| Who Can Apply? |
Graduate and professional students. |
| Eligibility |
Student must pass a credit review and apply for annual loan maximum
under Stafford Loan programs.
Student must be enrolled at least half-time in a degree or certificate
program at an eligible institution. |
| Interest Rate |
8.5% fixed. |
| Fees |
Origination Fee:
- 3% to be paid by the borrower.
Federal Default Fee: 1%
Fees are deducted from the loan proceeds prior to disbursement.
Origination and Default Fees Amounts:
Amount Borrowed |
Prior to July 1, 2008 – 4% |
Beginning July 1, 2008 – 4% |
3,000 |
$120 |
$120 |
5,000 |
$200 |
$200 |
8,000 |
$320 |
$320 |
10,000 |
$400 |
$400 |
15,000 |
$600 |
$600 |
20,000 |
$800 |
$800 |
|
| Loan Limits |
Cost of education minus other financial aid received. No annual
or aggregate limit. |
| Interest |
All accrued interest is the responsibility of the borrower. Accrued interest will capitalize upon entry into repayment or at the end of forbearance and deferment periods. Accrued interest can be paid at any time. |
| Repayment Begins |
While repayment begins the day following the final disbursement of the
loan, students are eligible to apply for in-school deferment. |
| Repayment Terms |
Standard term up to 10 years. $50 minimum payment per month. |
| Deferment Options |
Available under certain circumstances. |
| NHHELCO Borrower Benefits* |
0.25% interest rate reduction for auto debit
|
