Husson University is committed to providing an outstanding quality education at an affordable price. Our reasonable and competitive tuition costs are the lowest possible for a private institution without state subsidies. Even after all financial aid resources are taken into account, you may find that you still need to pay a portion of your Husson University charges (tuition, fees and room and board if living on campus). Don't forget that Federal Work Study is paid directly to the student via bi-weekly paychecks and not credited to your student account. You may wish to finance the portion you owe. Various programs are available to students and their families. Here is a description of the major loan programs:
William D. Ford Federal Direct Loans
Federal Direct Loans are obtained through the federal government and they come in two varieties: subsidized and unsubsidized. Subsidized loans are only available to students demonstrating financial need, whereas Unsubsidized loans are available to students who do not qualify for a Subsidized Direct Loan but are otherwise eligible for financial aid. The Unsubsidized Direct Loan is also available to some independent students or dependent students whose parents do not qualify for the Federal Direct Parent PLUS Loan. The interest on a subsidized loan is partially paid for by the government, while the interest on an unsubsidized loan is paid entirely by the borrower.
Federal Direct Loan
Direct Subsidized Loans:
· Direct Subsidized Loans are available to undergraduate students with financial need and enrolled in at least half time (6 credits)
· Your school determines the amount you can borrow, and the amount may not exceed your financial need.
· The U.S. Department of Education pays the interest on a Direct Subsidized Loan
○ while you're in school at least half-time, ○ for the first six months after you leave school (referred to as a grace period), and ○ during a period of deferment (a postponement of loan payments).
Direct Unsubsidized Loans:
· Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need.
· Your school determines the amount you can borrow based on your cost of attendance and other financial aid you receive.
· You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods.
· If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).
Loan funds will not be disbursed earlier than ten days prior to the start of a semester but Husson University's Financial Aid Office determines the actual disbursement date. Loan funds will not be applied to a student's account until all necessary documents are received by the Financial Aid Office, including Entrance Interviews.
Dependent undergraduate students who do not demonstrate financial need for a Subsidized Direct Loan may borrow through this program. Combined Subsidized and Unsubsidized Direct Loans may not exceed the established annual loan limits. Dependent students whose parents cannot qualify for a Federal Parent Direct PLUS loan may qualify for additional loan amounts. Independent undergraduate students may borrow through the Subsidized Direct Loan program as well as through the Unsubsidized Direct Loan program if they demonstrate sufficient need.
Federal Perkins Loan
Federal Perkins Loans are available to students who demonstrate exceptional financial need. The interest rate is fixed at 5% and interest does not begin to accrue until repayment begins 9 months after the student leaves school or graduates. In this case, Husson University is the lender, and all Husson financial aid applicants are considered for this type of loan. If your financial aid award letter indicates that you have been awarded the Federal Perkins loan, click here to complete your Master Promissory Note and Entrance Counseling.
Federal Direct PLUS Loan
Parents of students, and some graduate students, can apply for a PLUS loan, which carries a low interest rate (6.84% for loans disbursed on or after July 1, 2015) and usually allows up to 10 years for repayment. If you or your parents would like further information on this program, please go to www.studentloans.gov.
PLUS Loan Policy for Husson Financial Aid Office
If a parent is denied on Parent PLUS Loan application, the student must request that the additional unsubsidized loan funds be added to their award. The student may make the request by phone or by email. The amount must be divided between fall and spring semesters, or the allotment may be adjusted at the discretion of the Financial Aid Office.
All Grad PLUS Loan funds will be divided between the fall and spring semesters, or the allotment may be adjusted at the discretion of the Financial Aid Office.
Student Alternative Loans
These are private loans that are not associated with the Federal Direct Loan programs and also require credit checks and most often a co-borrower. It is advised to carefully compare and research all of your options to find out which is the best option for you, we do recommend accepting any Federal Loans before considering private loans.
Note that alternative loan borrowers are required to file the FAFSA.
To look at the alternative loan options please use our free tool at www.elmselect.com.
Educators for Maine Program
This forgivable loan program is available to Maine residents pursuing careers in education. Eligible undergraduate students may receive up to $3,000 a year. These loans can be forgiven by teaching in a public school in Maine upon graduation; otherwise, repayment begins with an interest rate of 9%. For additional information, please contact the Finance Authority of Maine (FAME) at 1.800.228.3734 or go to www.famemaine.com.
Who's Who When Borrowing And Repaying Student LoansWhether you're borrowing federal or private student loans, different organizations (lenders, servicers, collection agencies, and more) play a part to ensure you receive and repay your money on time. For more information please review the following site for more about loans from SALT - Click Here
Husson University Code of Conduct
In accordance with the Higher Education Opportunity Act (Public Law 110-315)(HEOA), Husson University is complying with the Program Participating Agreement requirement by publishing this Code of Conduct. In the HEOA, each institution that has a preferred lender arrangement for the purpose of offering FFEL or private education loans must comply with the code of conduct that is required under section 487(a)(25) of the HEA by institutions of higher education participating in the Title IV student loan programs (see Title IV-Student Assistance, Title IV programs-General, Program Participating Agreement, Code of Conduct).
This Code of Conduct applies to all of the officers, employees, and agents of the institution.
Husson University officers, employees and agents shall not participate in the following activities:
- revenue-sharing arrangements with any lender. The HEOA defines "revenue-sharing arrangements" as any arrangement between an institution and a Page 70 of 219- The Higher Education Opportunity Act lender under which the lender makes Title IV loans to students attending the institution (or to the families of those students), the institution recommends the lender or the loan products of the lender and, in exchange, the lender pays a fee or provides other material benefits, including revenue or profit-sharing, to the institution or its officers, employees, or agents;
- employees of the financial aid office receiving gifts from a lender, guaranty agency or loan servicer. No officer of employee of an institution's financial aid office (or an employee or agent who otherwise has responsibilities with respect to education loans) may solicit or accept any gift from a lender, guarantor, or servicer of education loans. A "gift" is defined as any gratuity, favor, discount, entertainment, hospitality, loan or other item having monetary value of more then $10 per employee in the department. However, a gift does not include (1) brochure, workshop, or training using standard materials relating to a loan, default aversion, or financial literacy, such as a brochure, workshop or training; (2) food, training, or informational material provided as part of a training session designed to improve the service of a lender, guarantor, or servicer if the training contributes to the professional development of the institutions Officer, employee or agent; (3) favorable terms and benefits on on education loan provided to a student employed by the institution if those terms and benefits are comparable to those provided to all students at the institution; (4) entrance and exit counseling as long as the institution's staff are in control of the counseling and the counseling does not promote the services of a specific lender; (5) philanthropic contributions from a lender, guarantor, or servicer that are unrelated to education loans or any contribution that is not made in exchange for advantage related to education loans, and; (6) State education grants, scholarships, or financial aid funds administered by or on behalf of a State;
- contracting arrangements. No officer or employee of an institution's financial aid office (or employee or agent who otherwise has responsibilities with respect to education loans) may accept from a lender, or an affiliate of any lender, any fee, payment, or other financial benefit as compensation for any type of consulting arrangement or contract to provide services to or on behalf of a lender relating to education loans;
- steering borrowers to particular lenders or delaying loan certifications. For any first time borrower, an institution may not assign, through the award packaging or other methods, the borrower's loan to a particular lender. In additional, the institution may not refuse to certify, or delay the certification, of any loan based on the borrower's selection of a particular lender guaranty agency;
- receiving offers of funds for private loans. An institution may not request or accept from any lender any offer of funds for private loans, including funds for an opportunity pool loan, to students in exchange for providing concessions or promises to the lender for a specific number of Title IV loans made, insured or guaranteed, a specific loan volume, or a preferred lender arrangement. An "opportunity pool loan" is defined as private education loan by a lender to a student (or the student's family) that involves a payment by the institution to the lender of extending credit to the student;
- staffing assistance. An institution may not request or accept from any lender any assistance with call center staffing or financial aid office staffing, except that a Page 71 of 219- The Higher Education Opportunity Act lender may provide professional development training, educational counseling materials (as long as the materials identify the lender that assisted in preparing the materials), or staffing services on a short-term, nonrecurring basis during emergencies or disasters; and
- advisory board compensation. An employee of an institution's financial aid office (or employee who otherwise has responsibilities with respect to education loans or financial aid) who serves on an advisory board, commission, or group established by a lender or guarantor (or a group of lenders or guarantors) is prohibited from receiving anything of value from the lender, guarantor, or group except for reimbursement for reasonable expenses incurred by the employee for serving on the board.