Lincoln College

Financial Aid

Loans

Federal Direct Student Loans

Federal student loans are a form of financial aid that can help you pay for tuition, books, and living expenses. They also offer more flexibility than private loans. Repayment is deferred until you graduate or leave school.

Lincoln College offers the following loans:

Direct Subsidized Loan

This is a federal loan program for students who have financial need as determined by the Department of Education. Interest does not accrue on subsidized loans while you are enrolled in school at least half-time.

Direct Unsubsidized Loan

This is a federal loan program which does accrue interest while a student is in school and must be paid back. The interest rate is fixed at 6.8%.

Parent PLUS Loan

The parent of a dependent undergraduate student may borrow funds to help pay for education expenses up to the cost of attendance minus all other financial assistance. Borrowers must be credit worthy and complete a credit application. The interest rate is fixed at 7.9%.

Things to remember about federal student loans:

Part-time Status

First-time Borrowers

Before Awarding Your Student Loans

Both the Master Promissory Note and Entrance counseling are available online at www.studentloans.gov.

Non-Federal Loans

Alternative Loan

This is a private student loan offered by banks or lending institutions to help students and parents bridge the gap between the cost of education and the amount of financial aid received. These are loans that are not guaranteed by the federal government. Terms and conditions can vary according to lending institution guidelines. In most cases lending institutions will review the student’s credit history and a co-signer may be required. The actual amount a person can borrow varies according to each student’s individual circumstances.

Lincoln College encourages all students to apply first for federal and state financial aid.

The first step to request an alternative student loan is to complete the approval form.