YOUR FIRST LOAN
First Step: Get Informed!
Go to our All the Basics! page to educate yourself on the different types of loans available. Knowledge is power and it helps to understand what you're doing before you have to take further steps.
Remember: Educational loans are just that - loans! They have to be paid back eventually. It is wise to take out only what you may need. Over borrowing can become costly!
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.
Second Step: Apply for the Loan - IF You Haven't Already!
Our All the Basics! page tells you what is needed for the application process. It varies - depending on the type of loan you're applying for.
Keep in mind that YOU MUST:
1. Wait until the loan(s) have been offered to you by the Financial Aid Office. (You will receive an "Official Offer of Award.") The eligibility requirements for the loans vary -only the loans you qualify for will be offered to you.
2. Accept the loan(s) you desire. Instructions will accompany your "Official Offer of Award."
3. Complete these final steps as needed.
|Federal Subsidized/Unsubsidized||Master Promissory Note is required AND Entrance Counseling is required. See links below|
|Federal PLUS||Master Promissory Note is required. See link below|
|Federal Perkins||Required paperwork will be sent to you by the Perkins Loan Coordinator at LSSU|
|Federal Nursing||Required paperwork will be sent to you by the Nursing Loan Coordinator at LSSU|
|Alternative (Private Education)||The lender will contact you via U.S. Mail or e-mail, whichever you have stated as your preference. There are disclosure statements which you must acknowledge and agree to, and a promissory note which you must sign.|