Loans/Payment Plans

LoanFor ConsiderationAmountInterest RateDeadline
Federal Direct Student Loan ProgramAdmission and filing of the FAFSAMaximums*
$5,500 First-year**, $6,500 Second-year, $7,500 Third-year,
$7,500 Fourth-year
4.66%Open throughout academic year
Federal Direct Parent PLUS Loan ProgramAdmission and credit approvalCost of attendance minus any financial aid7.21%Open throughout academic year
Federal Direct Unsubsidized PLUS Loan Denial SubsidyAdmission, filing of FAFSA and Federal Parent PLUS Loan denial$4,000 First-year**, $4,000 Second-year, $5,000 Third-year,
$5,000 Fourth-year
4.66%Open throughout academic year

* Amounts listed reflect maximum eligibility total for subsidized and unsubsidized loans.
** 1st year = 0 – 7.99 course units, 2nd year = 8 – 16.99 course units, 3rd year = 17 – 25.99 course units, 4th year = 26+ course units

Federal Direct Student Loan Program

A Federal Direct Student Loan is a government guaranteed loan offering low interest rates and deferred payment options. There are two types of federal direct loans – subsidized and unsubsidized.

Get more information and instructions to apply for a Federal Direct Student Loan Program.

William D. Ford Direct Parent PLUS Loan Program

Federal Parent Loans for Undergraduate Students, also known as PLUS loans, are low-interest education loans that allow parents to fund the cost of their child's education. A federal PLUS Loan allows eligible parents to borrow up to 100% of the estimated cost of your student's college attendance, including student tuition, room and board, student books, transportation and additional expenses, minus any other financial assistance awarded to the student.

Get more information and instructions to apply for a PLUS Loan.

Alternative/Private Loan Programs

Private Education Loans, also known as Alternative Education Loans, help bridge the gap between the actual cost of your education and the limited amount the government allows you to borrow in its loan programs. Private loans are offered by private lenders and are not part of any federal financial aid program. Hanover College encourages students and their parents to utilize their federal loan eligibility before considering additional funding through private/alternative programs.

Alternative/Private Loan Programs.

Hanover Easy Pay Plan

Hanover’s easy, interest-free tuition plan enables students and parents to pay tuition on a monthly basis. Learn more about Easy Pay.