By Katie Kelsall, Assistant Director of Admissions & Financial Aid
Many Harvard Kennedy School students will use student loans to finance at least part of their degree, but we know the process can be confusing. Know that your Admissions & Financial Aid counselor is available to help guide you through the process of borrowing student loans, but you may find these FAQs helpful as well.
Student Loan Options
Should I borrow a federal student loan or a private student loan?
U.S. citizens, permanent residents, and eligible noncitizens may borrow both federal and private student loans. International students are not eligible for federal loans, and therefore can only borrow private student loans. If you have the option to apply for both federal student loans and private student loans, here are some things to consider:
As of the 2026-2027 academic year, incoming graduate students are eligible to borrow one federal student loan: the Federal Unsubsidized Direct Loan. This loan has a maximum borrowing limit of $20,500 per academic year and a fixed interest rate. Only federal loans are eligible for the Federal Public Service Loan Forgiveness Program.
Private loan rates are typically based on your credit history and are variable; however, there are now more fixed interest rates available depending on the lender. If you have a strong credit history, you may be able to find a lower interest rate on a private loan than a federal loan. Students may review the University’s Preferred Lender List or use ElmSelect to find student loan options.
What is Harvard’s Preferred Lender Program?
Harvard University maintains a Preferred Lender List which includes lenders who offer low, fixed-interest rate loans not tied to a student’s credit score. These loans are generally available to domestic and international students. The following lenders are a part of Harvard’s Preferred Lender Program for the 2026-2027 academic year:
Students may choose any lender and are not required to use those on the Preferred Lender List; other lenders may offer more favorable terms.
What is the process for applying for a private student loan?
To apply for a private student loan, students should first complete an application with the lender of their choice. The lender will then request that HKS certify the student’s enrollment so that loan funds can be sent directly to the institution. The private loan certification process may take up to two weeks, so students who intend to use private loan funds to pay their bill should complete the application process in advance.
What loans can international students apply for without a U.S. cosigner?
As of the 2026-2027 academic year, Harvard University has partnered with three institutions who will lend to our international students without a cosigner.
Harvard Federal Credit Union (HFCU): International students enrolled in a degree program at Harvard Kennedy School are eligible to borrow up to $20,500 per academic year through the Harvard Federal Credit Union without a cosigner. International students with a U.S. cosigner may be eligible to borrow more.
College Ave: International students enrolled in a degree program at Harvard Kennedy School may borrow up to $30,000 per academic year through College Ave.
SoFi: International students enrolled in a degree program at Harvard Kennedy School can apply for loans without a U.S. cosigner with SoFi. The maximum loan amount is the total cost of attendance less any other aid received.
Can I change the amount of my student loan?
The maximum amount you may borrow in student loans is the Cost of Attendance minus any other financial aid received. Some lenders such as Harvard Federal Credit Union (HFCU) and College Ave have annual loan limits, so be sure to review the terms before applying.
Be aware that you are not required to borrow the maximum amount. If you borrow more than you need, you can reduce your loan later. Depending on when you make this decision, the Office of Admissions & Financial Aid can make the change to your loan on your behalf, or you can send funds directly back to the lender. Conversely, if you borrow a lower amount and find you need additional funds at a later time, you may increase your student loan or apply for an additional loan at any time during the academic year.
Paying Your Bill
When do I have to pay tuition and fees?
Tuition and fees are billed in two installments: half in the fall and half in the spring. Fall bills become available in July and are due in mid-August. Spring bills will become available in December and are due in January. If you plan on using a student loan to pay your bill, it’s important that you complete the loan process two to three weeks in advance of the payment due date.
How do I use a student loan to pay my bill?
After you have completed the student loan application process and HKS has certified your loan, student loan funds will be applied to your student account as “anticipated aid.” This amount will go toward your outstanding balance. Loan funds officially disburse after registration concludes.
If I borrow a loan for more than tuition and fees, how do I receive the difference?
Student loan funds will first be applied to the tuition and fees on your student bill. Any amount that exceeds the charges on your bill will be due to you as a refund. You will be able to receive this refund by check or direct deposit. You can use those funds toward your indirect expenses such as rent, food, or transportation. Refunds are issued as early as the first week of each semester.
Does Harvard offer a payment plan?
Harvard University’s Monthly Payment Plan (MPP) allows you to pay charges for tuition and mandatory fees in four installments each semester. There is a $35 fee per semester to enroll in the Monthly Payment Plan. You must pay monthly installments by the due date each month and pay all past due charges prior to the start of each semester in order to remain eligible to participate. If you enroll in a payment plan, any financial aid you may have, including student loans, will be deducted from the total amount you owe, and the balance will be split among your monthly payments.
Which loans qualify for HKS’s Loan Repayment Assistance Program (LRAP)?
Only loans borrowed to attend HKS are eligible for LRAP consideration. These loans must be educational loans offered by traditional lenders that disburse funds directly to HKS. These loans include federal student loans and private student loans that have been certified by HKS. Students will not apply for LRAP funding until after they have graduated HKS.
Still have questions?
We encourage you to reach out to the Admissions & Financial Aid team if you have any questions about student loans.
