Alternative Education Loan Programs (Credit-Based)

Alternative Education Loans are credit-based loans that may be borrowed as supplements to the Federal Direct Stafford/Ford and Federal Direct Unsubsidized Stafford/Ford Loan Programs. The following information is provided to assist you in making an informed decision regarding alternative loan options. When considering alternative loan programs, careful attention should be given to the interest rate, whether it is fixed or variable, to the length of the repayment period, and to the deferment options prior to borrowing.

Students who anticipate continuing their studies will need to carefully consider the deferment options for each of the loans. Current loan information and application materials are available in the Financial Aid Office or through the online sites provided below.

MEFA Loan
Students may apply online at www.mefa.org or mail the completed MEFA Loan application to Massachusetts Education Financing Authority. MEFA will contact you directly to inform you of their credit decision. If approved you should receive a promissory note and disclosure statement within one week of applying for the loan. Sign the promissory note and return to MEFA. The Financial Aid Office will then certify you loan eligibility directly with MEFA. Loan proceeds will be wired vie electronic fund transfer to your Harvard University term bill account during the first week of classes, or approximately 2-4 weeks later for loans processed during the school year. The Financial Aid Office will release excess funds to you in the form of a refund check.

Signature Student Loan
Students can also submit a Signature loan application and promissory note available online. Sallie Mae will contact you regarding preliminary approval or denial of the loan based on credit with two days. The loan will need to be certified by HGSE's Financial Aid Office which may be done by bringing in a certifiable copy of your downloadable web application or submitting a copy of your paper application to the Financial Aid Office. Sallie Mae will wire-transfer your loan proceeds into your student term bill account on the appropriate disbursement dates (generally in the first week of classes in each semester). The Financial Aid Office will release excess funds to you in the form of a refund check.

GradExcel Loan (Nellie Mae)
Students may apply online at www.nelliemae.com for a GradExcel Custom Loan. Review and submit your application and once it is approved, print, sign, and return to Nellie Mae for processing. Nellie Mae will fax the school for loan certification and will wire-transfer your loan proceeds into your student term bill account on the appropriate disbursement dates (generally in the first week of classes in each semester). The Financial Aid Office will release excess funds to you in the form of a refund check.