Loans

Humboldt State University participates in two types of federal student loan programs:

William D. Ford Federal Direct Student Loan -- our primary loan program (also known as the Federal Direct Stafford/Ford Loans, or simply Direct Loans; including Direct PLUS loans)

View our Direct Loans section for further program details.

Federal Perkins Loan—a low-interest loans for students with exceptional financial need; funding is limited. For more on the Federal Perkins Loan program, click here.

These loans are made available by the U.S. Department of Education by filing the Free Application for Federal Student Aid (FAFSA). Loan awards accepted by the student are processed the through HSU for Perkins Loan (HSU is the lender) and the Department of Education for the federal Direct Loan (Dept. of Education is the lender).

We DO NOT certify Federal Family Educational Loan Program Loans (FFEL or Federal Stafford Loan; including Federal Stafford PLUS loans). The FFEL program is similar to the Direct Loan program in its terms and conditions but the lenders are banks, credit unions or private companies in partnership with guarantee agencies and the federal government.

Students applying to more than one college should check with the colleges to determine which program is administered, Direct Loans or FFEL Loans. As stated above, in HSU's case, we administer Direct Loans.

For a quick summary of the Federal Loans offered at HSU, please see the following chart:

Federal Loans at a Glance, 2009-2010 Loan Type→ Perkins Loan * Subsidized Direct Student Loan Unsubsidized Direct Student Loan PLUS Loan
Who Can Get It? Undergraduate, Credential, Graduate Students* Undergraduate, Credential, Graduate Students Undergraduate, Credential, Graduate Students Parents, Graduate Student
Interest Rate 5% 5.6% undergraduates, 6.8% post-baccalaureates 6.80% 7.90%
Loan Fee (Percentage of Gross Loan Amount) 0% 0.5% 0.5% 2.50%
Grace Period 9 months 6 months 6 months 60 days**
Interest Accrues While in School? No No Yes Yes
Annual Limits Freshmen    (0-29 units) Dependent $2,500 $5,500 - no more than $3,500 subsidized For Dependent and Graduate students up to the cost of attendance minus all other aid received.
Independent $2,500 $9,500 - no more than $3,500 subsidized
Sophomores  (30-59 units) Dependent $2,500 $6,500 - no more than $4,500 subsidized
Independent $2,500 $10,500 - no more than $4,500 subsidized
Juniors and Seniors    (60+ units) Dependent $2,500 $7,500 - no more than $5,500 subsidized
Independent $2,500 $12,500 - no more than $5,500 subsidized
2nd BA Dependent Not Eligible $5,500 maximum
Independent Not Eligible $10,500 - no more than $5500 subsidized
Credential Dependent $2,500 $5,500 maximum
Independent $2,500 $12,500 - no more than $5500 subsidized
Masters or Doctorate Independent by Definition $2,500 $20,500 - no more than $8500 subsidized
Lifetime Limits Under- graduate, 2nd BA, and Credential Dependent $20,000 $31,000 - no more than $23,000 subsidized None
Independent $20,000 $57,500 - no more than $23,000 subsidized
Masters or Doctorate Independent by Definition $40,000 $138,500 - no more than $65,500 subsidized

*Limited to funding available.

**From final disbursement. May defer payments while student is enrolled at least 1/2 time.

Other Loan Sources: Alternative (or Private) Educational Loans

CODE OF CONDUCT: Humboldt State University participates in the Federal Direct Loan program, and occasionally certifies alternative loans using various lenders when federal loans are not an option. HSU does not maintain a preferred lender list for these alternative loans, not do we receive any incentives of any kind from these lenders.

If additional funding is needed due educational expenses which cannot be met by our standard aid programs and family resources, or to loss of eligibility for aid programs, alternative/private loans may be an option.

These loans are available through various lending institutions and eligibility depends on many factors. We do not recommend alternative loans in most cases, unless absolutely necessary, as they do not have the beneficial aspects of the Direct Loan programs. If you have not filed a FAFSA for aid eligibility determination, it is strongly recommended you do so before considering an alternative loan.

For dependent undergraduate students we encourage parents to consider the federal Direct PLUS (Parent Loan for Undergraduate Students Loan) to assist in meeting the cost of attendance, rather than having the student take on additional loan burden. The PLUS Loan application may be obtained on our Financial Aid Forms page (link in menu at top of page).

If you plan to pursue an alternative loan and don’t have a lender in mind, see our Selecting a Lender for tips. While the Financial Aid Office places no restrictions on a borrower’s choice of lender, we do want you to make a wise choice. Always proceed with caution and be a savvy borrower by researching the best loan products, and knowing exactly what the short and long-term impact of borrowing will be.

  • FinAid.org Private Student Loan page offers insight into the world of private student loans; their listing of the "most popular student loans" offers an A - Z list of lenders with basic information (but does not include detailed comparison of loan products).

Since there are many private loan companies with changing terms and conditions, and because we wish the borrower to demonstrate awareness of the loan terms, Financial Aid Office policy requires that the student borrower verify this knowledge before we will certify an alternative loan. This may be done by completing an Alternative/Private Loan Process & Questionnaire (pdf) with results of your research.

Tips:

  • Alternative loans, along with other aid and education resources, can never be more than your total cost of attendance.
  • If you plan to borrow alternative loans for successive academic years, it is wise to stay with the same lender for simpler repayment after graduation.
  • Financial Aid counselors are available to discuss general information about alternative loans and options.