LoansFederal Law requires that all first-time loan borrowers complete loan counseling before receiving a federal student loan and before graduating (or dropping your enrollment to less than half-time attendance). LCU offers self-paced online tutorials for these counseling sessions. Please refer to the information at the bottom of this Web page. STAFFORD LOAN William D. Ford Loan Program There are two types of Federal Direct Loans: The Subsidized Stafford Loan and the Unsubsidized Stafford Loan. It is not unusual for students to be eligible for both types of loans and it's important to u nderstand the differences between the two. If you borrow a Subsidized Stafford Loan, the Federal government will pay the interest on your loan and generally you do not need to begin repaying the loan until six months after you have graduated or ceased to attend college at least half-time. You must show financial need to receive this loan. The interest rate for Subsidized Stafford Loans is 4.5% for undergraduate borrowers and 6.8% for graduate borrowers. There is a fee of 1% of the loan, which is deducted from the amount of the loan at the time you borrow. The amount of your Subsidized Stafford Loan is determined largely by your need as determined by submitting a FAFSA. The Unsubsidized Stafford Loan is very similar but is available to you regardless of financial need. The interest rate for Unsubsidized Stafford Loans is 6.8% for undergraduate and graduate borrowers. Interest begins to accrue as soon as your loan is disbursed and while you are not required to begin repayment until six months after you have graduated or ceased attending college at least half-time. Many say it is wise to at least make interest-only payments while you are in college. Under the Direct Loan program, students borrow from the federal government. Freshmen may borrow up to $9,500, sophomores up to $10,500, juniors/seniors up to $12,500, and graduates up to $20,500 per academic year. First-time borrowers at LCU must complete entrance loan counseling. Apply now for a Stafford loan. 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. Apply now for an Alternative loan. 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 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 email 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. 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 email). |