The Harvard Chan Less Than Half-Time Loan Program is designed in cooperation with the Harvard T.H. Chan School of Public Health, by Harvard University Employees Credit Union, to meet the financing needs of students pursuing the rigorous less than half-time programs (MPH in Epidemiology Online/On-Campus Program, Master in Health Care Management Program, Summer-Only Degree Programs). The program is offered by HUECU, a not-for-profit financial institution with locations at Mass General Hospital, the Charlestown Navy Yard, Longwood Medical Area and Harvard Square.
Domestic Borrower Eligibility
- Accepted or currently enrolled in a less than half-time degree program offered by the Harvard Chan School of Public Health
- Meeting satisfactory academic progress according to the standards of the school
- Is either a U.S. Citizen or Permanent Resident
- The minimum loan amount is $2,000. You may borrow a maximum of $35,000 annually, and up to $250,000 for the entirety of your program.
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| US Citizen and Permanent Resident Students | |
|---|---|
| 15-Year Fixed Rate Apply Now |
|
| Interest Rate1 |
5.25% |
| APR1 as low as |
4.752% |
| Est. Monthly Payment | $77.78 |
| Origination Fee | 0.00% |
| Auto-Pay Rate Discount2 |
0.25% |
| Co-signer Rate Discount3 |
0.50% |
| Repayment | Begins 30 days after first disbursement |
Please review the program Application Truth in Lending Disclosure for further information on loan rates and cost.
International Borrower Eligibility
- Accepted or currently enrolled in a less than half-time degree program offered by the Harvard Chan School of Public Health
- Meeting satisfactory academic progress according to the standards of the school standards
- International student (Non U.S. Citizen or Permanent Resident)
- Citizens of OFAC sanctioned nations are not eligible
- The minimum loan amount is $2,000. You may borrow a maximum of $35,000 annually, and up to $250,000 for the entirety of your program.
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| International Students | |
|---|---|
| 15-Year Fixed Rate Apply Now |
|
| Interest Rate1 | 5.75% |
| APR1 as low as |
5.634% |
| Est. Monthly Payment | $82.40 |
| Origination Fee | 2.50% |
| Auto-Pay Rate Discount2 |
0.25% |
| Co-signer Rate Discount3 |
0.50% |
| Repayment | Begins 30 days after first disbursement |
Please review the program Application Truth in Lending Disclosure for further information on loan rates and cost.
Terms and Conditions Apply. In order to qualify, a borrower must be accepted into or currently enrolled at a less than half-time degree program offered by the Harvard Chan School of Public Health, and must satisfy all required underwriting and document requirements. You are an eligible domestic borrower if you are a U.S. Citizen or permanent resident. All international borrowers must pass an OFAC screening, and applications will not be accepted from residents or citizens of OFAC sanctioned countries.
1. Interest Rate & APR. You may receive a lower rate if a qualified cosigner is associated with your application. The APR assumes your loan will enter immediate repayment after disbursement, and the lowest rate accounts for a qualified cosigner associated with your loan. The APR includes a 2.5% origination fee for international borrowers. Interest is charged daily throughout the life of the loan, beginning the first date of disbursement, through any grace or deferment period, and ending when the loan is paid in full. All payment are first applied to fees, interest, and then principal. Calculations are estimates only. Actual rates and payment information may vary based upon applicable terms.
Loan Example: Repayment examples are based upon a borrower (domestic) and qualified cosigner, and include a cosigner discount of 0.50%. Borrowing $10,000 at 4.75% and 15 year term, results in 4.75% APR, monthly payment of $77.78, finance charge of $4,000.40 and total repayment of $14,000.40.
2. AUTO-PAY. In order to be eligible for the 0.25% interest rate reduction for automatic payments, you must be signed up for automatic payments through University Account Service (UAS). Payment must be set-up from a U.S. bank account. If at any-time automatic payments are stopped, the rate discount will not be applied. The discount will not reduce the monthly payment amount but will help you pay down the loan faster. Auto-pay is not required to obtain a loan. HUECU reserves the right to change rate discounts at any time.
3. COSIGNER DISCOUNT. In order to be eligible for the cosigner discount, your cosigner must meet underwriting and credit requirements.
4. PRIME RATE. All current HUECU products offer a fixed interest rate. However, if you previously borrowed a hybrid or variable rate loan with the credit union, the current education loan prime rate is 3.25%
5. MEMBERSHIP. Membership in the Credit Union requires a $5 minimum deposit in a Share Savings Account.