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Home » Admissions » Financial Aid » Loans
When planning on how to pay for college, most students and their families think about scholarships and grants. Loans are seldom anyone’s first choice in funding an education.
Lawrence Tech participates in the Federal Direct Student Loan Program for student borrowers to assure the availability of student loan funding. If you have any questions contact the One Stop Center. Given the fiscal realities of the time, loans will remain the largest category of funding for a college education. We highly suggest that you research your cost and loan options very carefully before determining how much you need to borrow.
Either you or your parents can borrow an education loan, but there are different programs for students and parents. There are two kinds of education loans: loans based on financial need and loans that are not. Need based loans are more desirable because they have lower interest rates and the interest is subsidized (paid by the federal government) while you are enrolled at least 1/2 time.
An education loan is a form of financial aid that must be repaid, with interest. Education loans come in three major categories: student loans (e.g., Direct Student loans), parent loans (e.g., PLUS loans) and alternative student loans (also called private student loans).
A great way to help pay back your student loans is by joining the Public Service Loan Forgiveness Program. Check out the PSLF quick fact sheet here: PSLF
You have to apply for financial aid and meet the financial need guidelines to receive one of these loans.
Federal Student loans are funded through the federal government. To receive a federal loan, you must first fill out the Free Application for Federal Student Aid (FAFSA) https://studentaid.gov/. For the on-line application and more information log on to https://studentaid.gov/.
Depending on the student’s financial need, you may borrow subsidized money for an amount up to the annual loan-borrowing limit. Students must demonstrate financial need to apply for a subsidized loan. If you are eligible for a subsidized loan, the government will pay the interest while you are in school.
The Federal Subsidized and Unsubsidized Loan programs carry both annual and cumulative (lifetime) limits. Your SAR (Student Aid Report) lists your cumulative loans, but it is important that you also keep records of all your loan transactions. You can also look up your loan history online at: https://studentaid.gov/.
Student Level & Dependency Status | Maximum (subsidized & unsubsidized) | Maximum (subsidized) |
---|---|---|
Dependent freshman | $5,500 | $3,500 |
Dependent sophomore | $6,500 | $4,500 |
Dependent junior or senior | $7,500 | $5,500 |
Independent freshman | $9,500 | $3,500 |
Independent sophomore | $10,500 | $4,500 |
Independent junior or senior | $12,500 | $5,500 |
Graduate/professional | $20,500 | 0 |
Student Level & Dependency Status | Maximum (subsidized & unsubsidized) | Maximum (subsidized) |
---|---|---|
Dependent undergraduate | $31,000 | $23,000 |
Independent undergraduate | $57,500 | $23,000 |
Graduate/Professional | $138,500* | $65,500* |
*The graduate debt limit includes loans received for undergraduate study prior to July 1, 2012.
If you reach your lifetime loan limit, you cannot receive any more of that type of loan. If you exceed your limit, aid already disbursed will be returned to the lender or may have to be repaid by you. We encourage that you borrow only what you need for educational expenses, and to keep track of your cumulative debt. If you need additional loan funding to assist you with continuing your education, alternative lending may be an option.
You have to apply for financial aid and meet the financial need guidelines to receive one of these loans.
Unlike a subsidized loan, the student is responsible for the interest from the time the unsubsidized loan is disbursed until it is paid in full. You can choose to pay the interest or allow it to accumulate and be added to the principal amount of your loan.
The Federal Direct Subsidized and Unsubsidized Loan programs carry both annual and cumulative (lifetime) limits. Your SAR (Student Aid Report) lists your cumulative loans, but it is important that you also keep records of all your loan transactions. You can also look up your loan history online at: https://studentaid.gov/.
Student Level & Dependency Status | Maximum (subsidized & unsubsidized) | Maximum (subsidized) |
---|---|---|
Dependent freshman | $5,500 | $3,500 |
Dependent sophomore | $6,500 | $4,500 |
Dependent junior or senior | $7,500 | $5,500 |
Independent freshman | $9,500 | $3,500 |
Independent sophomore | $10,500 | $4,500 |
Independent junior or senior | $12,500 | $5,500 |
Graduate/professional | $20,500 | 0 |
Student Level & Dependency Status | Maximum (subsidized & unsubsidized) | Maximum (subsidized) |
---|---|---|
Dependent undergraduate | $31,000 | $23,000 |
Independent undergraduate | $57,500 | $23,000 |
Graduate/Professional | $138,500* | $65,500* |
*The graduate debt limit includes loans received for undergraduate study prior to July 1, 2012.
If you reach your lifetime loan limit, you cannot receive any more of that type of loan. If you exceed your limit, aid already disbursed will be returned to the lender or may have to be repaid by you. We encourage that you borrow only what you need for educational expenses, and to keep track of your cumulative debt. If you need additional loan funding to assist you with continuing your education, alternative lending may be an option.
Federal Direct Graduate and Professional PLUS Loan
The Federal Direct Graduate and Professional PLUS loan program offers graduate and professional students the opportunity to borrow federal loans up to their cost of attendance minus all other aid sources. To apply for a PLUS loan, graduate and professional students must, fill out the FAFSA, pass a credit check, complete Grad PLUS Entrance Counseling, Master Promissory Note. PLUS loans may be used for tuition, housing, food, books and some transportation expenses.
Read more about the terms and conditions of this loan.
The billable charges included in the budget are as follows:
The billable charges included in the budget are as follows:
Federal Direct Student Loan
Michigan Student Financial Aid
The above links are not hosted by, nor run by, Lawrence Tech.
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