Loans

Loans play a role in most students' college financing. While it's always wise to keep borrowing to a minimum, student loans can be regarded as an investment in your future and often make sense when you otherwise would be unable to continue your studies.

There are countless borrowing options, but LCU recommends that, as a general rule, you limit your borrowing to loan programs offered by the U.S. government. These loan options are spelled out below.

William D. Ford Direct 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 its important to understand 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 varies each year. There is a fee of 1 percent 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 smiliar but is available to you regardless of financial need. The interest rate for most Unsubsidized Stafford Loans is 6.8% for undergraduate borrowers. Interest begins to accrue as soon as your loan is disbursed. 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. There is a fee of 1 percent of the loan, which is deducted from the amount of the loan at the time you borrow.

Under the Direct Loan program, students borrow from the federal government. Freshman may borrow up to $5,500, sophomores up to $6,500, and juniors/seniors up to $7,500 per academic year. First-time borrowers at LCU must complete entrance loan counseling.

Click here to apply for a Stafford loan.

Federal Perkins Loan

With a 5% interest rate, the Perkins Loan is a very attractive program available only to LCU students with exceptional financial need. Funds are limited. Students borrow directly through Lincoln Christian University. Repayment begins nine months after the borrower ceases to be enrolled at least half-time and may extend over a ten-year period.

Federal PLUS Loan

Parents, stepparents, or legal guardians of a dependent student may borrow through this program regardless of the student's financial need. In other words, this is a loan that parents can borrow on behalf of their child. Parents may borrow up to the cost of education (minus other aid). The interest rate for PLUS loans is 7.9% Repayment normally begins within 60 days of the second disbursement. All PLUS loans require credit checks.

Click here to apply for a Federal PLUS loan.

Other Loans

If you are not eligible for a federal loan or federal loans are not sufficient to meet your needs, you may consider borrowing an "alternate loan." Students may borrow an alternative loan regardless of their financial need. These loans usually charge higher interest rates than federal loans do and most undergraduates must have a co-signer to apply.

Online Loan Counseling

Before you can receive your federal student loan, you will need to complete entrance counseling. If you have been approved for a Stafford Loan, you can click here to complete this self-paced tutorial. Once you have successfully completed this counseling program, your student loan can be disbursed to you, though no loan proceeds will be paid 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).

In addition, 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, available here, to fulfill this requirement. The tutorial will show you how to manage your student loans after your time at LCU. 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.

Loans play a role in most students' college financing. While it's always wise to keep borrowing to a minimum, student loans can be regarded as an investment in your future and often make sense when you otherwise would be unable to continue your studies.

There are countless borrowing options, but LCU recommends that, as a general rule, you limit your borrowing to loan programs offered by the U.S. government. These loan options are spelled out below.

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 understand 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 varies from year to year. 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. Graduates are not eligible for the subsidized loan.

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 PLUS Loan

Parents, stepparents, or legal guardians of a dependent student may borrow through this program regardless of the student's financial need. In other words, this is a loan that parents can borrow on behalf of their child. Parents may borrow up to the cost of education (minus other aid). The interest rate for PLUS loans is 7.9% 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.

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
William D. Ford Loan Program

Many students borrow to help pay seminary costs. 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 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.

Apply now for a Stafford 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 or email.)

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 you leave LCU. 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.