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Loans

Federal Loan Programs

To be eligible to apply for any of the Title IV student loans you must:

  • Apply for financial aid using the FAFSA.

  • Have a completed, verified as accurate, student aid file on record.

  • Complete loan counseling and other special requirements.

  • Be enrolled in at least half-time enrollment status.

  • Be enrolled in only coursework relevant to your program of study.

  • Meet  DL Program Regulations per 34 CFR part 668.

  • Meet School processing deadlines

Federal Direct Stafford Loan Program (subsidized and unsubsidized)

  • Repayment begins six months after the student graduates, leaves school or drops below half-time enrollment.

  • Loans cannot be certified until after the add/drop period of the semester.

  • Loan disbursements are deposited in the form of electronic funds to the student's LCN account and are released no earlier than thirty days after the beginning of the semester.

  • Students may request up to $7,500.00 at the Junior or Senior Level each award year (max subsidized amount in figure is $5500.00).

  • Independent students may be eligible for additional unsubsidized loans for a maximum eligibility of $12,500

  • Please contact the student aid office if you are in the accelerated program or you will be a December graduate. You may be able to maximize your borrowing eligibility by using the borrower based award year for your loan period instead of the award year that would begin with the fall term.

 

Federal Parent Loan for Undergraduate Students (PLUS)

Parents may borrow for their undergraduate dependent students. Parents would be eligible to borrow up to the cost of education minus any financial aid.

 

Loan Interest Rates

To view current interest rates and other loan information go to StudentAid.gov

34 CFR Section 668.202(e)(1) of the Federal Direct Loan (DL) Program provides that a school may refuse to certify a Stafford or PLUS loan application or may reduce the borrower's determination of need for the loan if the reason for that action is documented and provided to the student in writing provided the determination is made on a case-by-case basis. All previous borrowing of student loans and total debt will be reviewed prior to certification of future loans.

 

Applying for Federal Direct Loans

The application process is conducted via the Internet. You will be required to login at specific sites (noted below) and use your Federal Student ID which is the same ID you must use when completing the application for Federal Student Aid (the FAFSA) each award year.

To apply complete these steps:

  1. Complete entrance counseling at StudentLoans.gov. All first time borrowers at LCN are required to complete this step.

  2. Complete the Electronic Master Promissory Note (EMPN) at StudentLoans.gov.

  3. Meet school deadlines for the semester in regards to loan processing.

If parent is applying for the Parent Loan for Undergraduate Students (PLUS), you must:

  1. Complete PLUS Applicatin request process at StudentLoans.gov.

  2. Complete the PLUS Electronic Master Promissory Note at StudentLoans.gov.

 

Repayment of Federal loans

LCN students who process Federal Loans and drop below half-time enrollment, withdraw from the program, or graduate, will receive personalized exit information from the Financial Aid Office regarding their Federal loans.

Federal Student Loan Ombudsman

The Ombudsman Group is dedicated to helping resolve disputes related to Direct Loans, Federal Family Education Loan (FFEL) Program loans, Guaranteed Student Loans, and Perkins Loans.

If a borrower has completed the steps to resolve a loan dispute and are not satisfied, the borrower may need to contact the Federal Student Aid (FSA) Ombudsman Group of the U.S. Department of Education (ED). The Ombudsman Group is neutral, informal, and confidential resources to help resolve disputes about your federal student loans.

Contact the Ombudsmen Group as a last resort. Make every effort to resolve your student loan problem before contacting the Ombudsman Group.

FSA Ombudsman Group
PO Box 1843
Monticello, KY 42633
Phone: 877-557-2575
Fax: 606-396-4821
http://studentaid.gov/repay-loans/disputes/prepare

ALTERNATIVE LOANS

Alternative loans: commonly referred to as "private loans" or "commercial loans" are offered by banks and other private lenders to cover the costs of college not covered by other financial aid resources. A Credit Check is completed on the potential borrower. Also it is common to be required to have a co-signer for the loan. Interest rates are variable by borrower and based on many factors that the lender deems relevant.

Alternative loans are intended for:

  • students whose financial aid doesn't cover the full cost of higher education (Cost of Attendance is considered in need) or,

  • students who may not be enrolled in a financial aid eligible program or,

  • students who may not be eligible for financial aid for other reasons.

Depending on individual circumstances, a parent may also be able to borrow alternative loans to help pay for a child's college expenses.

There are many companies that offer alternative loans. As a wise consumer you should shop around and investigate what lender offers the best loan to meet your needs. You may choose any lender you wish.

In considering a lender you should look at the interest rates, repayment period, "reward" options, the quality of their customer service and amount eligible to borrow within specific time frames.  All of these considerations will help you find the best loan to meet your educational needs.

Lakeview College of Nursing does not sponsor or endorse any lender.  We do have a "historical" listing of lenders that current and/or previous students have used. You may visit FASTChoice at http://choice.fastproducts.org/FastChoice/home/1050100 to complete private loan entrance and exit counseling and compare products offered by lenders on the historical list. As a consumer you should research your options and use your best judgement to choose a lender. We strongly suggest that students contact us to discuss the Federal Stafford loan program and what advantages concerning interest rates, repayment options and other consumer information that may make it a better choice for borrowing funds for educational expenses. A parent of an undergraduate student also has the option of borrowing on their son/daughter's behalf for education expenses called the Federal PLUS program, this program may also have advantages for the consumer when comparing to an alternative loan. Each of these Federal loan programs require that the Free Application for Federal Student Aid (FAFSA) be completed and verified to be accurate before the loan can be certified and processed. Student's can also research this information on their own at the Department of Education's Web page at studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp

For all loan questions, please call the Financial Aid Office at 217.709.0928.