Lake Superior State University
Lake Superior State University
 
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Alum Success

Justin Andre

"Lake Superior State University's Sport and Recreation Management program is second to none!", says Justin Andre, Director of Hanson Hills Recreation Area, in scenic Grayling, Michigan.

Financial Aid Office

ALTERNATIVE LOAN FEATURES

  • PRIME: 4.50 (effective October 1, 2008)*

  • LIBOR: 3.375 (effective October 27, 2008)*

    * PRIME AND LIBOR rates subject to change due to market fluctuation. Ask your lender for the current rate when you apply.
  • NOTE: Key Bank loans must be fully processed by October 31, 2008 to be disbursed.
  • NOTE: Sallie Mae has recently increased their credit standard. Apply with a creditworthy cosigner who has a strong credit score.

Lender

Name of Loan
  • Collegiate
  • Alternative
  • Signature
  • Select
  • Private Loan
Fees
  • 0
  • 0
  • 0
  • 0
  • 0
Minimum Loan Amt
  • $1,000
  • $500
  • $500
  • $500
  • $1,000
Interest (%) Rate Range
  • PRIME + 0.0 to PRIME + 5.99
  • LIBOR + 2.99 to LIBOR +7.99
  • LIBOR + 4.5 to LIBOR +12.75
  • PRIME + 1.5 to PRIME + 8.5
  • PRIME - 0.5 to PRIME + 4.75
Interest Rate Adjusted
  • Monthly
  • Quarterly
  • Monthly
  • Quarterly
  • Quarterly
Interested Capitalized*
  • at start of repayment & at end of any deferment or forbearance period
  • at start of repayment & at end of any deferment or forbearance period
  • at start of repayment & at end of any deferment or forbearance period *
  • at start of repayment & at end of any deferment or forbearance period *
  • at start of repayment & at end of any deferment or forbearance period
Defer Pymts While In-School
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
Grace Period
  • 6 months
  • 6 months
  • 6 months
  • 6 months
  • 6 months
Repayment Begins
  • when cease attending or graduate
  • when enroll less than 6 credits
  • when enroll less than 6 credits
  • when enroll less than 6 credits
  • when enroll less than 6 credits
Pay Past-due Balance
  • Yes
  • No
  • No
  • Yes
  • Yes
Borrow if Less than 1/2 time enrollment
  • Yes
  • No
  • Yes
  • Yes - but repay that loan immed
  • Yes - but repay that loan immed
Standard Repayment Period
  • 15 yrs
  • 20 yrs
  • 15 yrs
  • 20 yrs
  • 15 yrs
Additional Rpmt Plans (must qualify)
  • Interest Only
  • Interest Only/Graduated
  • Select Step
  • None
  • Graduated
Deferment/Forbearance Options (must qualify)
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
Minimum Monthly Pymt
  • $50
  • $50
  • $50
  • $25
  • $50
Cosigner Required**
  • Freshmen = Yes
  • Previous Borrower = No
  • Freshmen = No
  • Previous Borrower = No
  • Freshmen = Yes
  • Previous Borrower = No
  • Freshmen = NO
  • Previous Borrower = No
  • All Borrowers = Yes
Release of Cosigner
  • after 24 consecutive on-time pymts
  • after 48 consecutive on-time pymts
  • after 24 consecutive on-time pymts
  • after 36 consecutive on-time pymts
  • none - cosigner is required
Rewards
  • .25% int rate reduction for auto-debit
  • .5% int rate reduction for graduation
  • none
  • .5% int rate reduction for auto-debit
  • .25% int rate reduction for auto-debit
  • .25% int rate reduction for immediate repayment of int
  • .5% int rate reduction for qual. co-signer
  • .25% int rate reduction for auto-debit
  • 2% of balance due for graduation
Borrower Student
  • Student
  • Student
  • Student
  • Student

* Interest is capitalized every 6 months during in-school deferment if the borrower has already gone into repayment and then returns to school and defers payment.

** Students are encouraged to obtain a cosigner even if one is not required, because it increases the likelihood of loan approval AND generally results in a more favorable interest rate.

THIS INFORMATION IS SUBJECT TO CHANGE AS LENDERS CHANGE THEIR PROGRAM PARAMETERS.

EFFECTIVE OCTOBER 2008

Fire Science with Honors...

SavannahSueRondeau

SavannahSue Rondeau
Fire Science

"I love the fast pace environment, the people in the profession, and the adrenaline rush of running into a burning building or saving someone’s life," she says.

Rondeau chose Lake Superior State University because it offers the first accredited four-year fire science degree in the United States. She also jumped at the challenge of LSSU's Honors program, which requires her to complete 21 Honors credits, including 10 credits for an Honors seminar/thesis project.

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