Graduate Loans FAQ - Harvard University Employees Credit Union
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Who is eligible for a Harvard Graduate Loan?

International and U.S. domestic Harvard graduate students are eligible to apply for the Harvard Graduate Loan.

If you are a domestic student, you will need one form of government-issued identification. If you are a permanent resident, we will also request a copy of your green card.

If you are an international student, documentation will include a passport, secondary form of identification issued in your home country and an F-1 Visa and I-20 or J-1 Visa and Form DS-2019.

How much can I borrow as a Harvard student?

The total amount Harvard students can borrow is dependent on the cost of attendance, program loan limit for your school, and the financial aid office’s certification of your loan.

Is a co-signer required for the Harvard Graduate Loan?

No. A co-signer is not required.

A credit-worthy co-signer that is a U.S Citizen or permanent resident will result in a 0.50% discount on your interest rate.

A co-signer may be released after 48 months of consecutive qualifying on-time payments. A credit check will be required at the time of release.

Who may co-sign a Harvard Graduate Loan?

A credit-worthy U.S Citizen or permanent resident can co-sign an education loan application. By obtaining a co-signer for your loan, you will receive a 0.50% discount on your interest rate.

What will the interest rate be on my Harvard Graduate Loan?

Your rate will be dependent on which term option you select for your Harvard Graduate Loan. Each domestic and international term option carries its own rate.

You can lower your rate by 0.50% by applying with a qualified co-signer. You can also earn an additional 0.25% interest rate reduction by signing up for automatic recurring payments.

Note: There is no obligation to take the loan once you apply and are approved. We encourage you to apply and evaluate your options before making a final decision.

How are interest rates determined on your education loans?

If your loan has a fixed interest rate, the rate will remain the same for the life of the loan

If your loan has a variable or hybrid interest rate, the U.S. Prime rate is the index to which an additional margin is added to determine your rate. The variable interest rate is adjusted quarterly if the U.S. Prime Rate changes.

How is the origination fee calculated on my Harvard Graduate Loan?

The International Graduate Loan has a 2.5% origination fee. The origination fee is added to the loan amount at the time of disbursement. For example, if an international graduate student requests $10,000 to be disbursed on their behalf to Harvard University, the origination fee will be $250, and the total loan amount will be $10,250.

There is no origination fee on domestic education loans.

How does interest accrue on my Harvard Graduate Loan?

While your education loan is deferred during enrollment, simple interest accrues daily on the principal you borrowed. After your 6-month grace period, the interest that accrued during enrollment capitalizes, which means it is added to the principal and interest then accrues on the entire balance.

When am I required to begin making payments on my Harvard Graduate Loan?

Students may choose full deferment while in school or choose to make payments while enrolled. The loan will officially enter repayment status six months after you graduate or drop below half-time, and your full amortized payment will be due each month.

There is no penalty for early repayment.

To whom do I make payments for my Harvard Graduate Loan?

All HUECU education loans are serviced by University Accounting Services (UAS). You can read more about UAS, and how to make payments, by visiting HUECU’s Education Loan Repayment webpage.

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