Financial Aid Office

Important News for 2008-2009 Federal Student & Parent Loan Borrowers

On May 7, 2008, President Bush signed H.R.5715 into law (Public Law:  110-227).
The student and parent loan programs are being amended to assist families in meeting their educational expenses beginning July 1, 2008.

Undergraduate students may be eligible for an additional federal student loan for up to $2000 under the unsubsidized loan program.  For example, freshmen students (less than 26 earned credits) who were awarded $3500 in student loan for 2008-09 may now receive an additional $2000 in student unsubsidized loan for this year.

The Parent PLUS Loan program will also change under the new bill.  Parents may choose to defer payments on a PLUS loan until six months after the date the student ceases to be enrolled at least half time.  Accruing interest could either be paid by the parent borrower monthly or quarterly, or be capitalized quarterly.

Incoming LSSU students will receive notification of their additional student loan eligibility shortly. No loan changes will be made without their written authorization.  Returning LSSU students will receive the Official Offer of Financial Aid with the additional loan eligibility included in their original offer.