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Home > Degree Programs > Student Financial Services > Student Loans > Supplemental Loans for Domestic Students
Supplemental Loans for Domestic Students
Supplemental education loans are credit-based loans that may be borrowed as supplements, effectively meeting the gap between your cost of attendance and any financial aid you may be receiving. The following information is provided to assist you in making an informed decision regarding supplemental loan options. When considering supplemental loan programs, careful attention should be given to the interest rate (whether it is fixed or variable), to the length of the repayment period, to any borrower benefits (such as interest rate reductions and services) and to the deferment options. Students who anticipate continuing their studies beyond HKS should pay particular attention to the deferment options for each of the loans.
Federal Supplemental Loan
Direct Lending Graduate PLUS Loan
Harvard University is a participant in the Federal Direct Lending program. Students wishing to borrow loans over and above the Stafford generally borrow through the Federal Direct Grad PLUS loan program. For further information including interest rates and borrower benefit, see the Grad PLUS page.
While students may borrow through the loan program of their choice - including both federal Grad PLUS loans offered by private lenders and private loans - there is a significant advantage to borrowing through the Direct Lending program.
The federal government has created a new federal loan forgiveness program for borrowers who work in public service. However, only federal direct lending loans qualify for forgiveness. Therefore, loan borrowers are strongly encouraged to consider this factor prior to electing to borrow through a private loan program or through a federal loan offered by a private lender. For those students who have already borrowed from a different lender and wish to continue to do so, please contact your lender directly to apply.
Private Supplemental Loan
While for many students the Grad PLUS loan has some significant advantages, some students may find private loans preferable. If you expect to earn a salary which would make the income-based repayment plan less viable, private loans can offer interest rates that may be more attractive than the fixed 7.9% for the Direct Lending Grad PLUS.
CitiAssist Loan
The CitiAssist loan has a variable interest rate of prime + 1% for most borrowers. It has a 15 year repayment period, no fees, and a six month grace period. If you believe that you are unlikely to qualify or need the income based repayment plan--and are comfortable with a variable interest rate--you may wish to consider this loan. To apply, please go to Harvard University Student site at Citibank and follow the appropriate link.
Wachovia Graduate Loan
The Wachovia Graduate Loan is available to individuals who are currently attending or have attended a qualifying graduate program. International students must apply with a co-borrower who is a U.S. citizen or permanent resident. For further information, please go to the Wachovia Graduate Loan site.
Students have the choice of borrowing through the private supplemental loan program of their choice. The above mentioned lenders were selected through an RFI process that Harvard University went through for the 2008-2009 academic year. For further information on other supplemental lenders, review the information on private student loans at FinAid.org.
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