Federal Direct Loans: Students looking to finance their education with loans should first consider borrowing Federal Direct Loans. These loans require that you complete your FAFSA as well as a Master Promissory Note and Entrance Counseling. Federal Direct Loans include:
- Unsubsidized Loan: This is a non-credit based loan and the first recommendation for students planning on using loans. To apply, you will need to complete your Unsubsidized Master Promissory Note (MPN) and Entrance Counseling at www.studentloans.gov. (Please Note: The Financial Awareness Counseling listed under "Tools and Resources" on StudentLoans.gov is not a substitution for the required Direct Loan Entrance Counseling).
- Graduate Plus Loan: This is a credit-based loan, but is much less stringent than the credit requirements for most private loans. To apply, please visit www.studentloans.gov and follow instructions under Apply for a PLUS Loan and completing the PLUS MPN for Graduate/Professional Students.
Private Loans: These are credit-based loans that should be considered as a last resort for students looking to finance their education. For more information and a list of private lenders, visit Elmselect.com. To apply, please follow instructions on the private lender's website. Due to credit expiration timeframes, borrowers should avoid applying more than 90 days prior to the start date of classes.
- Prorated based on time in school
- Includes previously borrowed Stafford Loans
- Applies to loans disbursed between July 1, 2015 and June 30, 2016. Prior year rates are 6.21% for Unsubsidized and 7.21% for Graduate PLUS.
- Visit the federal student aid website for more information.
Making Loan Adjustments
If you would like to make adjustments to your loans, please fill out the appropriate Loan Change Form below and allow adequate time for processing:
- Unsubsidized: Please complete the electronic Federal Loan Change Form located in your ASIST account.
- Graduate Plus: Please print and complete the Federal Plus Loan Change Form for the appropriate year located in the Financial Aid Forms Library.
- Private: Please print and complete the Private Loan Change Form for the appropriate year located in the Forms Library.
Loan Repayment and Forgiveness Programs
During the final academic year and after graduation, qualifying students will have the opportunity to apply for various loan repayment and forgiveness programs directed toward meeting shortage regions or specialties available through a variety of federal and state government programs, institutions and non-profit agencies. These programs can help to significantly reduce the total amount of loans that a student is responsible to pay back. A few of the programs include, but are not limited to:
National Health Service Corps (NHSC) Loan Repayment Programs:
The NHSC Loan Repayment Program offers licensed primary care health providers the opportunity to have their student loans repaid while serving in communities with limited access to care.
The NHSC Student to Service Loan Repayment Program provides loan repayment assistance to medical students in their final year of school in return for a commitment to provide primary care services in eligible Health Profession Shortage Areas (HPSAs) of greatest need.
State Loan Repayment Program is open to primary care providers deemed eligible in participating States. Providers apply to the individual State program.
Public Service Loan Forgiveness: The PSLF Program is intended to encourage individuals to enter and continue to work full-time in public service jobs. Under this program, borrowers may qualify for forgiveness of the remaining balance of their Direct Loans after they have made 120 qualifying payments on those loans while employed full time by certain public service employers.
Federal Loan Repayment Plans: Finally, there are a variety of flexible loan repayment options available after graduation, residency, and/or fellowship for students borrowing federal loans. For more information on which plan works best for you, visit the federal student aid website or contact your financial aid advisor directly.
Tracking Your Loans
For more information or questions related to available loan programs, loan repayment plans, and tracking loans, please email the LUCOM Financial Aid Office.