A relationship you can trust.
At HUECU we pride ourselves on being the financial institution that serves the entire Harvard community.
- Fixed, variable and hybrid rate options
- Flexible repayment options
- 0.25% interest rate reduction for automatic recurring payments
- No co-signer required (0.50% interest rate reduction with qualified co-signer)
- Full deferment while enrolled at least half-time
- No repayment penalties
- Immediate conditional approval
- U.S. bank account included with loan (at no additional cost)
- Convenient loan closing locations throughout Harvard University campuses
|10 Year||Variable||Prime + 1.99%.|
|15 Year||Hybrid||Fixed at 5.75% for first 60 months, variable at Prime + 3.00% for remainder of term|
|15 Year||Variable||Prime + 2.49%|
|Variable origination fee of 2.50% for international loan program. The origination fee is equal to 2.50% of the amount disbursed and will be added to the loan amount at time of disbursement. For example, if the international graduate student requests $10,000 to be disbursed on their behalf to Harvard University, the origination fee will be $250 and the total loan amount will be $10,250.|
|US Citizen and US Permanent Resident Students|
|15 Year||Variable||Prime + 1.49%|
Who is eligible?
Financing is available for both international and U.S. domestic Harvard University graduate school students are eligible to apply for these programs.
Domestic Students: U.S. citizens and permanent residents attending an eligible Harvard University program. Proper documentation is required, including a valid U.S. passport, social security card, and/or alien registration form.
International Students: International Harvard University graduate school students attending an eligible Harvard degree granting program qualify for this custom loan solution. Proper documentation is required. Documentation may include a F-1 Visa and I-20 (and valid passport with photo) or J-1 Visa and Form DS-2019 (and valid passport with photo).
If you are a post-graduate student, we offer a post-grad loan tailored for your needs.
If you are affiliated with MGH IHP, please refer to our MGH Institute student loans.
How much can I borrow?
The total amount Harvard graduate students can borrow is dependent the on cost of attendance, individual Harvard school limits, and the school certification. The University will certify the requested loan amount with the Credit Union. Please select your school in the right sidebar to review any special requirements or loan limits.
Is a co-signer required?
No. A co-signer is not required.
Please note, however, that due to credit and income criteria, having a co-borrower could improve the chances for loan approval and also result in a lower interest rate. (A co-borrower is a person who signs the Promissory Note to help enable a Borrower to qualify for the Loan. The co-borrower is also obligated to the debt. To qualify, a co-borrower must be a U.S. citizen or permanent resident and meet credit score criteria. With automated payment and after 48 consecutive monthly on-time payments, a co-borrower may request to be released from the loan. However, the release is subject to the credit-worthiness of the primary borrower.)
Who may co-sign?
A co-borrower is a person who signs the Promissory Note to help enable a Borrower to qualify for the Loan. The co-borrower is also obligated to the debt. To qualify, a co-borrower must be a U.S. citizen or permanent resident and meet credit score criteria. With automated payment and after 48 consecutive monthly on-time payments, a co-borrower may request to be released from the loan. However, the release is subject to the credit-worthiness of the primary borrower. Having a co-signer on loan may also increase the student’s eligible borrowing amount.
What will my interest rate be?
You will be quoted a rate after you are approved for the loan.
You can lower your rate by 0.50% by applying with a qualified co-borrower. You can also earn an additional 0.25% rate discount by making automatic electronic payments during your repayment period.
NOTE: There is no obligation to take the loan once you apply and are approved. We encourage you to apply and evaluate your options before making a final decision.
How are interests rates determined?
The interest rates of both our domestic and international student loans are based on the Prime Rate (which can be found in The Wall Street Journal) but is also dependent on your credit and, if applicable, the credit of your co-borrower.
The variable interest rate on domestic student loans is reset quarterly if the U.S. Prime Rate changes.
How is the origination fee calculated?
The International Graduate Student Loan program has a 2.50% origination fee. The origination fee is added to the loan amount at time of disbursement. For example, if the international graduate student requests $10,000 to be disbursed on their behalf to Harvard University, the origination fee will be $250 and the total loan amount will be $10,250.
There is no origination fee on domestic student loans.
How Does Interest Accrue?
While your loan is deferred, simple interest accrues daily on the principal you borrowed. After your 6-month grace period, the interest that accrued during enrollment capitalizes, which means it is added to the principal and interest then accrues on the entire balance.
What are the repayment terms?
Students may choose full deferment while in school or choose to make payments while enrolled. Any unpaid interest and/or fees will be capitalized and added to the principle as start of repayment. Once you complete your enrollment at Harvard, or after 4 years (whichever comes first), the repayment period begins.
There is no penalty for early repayment.
Current prime rate is 4.25%
Variable rate based on Prime index as published in the Wall Street Journal. Index adjusts quarterly. Floor rate is 5%. Maximum rate is 18%.
Co-borrower not required but having a qualified co-borrower may result in lower interest rate. Co-borrower must be a U.S. Citizen and have a gross monthly income of $1,500 and meet minimum FICO score. Your starting interest rate will be determined after you apply.
Subject to credit approval.