Student loans can come from the federal government and private institutions. These loans offer low-interest rates and special student repayment schedules. Some loans require repayment to begin immediately, while others begin repayment 6 to 9 months after graduation. See information about Federal and private loans below.
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Federal Direct loans are available to help students pay for college. These loans have low-interest rates and do not require credit checks or collateral. Direct loans also provide a variety of deferment options and extended repayment terms.
A Federal Direct Loan can be either Subsidized or Unsubsidized:
Subsidized loans are for students who show a demonstrated need for financial aid. The government pays the interest while the student is in school. The federal government has limited the amount of time for which you may receive subsidized loan funds to 150% of the time of the published program length (6 years for a 4-year program)
An Unsubsidized Loan is a non need-based loan on which interest is paid by the borrower not the federal government and will be charged from the time the loan is disbursed until it is paid in full.
Awards are limited to award year and aggregate maximums based on the borrower's grade level, cost of education, program length and dependency status.
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1ST YEAR STUDENTSup to $5,500 a year
(less than 30 hours)
2ND YEAR STUDENTSup to $6,500 a year
3RD, 4TH AND 5TH YEAR STUDENTSup to $7,500 a year
The maximum a dependent undergraduate can borrow is $31,000 with no more than $23,000 in subsidized loans.
Eligibility may be less based on your cost of education or program length
1ST YEAR STUDENTSup to $9,500 a year
(less than 30 hours)
2ND YEAR STUDENTSup to $10,500 a year
3RD, 4TH AND 5TH YEAR STUDENTSup to $12,500 a year
The maximum an independent undergraduate can borrow is $57,500 with no more than $23,000 in subsidized loans.
Eligibility may be less based on your cost of education or program length. These totals include the Subsidized and Unsubsidized loans.
The Federal Perkins Loan program is being phased out by the Department of Education as a federal loan option. LCU will be awarding loans to prior borrowers until September 30, 2017.
The Federal Perkins Loan is a need-based loan available to students enrolled half-time or more. The interest rate is 5% and does not accrue interest while the student is enrolled half-time or more. Repayment begins 9 months after the student drops below half-time enrollment. In addition to deferment benefits, loan cancellation for employment in designated teaching and public service areas are offered.
* Borrowing Limits for Undergraduate Students Undergraduates can borrow up to $5,500 a year, and a maximum of $27,500.
Note: Federal Perkins Loan funds are very limited.
The Federal Parent Loan for Undergraduate Students is a credit-based loan program parents can use to help pay education costs. It is offered through Department of Education and is available to the parents of dependent students who enroll at least half-time.
Eligibility is not based on financial need. Repayment begins 60 days after full disbursement of the loan amount. The interest rate is fixed for loans first disbursed on or after July 1, 2018 at 7.60%. There is an origination fee of 4.248% as of October 1, 2018, that will be taken from the amount borrowed. Awards are limited to the student's cost of attendance less financial aid (including any Subsidized and Unsubsidized Loan eligibility).
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Private Educational Loans should only be considered once a borrower has taken advantage of all free monies (grants and scholarships) and Federal Loan programs (Subsidized/Unsubsidized and/or Parent PLUS Loans). Private Educational Loans provide funding options but may have higher interest rates or different repayment terms and options. Potential borrowers should carefully compare all loan terms and conditions.
To view a historical lender list (lenders that have been used by LCU student in previous years) and apply for a private loan, please see the link below.
A student borrower may select any lender and it is NOT restricted to the lenders presented on the historical lender list provided.