Students in the LL.M, certificate program or non-degree seeking class can apply for private, non-federal loans to pay for tuition. A list of possible lenders is available at the location Fast Choice. You may choose any lender, however, and are not required to use the Fast Choice location.
Financial aid office staff are available to assist with evaluating loan choices and to help you understand loan processing. We welcome students on a walk-in basis and encourage you contact us for any assistance you may need. We welcome phone calls and e-mails.
| For Questions About | Contact |
|---|---|
| General loan information and student eligibility | Office of Financial Aid 651-290-6403 | finaid @mitchellhamline.edu |
| Student finances and payments | Finance/Student Account Office 651-290-6312 | student.account @mitchellhamline.edu |
LL.M. and certificate program loan FAQ
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Which lender should I choose?
You may choose any lender. Consider customer service, accessible information and the lender’s willingness to answer your questions. Keep track of your contacts with the lender. -
How much am I eligible to borrow?
Generally, the total amount of your tuition bill will be the maximum loan amount you can borrow. -
I applied for the loan: what happens next?
Stay in contact with your lender to be sure that they have everything they need to approve your loan.
Expect to sign a promissory note which is the legal basis for the loan’s terms including your repayment obligation. Once the loan is credit approved, the lender notifies us. We confirm you are a student in the appropriate program, have a specific total of tuition to be paid and the date of disbursement. Funds are sent, usually electronically, to Mitchell Hamline’s Finance Office: student.account@mitchellhamline.edu, 651-290-6312 -
What happens if I change my mind?
There is a period of time the lender is required to wait before funds can be disbursed to MHSL. The length of this period varies by lender, and you have cancellation rights before the loan is disbursed.
Contact your lender right away if you don’t want the loan.
Keep these questions in mind when considering a lender’s loan
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How much in total loan fees will I pay?
Some lenders charge fees at disbursement, but some may charge additional fees at repayment. Because repayment fees are charged on a higher principal balance (after interest has accrued), they add significant cost to your loan. -
How long do I have to repay the loan?
Lenders typically allow you to repay your loan over 10, 15 or 20 years. For the most flexibility, seek a lender with a long repayment period and no penalty for early repayment. The longer you take to repay your loan, the more interest you will pay over the life of the loan. -
Do you have deferment options?
Some loan programs allow you to make no payments on the loan while you are in school. Some lenders require that you make ‘interest-only” payments while you are in school. Be sure you understand the terms of your loan before you sign the promissory note. -
What are your eligibility criteria?
In addition to requiring a positive credit history, most lenders require that you have a credit worthy co-signer. The interest rate set for the loan can vary based on requiring a co-signer. If you are required to have a co-signer, ask for the lender’s co-signer release options. -
How and when is interest capitalized?
When payments are deferred, the accrued interest is periodically added to the principal balance of your loan. To keep your costs down, look for a lender that capitalizes only once at repayment. -
Is there repayment assistance?
Some lenders offer payment counseling and assistance if you have difficulty repaying your loan. It is important to choose a lender who is committed to supporting student loan borrowers long after the loan is made. Contact your lender immediately if you are having difficulty repaying your loan.
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