and graduate loans is $257,500 

Graduate programs (Including MTS, MRPL & ThM): Up to $20,500/year, $100,000 lifetime borrowing limit for all graduate Stafford loans. The lifetime borrowing combined aggregate limit for undergraduate and graduate loans is $257,500 

Currently enrolled students remaining in the same program will follow legacy borrowing rules. Eligible students under the legacy provision may borrow a maximum of $20,500 per year (pending eligibility) up to a lifetime total of $138,500 (including undergraduate and graduate indebtedness under the William D. Ford Federal Direct Loan Program and the Federal Stafford Loan Program).  The lifetime borrowing combined aggregate limit for undergraduate and graduate loans including the Graduate Plus is $257,500 

Interest rate and fees: 

As of July 1, 2013, the interest rate for Unsubsidized Stafford Loans has returned to a variable rate with a maximum interest rate cap of 9.50 percent. The interest rate will change each year on July 1 based on the 10-year Treasury Note Index plus 3.60 percent. The interest rate for the 2026-27 academic year is 8.07%. 

The origination fee as of October 1, 2020, is 1.057 percent. 

Deferments: 

A deferment is a postponement of payment on a loan, during which interest does not accrue if the loan is subsidized. You may qualify for a deferment while you: 

• Are enrolled at least half time in an eligible postsecondary school or studying full time in a graduate fellowship program or an approved disability rehabilitation program. 
• Are unemployed or meet our rules for economic hardship (limited to three years). 
• Military Service: You may also be eligible for a deferment based on qualifying active duty service in the U.S. Armed Forces or National Guard. Refer to the MPN for your loan or contact the Direct Loan Servicing Center for more information about specific qualifications for deferment based on military service. 

In most cases, you need to submit a deferment request to your loan servicer along with documentation of your eligibility for the deferment. 

If you've gone back to school and your loan servicer receives enrollment information that shows you're enrolled at least half time, it will automatically put your loans into deferment and notify you. You have the option of cancelling the deferment and continuing to make payments on your loan. 

HDS participates in the National Student Loan Clearing House. Students enrolled at HDS will have their enrollment reported after the drop/add period has ended. If your loan servicer is not enrolled in the clearinghouse, you should contact them for a paper deferment form.  Deferments are processed through the registrar’s office. The office of financial aid highly recommends that students confirm with their lender that the deferment has been processed before discontinuing their payments.  

If you are in default on your loan, you are not eligible for a deferment. 

Forbearance 

If you can't make your scheduled loan payments, but don't qualify for a deferment, you may be eligible for a forbearance. A forbearance allows you to temporarily stop making payments on your loan, temporarily make smaller payments, or extend the time for making payments. Some common reasons for getting a forbearance are illness, financial hardship or serving in a medical or dental internship or residency. You can get more information by contacting your loan servicer. 

Under certain circumstances, you can automatically be given a forbearance, for instance, while a deferment is being processed, forbearance, cancellation, change in repayment plan or consolidation, or if you're involved in a military mobilization or a local or national emergency. 

If you are in default on your loan, you are not eligible for a forbearance. 

Grace period 

When you graduate, drop below half-time, or withdraw from your academic program, you will receive a six-month grace period for your Direct Subsidized and Unsubsidized Loans. Once your grace period ends, you must begin repaying your loan(s). If the loan is subsidized interest is not accrued during this time. 

Repayment options 

There are several repayment options available to students. Please visit the Federal Student Aid website for repayment plan information. Students who are interested in determining what their estimated monthly payment might be can consult a loan calculator. 

Important note: Due to recently passed federal legislation, the Federal Direct Graduate PLUS Loan Program will be eliminated on July 1, 2026. Only students continuing in their current HDS program and who have borrowed a Direct Loan before July 1, 2026, will be able to borrow through this program for up to 3 more years or until program completion, whichever comes first. New students entering HDS for the 2026-2027 academic year will not be able to access this loan program. 

Graduate students are eligible to borrow a Federal Direct 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. 

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. 

Interest rate and fees 

The interest rate for the Graduate PLUS Loan is a variable rate. The interest rate will change each year on July 1 based on the 10-year Treasury Note Index plus 4.60 percent. The interest rate for the 2026-27 academic year is 9.07%. 

The origination fee as of October 1, 2020, is 4.228 percent. 

Amount 

Borrowers are eligible to receive up to the cost of education minus all other aid received from all sources. Graduate 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 Graduate PLUS Loan, 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. 

There are several repayment options available that are designed to meet the individual needs of borrowers, including income-driven repayment plans that determine your monthly payment amount based on your income and family size. Your loan servicer can help you understand which repayment options are available to you. Generally, you’ll have 10 to 25 years to repay your loan, depending on the repayment plan that you choose. Learn about your repayment options. 

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 or dropping below half-time enrollment. 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. 

Private loans are credit-based loans that may be borrowed in addition to the Federal Direct Unsubsidized Loan or other loan programs, meeting the gap between the student budget and the financial aid offer. Students must enroll in a minimum of eight credits per term in a degree-granting program to be eligible. Careful attention should be given to the interest rate (whether it is fixed or variable), to the length of the repayment period, to any borrower benefits (such as interest rate reductions and services) and to the deferment options. Students who anticipate continuing their studies beyond HDS should pay attention to the deferment options for each of the loans. 

Your loan offers may vary depending on your credit history and current interest rates. In addition, you should carefully consider the total cost of taking out of the loan (factoring in both fees and interest), repayment schedules, your personal tolerance for risk, and whether there are options to defer payments while you’re in school or during periods of financial hardship. 

The Financial Aid Office can only certify loans for up to a maximum of the difference between your student budget and the financial aid you receive from all sources. The difference between your student budget (refer to the HDS Student Aid Portal) and the amount you are receiving in financial aid from all sources is equal to the maximum supplemental student loan you may borrow. 

Please note: Processing private loan requests can be a lengthy process; loan applications are reviewed by the responsible lender/agency prior to its certification by the HDS Financial Aid Office. Students who know they will require a private loan should begin the process, usually in mid to late June for fall enrollment. 

Consider all options when choosing a private educational loan. It is important to research and compare each option in detail, so you select the best possible product for your individual needs. Students are not required to borrow through the lenders included on this site. These loans were included based on their accessibility to a variety of students, interest rate options, credit criteria, financial management tools and repayment options. Please refer to the specific lender's website for comprehensive information regarding their loan program.  

Harvard University and HDS have no financial interest in which private loan you choose to borrow. Please review the Harvard University Student Loan Code of Conduct (PDF).  

Private Student Loans are available from numerous banks and lending institutions. They have different approval criteria, interest rates, repayment plans, terms, and conditions. Therefore, it is important to carefully compare private supplemental student loan products.  More information about these loans can be found through the Harvard Private Loan website, and you can learn more about recent changes to federal student loans and Harvard's response here. 

To support students who may be affected by the changes that go into effect on July 1, 2026, Harvard University has developed a University-wide Preferred Lender List for the 2026-27 academic year, modeled after a program that has existed at Harvard Law School for a decade. The rates and terms from lenders on this list are expected to be better for many borrowers than other available lending options.  

Master's candidates may apply for grant support during the period in which they are being charged tuition. Students who extend their program beyond the necessary degree requirements are ineligible for institutional support. Students who extend their academic program but who are still within the necessary degree requirements should consult with the financial aid office to determine if they would be eligible to continue receiving grant support. 

Students who are considering switching from the MTS to the MDiv program should be aware of the following policies: 

Merit awards, including stipends, will not be extended for the third year. Students can apply for need-based aid in year three and if eligible, will receive a 50% tuition grant. Students receiving need-based aid will not have their award automatically extended to the third year. Students can apply for need-based aid in year three and if eligible, will receive a 50% tuition grant. 

Students receiving stipend support should note that stipends are provided only for the duration of the traditional length of their program (two years for the MTS and three years for the MDiv). United States citizens and permanent residents may apply for federal funds to assist with the added costs of extending their program.  

Admitted PhD candidates will be sent their financial aid award by the Graduate School of Arts and Sciences.  

Education benefits are available for veterans, active military personnel, and their eligible dependents. These programs have different benefits packages and eligibility requirements, and students may only use one at a time: 

Prospective, admitted and current students hoping to utilize Veterans Education Benefits at HDS may contact the HDS Financial Aid Office with questions. Please note that before benefits can be certified by HDS we must receive a copy of the VA certificate of eligibility and a completed Notice of Student enrollment. The notice of student enrollment will be e-mailed in July to students who have identified themselves to the HDS Office of Financial Aid as being eligible for benefits.  

More information about education benefits offered by the VA is available below:

• Post 9/11 GI Bill® (CH33)
• Montgomery GI Bill Active Duty (CH30) 
• Montgomery GI Bill Selected Reserve (CH1606)
• Survivors and Dependents Benefits (CH35) 

CH33 is a commonly used benefit at Harvard Divinity School. CH33 provides up to 36 months (4 regular school years) of education benefits to eligible service members (Active Duty, Guard and Reserve) and Veterans who have served at least 90 days on active duty since 9/10/2001. Benefits include paid tuition and fees, a stipend for books and a monthly housing allowance. Benefits are tiered based on number of days on active duty and can be transferred to spouse or family member in certain circumstances. 

 Students who are eligible for a monthly housing allowance through the VA must attend most of their classes on campus to receive their full benefit. 

 For more information on applying for these benefits, visit the VAs website.

Yellow Ribbon Program 

Harvard Divinity School is pleased to participate in the Yellow Ribbon Program in which additional financial assistance supplements the base educational benefits provided by CH33. 

The Yellow Ribbon Program supplements veterans who are eligible for 100% of the Post 9/11 GI Bill® (Chapter 33). After VA tuition support is calculated HDS provides a grant that is matched by the VA to meet the remaining tuition and fees balance for eligible Yellow Ribbon program veterans. Learn more about veterans' education benefits at Harvard and the Yellow Ribbon Program. Only veterans certified by the VA as having 100% eligibility are eligible for Yellow Ribbon benefits.   

The Federal Work-Study Program, open to U.S. citizens and permanent residents, is a federally funded program that provides eligible students with subsidized employment earnings. Eligibility for work-study is based strictly on financial need. Payment is provided by the University (70 percent from the Federal Work-Study Program) and the employing office (the remaining 30 percent). The percentage split for payment may vary in certain circumstances, notably use of federal work-study funds for field education placement. 

Graduate students generally earn an hourly wage in the range of $18 to $21 (2026-27 rates). Students are encouraged to work no more than 20 hours per week during the academic year and 40 hours per week during the summer and school vacation periods. Pay rates vary depending on the type of job performed. There is no compensation for legal or religious holidays or lunch hours. Payments are made weekly to students for work they performed in the previous week.  

Typical allocations for the academic year are up to $6,000 per student pending eligibility. This ceiling may be allocated to more than one job if the total ceiling is not exceeded. Earnings are monitored so that the total resources do not exceed the cost of education. It is the student's responsibility to report receipt of any financial resources not noted at the time that the original earnings limit was set.  

Those interested in obtaining a work-study job should:  

First complete and return all of the necessary paperwork, described in the eligibility and required certification sections, so that the Office of Financial Aid may determine if a student has "financial need." 

Submit a work-study request form so our office may award interested students who show eligibility.  

Students who qualify will be given an on-line work-study referral on which their earnings ceiling is listed. This referral documents to the student's employer that the student has been awarded work-study funding. Upon completion of this referral, and its subsequent submission to the employer as well as the departmental payroll coordinator, a student's weekly paycheck will begin.  

Off-campus work-study employment is ordinarily with public or private nonprofit organizations whose work performance requirements are not political or sectarian in nature. Students in the Field Education Program at HDS may have their placements paid through the work-study program under this provision. Students interested in using work-study for a field education program should contact the Office of Ministry Studies (OMS). A listing of appropriate candidates is made by OMS and then forwarded to the Office of Financial Aid. Work-study referrals are provided to OMS by our office for students who qualify.  

Students who do not have federal work-study eligibility, including international students, but who would like to work on campus may still be able to do so. A number of offices throughout the University are able to offer non-work-study positions. Interested students should visit the Harvard Student Employment Office website.  

International students are eligible to work on campus (up to 20 hours per week when classes are in session and up to 40 hours per week during breaks) and should contact the Harvard International Office for more information on what visa documentation may be required.