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Student Loans - Student Financial Aid - Lake Land College, Mattoon Illinois Financial Aid and Veterans Services

Student Loans

What are student loans?

Student loans are educational funds that must be repaid with interest. We strongly encourage you to consider all other options for financing your education first, and use a student loan only as a "last resort."

Lake Land College participates in the Federal Direct Loan program.

Under the Federal Direct Loan program, loan eligibility is determined by the Lake Land College Financial Aid Office and the loans are made by the U.S. Department of Education.

What types of student loans are available?

There are two types of loans available, Online Loans for students and Parent Loans for Undergraduate Students (PLUS) for parents.

Stafford Loans

How do I qualify for a Stafford Loan?

You must complete the Free Application for Federal Student Aid (FAFSA) in order to be considered for a Stafford loan.  There are two types of Stafford Loans: subsidized and unsubsidized.

A subsidized Stafford loan is a need-based loan which means students must demonstrate need according to data submitted on the FAFSA. Interest begins accruing on the loan at the time the loan funds are disbursed, but the federal government pays (subsidizes) the interest for students while they are enrolled in school on at least a half-time basis.

An unsubsidized Stafford loan is not based on need. Interest begins accruing on the loan at the time the loan funds are disbursed and the student is responsible for paying the interest while in school. Interest can be capitalized which means the student would not have to pay the interest while in school, but the interest accruing is added to the amount borrowed, so the loan amount continues to increase.

To be considered for a Stafford Loan you must meet the following eligibility requirements:

Apply for financial aid using the FAFSA
Have a completed and verified student aid record on file
Complete an LLC Stafford Student Loan Request Form
Be admitted to LLC in a degree seeking program or approved certificate program
Meet Satisfactory Academic Progress Standards
Be enrolled in at least six credit hours
Not be in default on any educational loan, show an unwillingness to repay an educational loan, or owe any refund on a grant or student loan

How much can I borrow under the Stafford Loan Program?

Academic Level           Credits Earned             Maximum
Subsidized Amount              
Per Semester Limit
Freshman     0 – 28 hours $3500 $1750
Sophomore  29 hours + $4500 $2250

Additional unsubsidized loan funds may be available for students with remaining unmet cost of attendance.  Students are required to meet with a financial aid advisor for loan counseling and to discuss available non-loan options.   

We strongly advise students to only borrow what is absolutely needed.  Lake Land College is a low-cost institution, and we want to keep your student loan debt at a minimum upon graduation or transfer to a four-year institution.

Formula to determine financial eligibility

Subsidized   =  Cost of Attendance (COA) - Expected Family Contribution (EFC) - Expected Financial Assistance

Unsubsidized =  Cost of Attendance (COA) – Expected Financial Assistance

What is the interest rate on Stafford Loans?

For the 2013-14 academic year, the interest rate on subsidized and unsubsidized Stafford loans is 3.86%.

What is Entrance Loan Counseling?

Because borrowing under the Stafford loan program is a serious financial obligation that should not be entered into lightly, all students who borrow a Stafford loan must complete an entrance loan counseling session before loan funds can be disbursed.

The entrance loan counseling session is designed to inform students about their rights and responsibilities as a borrower, explain the importance of loan repayment, and make sure students understand the consequence of defaulting on a student loan. The entrance loan counseling session needs to be completed once each academic year (Fall, Spring, Summer). 

Students complete the online loan counseling through the U.S. Department of Education's Direct Loans Web site. Click on the Entrance and Exit Counseling option and then select "Entrance Counseling."

How do I sign my Master Promissory Note?

Because Stafford loans must be repaid with interest, all students borrowing under the Stafford loan program must sign a promissory note each time they borrow. This is your promise to repay the loan and it is a legally-binding document between you and the U.S. Department of Education. The MPN is completed online through the U.S. Department of Education’s Direct Loans Web site.

What is Exit Loan Counseling?

When a student graduates or drops below half-time attendance, an exit loan counseling session must be completed. The exit loan counseling session will review your repayment obligation, provide information regarding typical monthly repayment amounts based on various levels of borrowing, explain deferment and forbearance options and stress the serious consequences of defaulting on a federal student loan. Students complete the online exit counseling through the National Student Loan Data System Web site. Click on the Entrance and Exit Counseling option and then select "Exit Counseling."

How do I Request a Federal Direct Stafford Loan?

You must log in to the Lake Land Hub and select "Request a Student Loan" under the Financial Aid section.

Be sure to read and complete all required steps, including the Master Promissory Note and online entrance counseling at the end of the request.

PLUS Loans

What is a PLUS Loan?

A PLUS loan is a loan that parents of dependent students can receive to cover educational expenses for their dependent undergraduate student.

Click here to learn more about the different PLUS Loans at the U.S. Department of Education

How much can a parent borrow, and what is the interest rate on the loan?

Parents can borrow up to the cost of attendance at LLC, less any financial aid their student is receiving. For example, if the cost of attendance is $9,220 and your student receives $5,000 in other financial aid, parents can borrow up to $4,220. The current interest rate is 6.41% and interest accrues on the PLUS loan as soon as the loan is disbursed. Repayment of the loan begins within 60 days of the loan being fully disbursed.

Formula to determine financial eligibility

PLUS loan =  Cost of Attendance (COA) – other financial aid received

Is there a charge for the PLUS loan?

Yes. In addition to interest, you pay a loan origination fee that is a percentage of the principal amount of each Direct PLUS Loan that you receive. We deduct the fee before you receive any loan money, so the loan amount you actually receive will be less than the amount you have to repay.

How do parents apply for a PLUS Loan?

The student must have a completed FAFSA with the Lake Land College Financial Aid Office.
Parents must then complete and submit a PLUS Application to Lake Land College.
Parents sign a Master Promissory Note(e-MPN).

What are the eligibility requirements for a parent to get a Direct PLUS Loan?

  • You must be the biological or adoptive parent (or in some cases, the stepparent) of the student for whom you are borrowing.
  • Your child must be a dependent student who is enrolled at least half-time.
  • You cannot have an adverse credit history (a credit check will be performed).
  • You and your child must be U.S. citizens or eligible noncitizens, must not be in default on any federal education loans or owe an overpayment on a federal education grant, and must meet other general eligibility requirements for the Federal Student Aid programs.

How will I receive PLUS loan money?

Lake Land College disburses loan money by crediting the student’s account, and will mail any excess funds directly to the parent. Loan money is always disbursed in at least two installments.

When do I have to begin repaying my PLUS Loan?

Repayment of a Direct PLUS Loan begins 60 days after the full amount you have borrowed for a school year has been disbursed. You can find information about postponing repayment by contacting the Direct Loan Servicing Center (1-800-848-0983) or by visiting Direct Loans on the Web.

How much time will I have to repay my loan, and how much will I have to pay each month?

Your monthly payment amount will be based on how much you borrowed and how long you take to repay. There is no penalty if you make payments before they are due or pay more than the amount due each month. You can find information about repayment by contacting the Direct Loan Servicing Center (1-800-848-0983) or by visiting Direct Loans on the Web.

Student Loan Resources

StudentLoans.gov

Visit the Department of Education's Student Loan website to manage your Direct Loans, complete a Master Promissory Note, and complete Online Entrance Counseling. Parents wishing to requst a Parent PLUS loan must complete the application and Master Promissory Note through this website. www.studentloans.gov

Direct Loan Servicing Center

The Direct Loan Servicing Center is the leader and servicer of your Direct Loan. You can contract them with questions about replacement, deferment, and forbearance on your Direct Student Loan. You may also view your loan history, loan consolidation options, and make online loan payments via their website. www.dl.ed.gov

National Student Loan Data System (NSLDS)

Visit the NSLDS to review your student loan history and complete Exit Counseling. www.nslds.ed.gov

Lake Land College Financial Aid Office
You should check the status of your student loan on IRIS within the Lake Land hub. Any important information or updates regarding your student loan will be sent to your LLC student email address. Be sure to check it regularly.

Any unanswered questions can be directed to financialaid@lakelandcollege.edu for a quick and complete response.

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Announcements
2014-15 FAFSA Available NOW!

Complete or renew your FAFSA for Fall 2014. Funds are limited, so don't delay, APPLY TODAY!

Financial Aid on LLC Hub/IRIS

You can now check the status of your FAFSA application and documents on the Hub/IRIS. Simply log in, and click on Financial Aid "Status and Documents". Awards can also be viewed there.

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Important Dates

1/1/14 - 14/15 FAFSA Available

1/13/14 - Spring Semester Begins

2/7/14 - Pell Refunds of Credit Issued

2/21/14 - Loan Refunds of Credit Issued

3/7/14 - Bills Due in Full

5/2/14 - Final Day to Request Spring Loan

5/12/14 - Spring Semester Ends

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