LOANS - ALL THE BASICS!
What kinds of loans are there?
Lake Superior State University offers several types of loans to assist students in paying for their educational expenses. All students may be eligible for Federal aid. Federal subsidized and/or unsubsidized loans with fixed interest rates of 4.66% for the 2014-2015 year are available to students at all income levels. LSSU recommends that students borrow their maximum eligibility in Federal loans before applying for alternative loans because Federal loans generally have better terms, conditions and borrower benefits than alternative loans.
Federal Perkins Loan: The Federal Carl Perkins Loan program is for high-need students enrolled at least half time in an eligible program who need a loan to meet educational expenses. Funds are limited. Eligible students may borrow up to $5,500 for each year of undergraduate study.
Federal Nursing Loan: The Nursing Education Loan Program provides loans of up to $5,000 a year for students working towards a degree in the nursing program. Eligibility requirements include, but are not limited to, United States citizenship, enrollment of at least half time and demonstrated financial need.
Federal Subsidized/Unsubsidized Loans: The maximum annual limit for Federal loans is: $5,500 Freshman, $6,500 Sophomore, $7,500 Junior/Senior dependent students. Independent students may be eligible for an additional $4,000 or $5,000.
Federal Parent PLUS Loan: Parents may wish to apply for a loan on behalf of their student. A Federal Parent PLUS Loan is a loan in the parent's name, taken for the student. The maximum PLUS loan amount is the cost of attendance minus other financial aid.
Alternative Loan: Alternative loans are not Federal Loans. Alternative loans provide additional monetary assistance to students who have been awarded their maximum eligibility in federal and/or institutional aid, but require additional funding. Alternative loans are offered by private, commercial lenders.
Loan Processing Deadlines
Due to the processing time, loan requests can not be honored during the last two weeks of the semester. Please submit any requests for alternative or direct loans to the LSSU Financial Aid Office before the last two weeks of the semester.
How do I apply for loans?
How the process works: File a FAFSA. LSSU evaluates the FAFSA information and determines which types of aid/loans you are eligible for and sends you an Official Offer of Award. You review it and select which types and the amounts of aid you desire. Then follow the instructions as indicated at Your First Loan.
Federal Loans: File a FAFSA at www.fafsa.gov The FAFSA is the application for Federal financial aid, and the Federal loans listed above are a part of that aid.
Alternative (private education) loans: Apply directly through your lender of choice, generally on-line. Click here for more information and lender options.
How much do I need to borrow?
Our Loan/Cost Estimator Tool can help you determine the amount you may need to borrow.