Loans
Types of Loans
STAFFORD LOAN
Apply for a Stafford Loan
OTHER LOANS
Alternative Loan
Plus Loan
Federal Family Education Loan Program (FFELP)
About 61% of May 2004 LCU graduates borrowed to help pay college costs. The average indebtedness of Undergraduate Studies graduates who borrowed was $19,594. Under the FFEL program, students may borrow from a bank or other lending institution. Freshmen may borrow up to $5,500, sophomores up to $6,500, and juniors/seniors up to $7,500 per academic year. Repayment begins six months after the borrower completes his or her course of study, withdraws from school, or drops below half-time status. First-time borrowers at LCU must complete entrance loan counseling.
* Federal Stafford Subsidized Loan. The Federal government will pay the interest on these loans while you are enrolled at least half-time. You must show financial need to receive this loan.
* Federal Stafford Unsubsidized Loan. You may get an unsubsidized loan regardless of need, but the borrower is responsible for all interest charges from the time the loan is disbursed until it is repaid.
Federal Perkins Loan
This is a low interest (5 percent) loan for students with exceptional financial need. Annual awards range up to $4,000. Lincoln Christian University is responsible for the administration of this federal program. The repayment period begins nine months after the borrower ceases to be enrolled at least half-time in an institution of higher education and may extend over a ten-year period.
click here to download Perkins Loan Application
Federal PLUS Loan
Parents, stepparents, or legal guardians of a dependent student may borrow through this program regardless of the student's financial need. Parents may borrow up to the cost of education (minus other aid). Repayment normally begins within 60 days of the second disbursement. All PLUS loans require credit checks.
Federal Alternative Loan
Students may borrow through this program regardless of the financial need. They may borrow up to the cost of education (minus other aid). This is a higher interest loan and undergraduates must have a co-signer to apply.
ONLINE LOAN COUNSELING
Entrance Loan Counseling - Stafford
In order to receive a federal student loan, federal law requires that all first-time loan borrowers at Lincoln Christian University and Seminary must receive loan counseling. This self-paced tutorial will fulfill the requirement. Once you have successfully completed this program, your student loan can then be disbursed to you according to the disbursement schedule. No loan will be awarded prior to the first day of classes. Contact the Financial Aid Office for answers to any questions about this counseling session (Call 217-732-3168 or E-Mail the Financial Aid Office).
Exit Loan Counseling - Stafford
Federal law requires that all loan borrowers complete an exit counseling session when ready to graduate or drop below half-time attendance. Lincoln Christian University offers you a self-paced tutorial to fulfill this requirement. The tutorial will show you how to manage your student loans after your Undergraduate or Graduate Studies studies. Contact the Financial Aid Office for answers to any questions about this counseling session. You may call 217-732-3168 and ask for the Financial Aid Office or E-Mail).