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Alum Success

Anthony Pavicic

"The small student to faculty ratio was a real benefit in my preparation towards my teaching career. It enabled me to get to know my professors well and come to them for help with anything I needed."

Anthony Pavicic
Bishop Foley High School
Madison Heights, MI.

Financial Aid Office

Frequently Asked Questions

  1. How do I apply for a student loan?
  2. How much money will I be able to borrow?
  3. How do I know if I am an Independent or a Dependent student for 2008-09?
  4. What is an EFC and how is it calculated?
  5. How do I get my excess financial aid?
  6. What is a Stafford Subsidized and Unsubsidized Loan?
  7. What is a PLUS Loan?
  8. Is there a deadline for filing a loan application?
  9. What is the interest rate or costs to receive my student loan?
  10. When do I have to start payments on my student loan?

How do I apply for a student loan?
Whether you apply for a grant, student loan or other type of financial aid, all potential borrowers have to complete and file a Free Application for Federal Student Aid (FAFSA). This form can be obtained from a number of sources but most frequently is obtained from the student's high school counseling office or the financial aid office at the college the student plans to attend. You may also file on-line at www.fafsa.ed.gov.

LSSU's Federal School Code is 0 0 2 2 9 3.

If you applied for federal student aid the prior year, you will probably receive the current Renewal Free Application for Federal Student Aid or a pin number at your home address in December. If you have any questions about the Renewal FAFSA or if you did not receive one, please check with the financial aid office at LSSU.


How much money will I be able to borrow?
The following are the maximum annual loan amounts that can be borrowed through the Federal Stafford Loan Program:

Dependent Students (Sub + Unsub)

1st year undergraduate $ 3,500
2nd year undergraduate  $ 4,500
3rd year (up to graduate) $ 5,500

For dependent students whose parents cannot borrow under the PLUS Program, the amount a student can borrow under the unsubsidized program is the same as for an independent student.

Independent Students

  SUB + UNSUB = TOTAL
1st year undergraduate $ 3,500 $ 4,000 $ 7,500
2nd year undergraduate 4,500 4,000 8,500
3rd year (up to graduate) 5,500 5,000 10,500
Graduate/Professional 8,500 12,000 20,500

Loan limits may be subject to proration.

Maximum Federal Stafford Aggregate Loan Limits

  SUB + UNSUB
Dependent Undergraduate $ 23,000
Independent Undergraduate 46,000
Graduate/Professional 138,000

The aggregate loan limits (both Undergraduate and Graduate/Professional) also include any portion of a borrower's Consolidation loan which was used to repay a Stafford loan.

The loan amount a borrower may receive is determined by subtracting the amount of other financial aid that the borrower will receive from the total cost of attendance for the applicable academic year. In determining subsidized Stafford loan eligibility, the expected family contribution is also subtracted from the cost of education. However, LSSU's financial aid office will certify loan eligibility.

Loan Limits for a PLUS Loan

The maximum that may be borrowed may not exceed the student's cost of attendance, as determined by the school of federal rules, minus any financial aid the student has been or will be awarded during the period of enrollment. There are no aggregate limits on these loans.

Again, as with Stafford loans, LSSU's financial aid office will certify loan eligibility.


How do I know if I am an Independent or a Dependent student for 2008-09?
  1. Where you born before January 1, 1985?
  2. Will you be working on a degree beyond a bachelor's degree?
  3. As of the day you filed your FAFSA, were you married?
  4. Do you have children who receive more than half of their support from you?
  5. Are you an orphan or ward of the court or were you a ward of the court until age 18?
  6. Are you a veteran of the U.S. Armed Forces?

If you answered "No" to the six questions above, you are considered a "Dependent" student.

If you answered "Yes" to any of the six questions above, you are considered an "Independent" student.


What is an EFC and how is it calculated?
The EFC stands for "Estimated Family Contribution". It is calculated by the Federal Government when you file the Free Application for Federal Student Aid. It takes into account such items as your tax information, your spouse's or parents' tax information (if applicable), your (and your family's) assets, the number of people in your household, and the number of family members in college.

How do I get my excess financial aid?
If your financial aid exceeds your tuition and room & board charges, you will receive the excess in check form issued at the Student Service Center.

What are Stafford Subsidized and Unsubsidized Loans?
A Subsidized Federal Stafford Loan is a loan in which the interest due on the loan is paid by the Federal Government while you are in school, during your 6-month grace period following cessation of at least half-time enrollment, and for any periods of authorized deferment after you begin repayment.

An Unsubsidized Federal Stafford Loan has all the same terms as the subsidized Federal Stafford loan including deferments, interest rates and loan limits. However, you are responsible for the interest payments while you are in school, during periods of authorized deferments and during your grace and repayment periods.

What is a PLUS Loan
Federal PLUS loans enable parents or legal guardians with good credit histories to borrow to pay the educational expenses of each child who is a dependent undergraduate. The student must be enrolled in school at least half-time.

Again, to be eligible for a PLUS loan, a parent must possess a good credit history. If a parent does not posses a good credit history, he/she might be able to qualify for a PLUS loan if someone who can pass the credit check agrees to endorse the loan and sign a promissory note. It is important that the parent(s) contact the Financial Aid Office in regard to obtaining a PLUS loan even if credit seems to be a problem. Sometimes extenuating circumstances can warrant a parent obtaining this loan.

Is there a deadline for filing a loan application (FAFSA)?
It is important that students check with the financial aid office at LSSU to comply with deadlines in filing appropriate documents. To be considered for priority financial aid consideration for 2008-09, the completed 2008-2009 FAFSA should be received by the Federal Processor by March 1, 2008.

What is the interest rate of my student loan?

Stafford Loans
The 2007-08 rate is fixed at 6.8% for Direct Student Loans.

PLUS Loans
The 2007-08 rate is fixed at 7.9% for PLUS loans.

When do I have to start payments on my student loan?

Stafford Loans
Stafford loan borrowers begin repayment after a 6-month grace period. Students enter their grace period after dropping below at least half-time enrollment status from the school they are attending.

On the subsidized Stafford loans the government pays all interest during the grace period. If the students receive unsubsidized Stafford loans, the students are responsible for paying all interest that accrues during the life of the loan. Borrowers having unsubsidized loans may choose to pay the interest payments or allow the interest charges to accrue towards their loans' principal balance.

PLUS loan borrowers begin repayment of their loans within sixty (60) days of the final loan disbursement. There is no grace period for PLUS loans.


Competing at Graduate a Level

Brittany Currie

Third Place
Leith Nader of Lake Superior State University

2004 American Society of Mechanical Engineers Design Engineering Division (Mechanics and Robotics Committee)

28th Biennial Mechanisms and Robotics Conference, Student Mechanisms Design Competition Award (Graduate Competition)

Sept. 28 – Oct. 2, 2004
Salt Lake City, Utah

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