HFLA Education Loans address the gap that is often needed in order to pursue undergraduate, graduate, vocational and technical schools. These loans are need-based. PLEASE NOTE: The student is always the primary borrower, not the parent, even if the parent will be the one to make the loan payments. The parent in this situation would be the co-borrower.

Qualifications:

•      All Pell Grants and subsidized and unsubsidized loans available to the student must be utilized first. Education loans can be used for:

o   Traditional 2- and 4-year degrees

o   Graduate and post-graduate studies

o   Certification programs (ex: CDL classes, plumbing, welding)

o   Trade school tuition

o   Coding boot camps and other accredited “short-term” programs

o   Study abroad programs

Other important things to know:

•        Loans are need-based, not merit-based
•        For 2 and 4-year degrees, an applicant may apply for a loan up to $5,000 per academic year with a $20,000 maximum over the entire time the student is enrolled in school
•        For programs with a duration of 1 year or less or for graduate degrees, an applicant may apply for a loan of up to $10,000
•        While enrolled in school, payments are $100 per month as long as the student is enrolled full-time. Once this status changes, the loan terms convert to a regular loan and HFLA’s regular repayment terms apply
•        The student is required to submit proof of enrollment status annually
•        Upon approval, checks are made out directly to the school
•        Documents that will be required with your application include:

o   Two months of your personal bank statements (for both you and your co-borrower)

o   Most recent tax return (for both you and your co-borrower)

o   Proof of all monthly income, such as pay stubs, retirement income, and/or public benefits (for both you and your co-borrower)

o   Household budget sheet (template will be provided to you)

o   Student account summary (We need to see all charges, payments, and remaining balance for the semester(s) you’re requesting the loan. Pretend you were trying to pay it in cash. How would you find out how much you owe?)

o   Financial Aid Award Letter

Click here to apply online

To fill out the application to be mailed to HFLA, click here.

Find all Education Loan Applications at the link above.

Featured image: Education Loan-Recipient, Jeremy; Owner of Larder Delicatessen