College Loan for Parents and Students
We realize that the cost of attending may require some families
to borrow their estimated family contribution. We advise that the
overall borrowing done by the student be kept to a minimum.
The suggested hierarchy of loan borrowing is:
1. student maximizes his/her federal Direct loan;
2. parent borrows a federal PLUS loan or a sponsor loan to cover
balance of bill;
3. if additional funds are needed, student, with parent as
co-signer, borrows a small MEFA or alternative loan. We recommend no
more than $5000 per year be borrowed in a MEFA or an alternative
The lenders listed on this site work closely and effectively with
Hampshire and, together, we have implemented many enhancements to
the loan application process including:
* borrowers receive immediate credit decision on-line or over the
* borrowers have the option of using an electronic signature process
ensuring timely processing of the application;
* borrowers using on-line application process receive same level of
privacy and security as a traditional paper process;
* funds are sent to Hampshire electronically ensuring timely receipt
With each of the loans described in this section, the maximum loan
amount is the cost of education less estimated financial aid
(including a Federal Direct loan.) Each loan requires that
Hampshire’s loan counselor certify the maximum loan amount. Each
loan also requires the student to be making satisfactory academic
progress according to Hampshire’s guidelines.
We encourage all borrowers to use the lender’s pre-approval process
via phone or internet.
Realize that lenders, servicers, guarantors, and loan holders may
change their loan fees, benefits, terms, margins over the index, the
interest index, and other loan related criteria at any time.