Alternative Loans

For students who need additional financial assistance to pay for their education, additional loans are available.

Domestic students should review the Federal Direct GradPlus Loan as well as alternative private loan options.

International students with a cosigner should review private lenders.

Please review the information on the tabs to the left to review each of the loan options.

Federal Direct GradPLUS Loan

The GradPLUS Loan is based on the original PLUS Loan which was designed for parents of undergraduate students. Unlike the original, GradPLUS is borrowed by the student, not the parent. Since there is a credit-worthiness evaluation involved, a parent or other endorser may be added if the student is not approved. Only a small percentage of students do not pass the credit check. Harvard University is a Direct Lending School, so our Unsubsidized and PLUS Loans are processed through Direct Loans. Through that program, a lender is not involved since the loans are handled directly from the Department of Education.

All students should review all information pertaining to the different programs that are offered before choosing which is best for them. Please review the Loan Comparison Chart.

Interest Rate and Fees
The GradPLUS loan is a federal loan with a fixed 6.31% interest rate and a 4.276% federal guarantee fee (as of Oct 2016)

Eligibility 
To qualify, applicants must be a U.S. citizen or permanent resident and must have a satisfactory credit history. Individuals who apply and are turned down credit check are eligible to obtain an endorser (co-signer) and reapply. Borrowers are eligible to borrow the difference between their academic budget and other awarded aid.

Application Instructions
A reminder that students should be borrowing the maximum amount Unsubsidized Loan ($20,500) before borrowing additional GradPLUS.

Download the application instructions for the 2016-2017 academic year.

Interest Rate and Fees
You will be quoted a rate after you are approved for the loan.

Eligibility
Financing is available for both international and U.S. domestic Harvard University graduate school students are eligible to apply for these programs.

Application Instructions
Download the application instructions for the Credit Union Loan

Additional Information
More information regarding the Credit Union’s Loan interest rates, eligibility, and application requirements can be found on their website.

Please visit the following websites for information on LiborPrime, and the Harvard University Student Loan Code of Conduct.

Alternative Loan Options

US citizens and permanent residents and international students who know a US citizen or permanent resident who is willing to serve as a loan cosigner may have additional loan options. Information on these loan programs is provided on the SFS website .

Students are not limited to these options. Students may borrow funds from any accredited banking institution.

Students with a cosigner may also qualify for a lower interest rate, depending on their cosigner.