A federal, state or MHC educational student loan or combination of student loans is included in most financial aid packages. The packaged loan amount increases approximately $1000 each year. Total estimated student loan debt over four years will range from approximately $20,000 to $31,500 depending on institutional packaging policies and whether or not a student borrows her maximum loan amount per federal guidelines.
- The Federal Direct Student Loan (FDSL) is a fixed interest rate set every July. From July 1, 2016, to June 30, 2017, the FDSL rate is 3.76% for undergraduate students and 5.31% for graduate students.
- The Federal Perkins Loan interest rate is fixed at 5%.
- The Mount Holyoke College Loan (offered to Domestic and International students) interest rate is fixed at 8%.
Student Financial Services recommends that dependent students seeking additional loans maximize their eligibility for subsidized and unsubsidized Federal Direct StaffordLoan (FDSL) before applying for alternative loans.
Note: To request additional subsidized or unsubsidized student loan funds, if you are not at your maximum, complete the Federal Direct Student Loan Request and return it to Student Financial Services.
If you have a student loan in your financial aid package, the links to the left, under the "Student Loans" heading, will provide information for each loan, including the requirements for completing promissory notes and entrance counseling.
All student loan borrowers are required by federal regulation and College policy to complete entrance counseling prior to borrowing a loan for the first time and exit counseling when they separate (withdrawal, graduation, less than half-time enrollment, etc.). Exit counseling informs students of the total amount borrowed, when repayment begins, where to send payments, what happens if the student goes to graduate school, as well as collecting information that will assist students through the repayment period.
Loan funds are disbursed ten (10) days prior to the semester start date if all necessary loan paperwork is complete.