MGH Institute of Health Professions Student Loan Programs

The MGH Institute Student Loan Programs was designed in cooperation with the MGH Institute, by Harvard University Employees Credit Union, to meet the financing needs of graduate students attending the MGH Institute of Health Professions. Harvard University Employees Credit Union's (HUECU) private student loan was created with one goal in mind - helping you finance your MGH Institute education. The program is offered by HUECU, a not-for-profit financial institution with locations at Mass General Hospital, the Charlestown Navy Yard, Longwood Medical Area and Harvard Square.

  • Deferment of payments of up to four years while enrolled in a qualified MGH Institute program
  • Funds are disbursed directly to the student’s account at the school
  • Final disbursement amount will be certified by the Financial Aid Office

Click your program below for more information and to apply online

MGH Institute ABSN Student Loan

Key Features

  • Fixed rate of 7.49% (with qualified co-borrower) or 7.99% (borrower only) for first 60 months from date of initial disbursement. After 60 months, variable interest rates will range from Prime Rate + 2.75% to Prime Rate + 3.25%.
  • Available to U.S. citizens and to U.S. permanent residents enrolled in the MGH Institute Accelerated Bachelors of Science Nursing degree program.
  • No origination fee  
  • Zero pre-payment fees
  • Adding a co-borrower could result in a lower interest rate
  • Flexible repayment options, including full deferment of payments while in school
  • Up to 4 years of deferred payments while enrolled in a qualified MGH Institute Program
  • 15 year repayment period – or repay early at any-time with NO penalty
  • 0.25% rate discount for automatic electronic payment during repayment
  • Aggregate and annual loan limit dependent on cost of attendance, program limits, and program certification

Initial fixed rate of 7.49% with a qualified co-borrower for 60 months, or 7.99% with borrower only for 60 months, after the first disbursement. Thereafter it is variable rate at Prime + 2.75% or Prime + 3.25%.

 
MGH Domestic Graduate Student Loan

Key Features

  • Fixed rate of 6.49% (with qualified co-borrower) or 6.99% (borrower only) for first 60 months from date of initial disbursement. After 60 months, variable interest rates will range from Prime Rate + 2.75% to Prime Rate + 3.25%.
  • Available to U.S. citizens and to U.S. permanent residents enrolled in a qualified graduate degree program at the MGH Institute.
  • No origination fee  
  • Zero pre-payment fees
  • Adding a co-borrower could result in a lower interest rate
  • Flexible repayment options, including full deferment of payments while in school
  • Up to 4 years deferment of payments while enrolled in a qualified MGH Institute Program
  • 15 year repayment period – or repay early at any-time with NO penalty
  • 0.25% rate discount for automatic electronic payment during repayment
  • Aggregate and annual loan limit dependent on cost of attendance, program limits, and program certification

Initial fixed rate of 6.49% with a qualified co-borrower for 60 months, or 6.99% with borrower only for 60 months, after the first disbursement. Thereafter it is variable rate at Prime + 2.75% or Prime + 3.25%.

 
MGH International Private Student Loan

Key Features

  • Zero pre-payment fees
  • Adding a co-borrower could result in a lower interest rate
  • Flexible repayment options, including full deferment of payments while in school
  • Up to 4 years deferment of payments while enrolled in a MGH Program
  • 15 year repayment period – or repay early at any-time with NO penalty
  • 0.25% rate discount for automatic electronic payment during repayment
  • Aggregate and annual loan limit dependent on cost of attendance, program limits, and program certification

Variable rate at Prime + 3.00% with a qualified co-borrower or Prime + 3.50% with borrower only. For student loans to international students, there is a 4.0% loan origination fee.

 

 

Who's eligible?
MGH Institute students who are enrolled in a qualified MGH Institute program may apply.

How much can I borrow?
The total amount a MGH Institute student may borrow is dependent on the cost of attendance, individual program limits, and the program certification. The MGH Institute will certify the requested loan amount with the Credit Union.

Who may co-borrow?
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 a U.S. permanent resident and must also 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.

A Relationship You Can Trust

Your funding is granted and held by the not-for-profit, member owned, Harvard University Employees Credit Union. For more information, you may contact the HUECU student loan operations center at (877) 716-6587 or if you are calling internationally, 01-916-281-2491. You may also reach us via e-mail at HUECU@cology.com