Student financial assistance for graduate and professional students is administered through the Office of Admission and Student Financial Assistance. The University of Hartford offers student loans through the Direct Lending program and alternative loan programs (see below). Students must meet all eligibility requirements as established by the U.S. Department of Education. For more information, call 800.947.4303 or 860.768.4296.
Students receiving federal financial aid must be matriculated into an eligible certificate program or a degree-granting program and enrolled in at least 6 credit hours per term. All students receiving financial aid are required to maintain satisfactory academic progress as defined by the school or college in which they are enrolled and in accordance with federal regulations governing the Federal Title IV programs. Students who do not maintain satisfactory academic progress, who are placed on academic probation, who are notified of removal from degree candidacy, or who are dismissed from the University are ineligible to receive student financial assistance.
Direct Lending (DL) is a federal family loan program allowing the student and/or parent to borrow directly from the federal government. Loan types include the Stafford and PLUS. To determine eligibility for the Direct Lending program, the U.S. Department of Education uses a standard formula (Federal Methodology), which is established by Congress. Federal Methodology evaluates the information the student reports on the Free Application for Federal Student Aid (FAFSA). The results of that analysis (Expected Family Contribution or EFC) are summarized on the Student Aid Report (SAR). The EFC must be used in determining the student’s eligibility for DL.
Students wishing to receive federal student financial assistance should submit the FAFSA application over the Internet at www.fafsa.gov. Graduate and professional students are encouraged to apply at least six weeks prior to the term for which they wish to be considered for financial aid.
Students must also submit the University of Hartford Graduate Financial Aid Information Form available online.
Federal Stafford Loan
The Federal Stafford Loan is a low-interest educational loan and must be repaid. Students participating in the subsidized or unsubsidized Federal Stafford Loan program borrow directly from the federal government.
Graduate and professional students may borrow up to $20,500 per academic year (no more than $8,500 may be a subsidized Federal Stafford Loan) to an aggregate loan limit of $138,500 (no more than $65,500 of this amount may be in subsidized loans) including Federal Stafford Loans borrowed as undergraduate students. Students in the Doctoral Program in Clinical Psychology may borrow up to $35,167 per academic year (no more than $8,500 may be subsidized Federal Stafford Loan) to an aggregate loan limit of $189,125 (no more than $65,000 of this amount may be in subsidized loans), including Federal Stafford Loans borrowed as undergraduate and graduate students. Eligibility for annual loan limits is contingent upon students’ cost of attendance and other financial aid, scholarships, or resources awarded.
Federal regulations require that the proceeds of the loan be sent directly to the University in multiple disbursements (usually one disbursement for the fall term and one for the spring term). Firsttime borrowers at the University must also complete an entrance counseling requirement and Master Promissory Notice (MPN); all borrowers must complete an exit counseling requirement upon separation from the University. The MPN and counseling requirements may be completed at www.studentloans.gov.
The interest rate is a fixed rate of 4.5% for subsidized loans first disbursed on or after July 1, 2010, and 6.8% for unsubsidized loans. The interest rate is fixed at 8.5% for the Graduate PLUS. The minimum annual payment on a subsidized or unsubsidized Federal Stafford Loan is $600. Repayment of principal and interest begins six months after the student graduates, withdraws, or drops below 6 credit hours per term. The loan repayment period is between 10 to 25 years, depending on the amount owed and the type of repayment plan selected.
Federal regulations allow fees of up to 4% to be deducted proportionately from each disbursement of the loan. The net amount of the loan is forwarded directly to the University.
Students should exhaust their eligibility in the Stafford Loan program before borrowing a PLUS. Stafford Loans have better interest rates and fees.
If the student is eligible for a need-based subsidized Federal Stafford Loan, the principal is deferred and the interest is paid by the U.S. Department of Education while the student is enrolled at least half time and during the six-month grace period following graduation. Graduate students may be eligible for up to $8,500 per academic year in a subsidized Federal Stafford Loan. The amount is determined using the student’s cost of attendance, expected family contribution, and other financial aid and resources.
If the student is not eligible for a need-based subsidized Federal Stafford Loan and the annual loan limit of the Federal Stafford Loan has not been reached, the student may be eligible for the unsubsidized loan. Interest is the responsibility of the student from the date of disbursement. The student may opt to begin repayment of principal and interest, make interest payments only, or defer both principal and interest payments while enrolled at least halftime. If the student defers principal and interest payments, the interest will continue to accrue and will be added to the principal (or capitalized).
The Federal Graduate PLUS is meant to provide graduate students with additional funds for educational expenses. Under the Federal Graduate PLUS program, credit-worthy graduate students may borrow up to the cost of attendance minus any financial aid received from the University or outside sources such as an employer. Interest is the responsibility of the student from the date of disbursement. The student may opt to begin repayment of principal and interest, make interest payments only, or defer both principal and interest payments while enrolled at least half time. If the student defers principal and interest payments, the interest will continue to accrue and will be added to the principal (or capitalized). The loan repayment period is between 10 and 25 years, depending on the amount owed and the type of repayment plan selected.
Verification is the federal process that requires the comparison of data reported on the FAFSA with income tax returns and other requested documents. Students may be selected for the verification process by the Central Processing System of FAFSA or by the University. The Admission and Student Financial Assistance Office will notify you to submit the required income documentation. Verification must be completed before students may have the financial aid applied to their account.
Alternative Loan Programs
Students are strongly encouraged to exhaust their eligibility in Direct Lending first. The Direct Lending program offers better interest rates and fees.
Alternative loans are offered by a variety of lenders and meet a large array of needs. Students should visit the University’s website or contact the Office of Admission and Student Financial Assistance for further information.
Assistantships and Fellowships
Students are encouraged to contact the graduate directors of their respective programs at the University of Hartford regarding the availability of assistantships or fellowships in their specific programs of study.
Outside Scholarships, Grants, or Tuition Reimbursement
Outside resources must be reported to the Office of Admission and Student Financial Assistance. These additional resources, combined with financial aid, may not exceed the cost of attendance.
Students are encouraged to explore all outside opportunities to assist with their educational expenses. The University maintains a list of these resources on the website or in the Office of Admission and Student Financial Assistance.
Student Consumer Information
The University of Hartford conforms to the Student Consumer Information requirements established by the U.S. Department of Education. The director of student financial assistance and other staff members are the individuals designated under those requirements to assist students in obtaining information regarding financial assistance.
Under certain circumstances, the Internal Revenue Service may consider a portion of grants, scholarships, fellowships and assistantships to be taxable income. A tax professional should be consulted for guidance on this matter.