Federal Family Education Loan Program (FFEL)

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
• Attend loan counseling and other special requirements.  Visit the www.mappingyourfuture.org for Entrance Counseling information.
• Be enrolled in an eligible program in at least half-time enrollment status
• Be enrolled in only coursework relevant to your program of study
• Meet  FFEL Program Regulations per 34 CFR part 668
• Meet School processing deadlines (published on campus kiosks, in Campus Planner & on the WEB)

Federal 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 $5,500 at the Junior or Senior Level each award year.
• Independent students may be eligible for additional unsubsidized loans.

Federal Parent Loan for Undergraduate Students (PLUS)

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

Loan Interest Rates Between July 1, 2008 and June 30, 2009

• Stafford Subsidized      6 % 
• Stafford Unsubsidized  6.8%
• PLUS      8.50%

34 CFR Section 668.202(e)(1) of the Federal Family Education Loan (FFEL) Program provides that a school may refuse to certify a FFEL 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.

To Apply On-Line for Stafford and PLUS Loans choose the Preferred Lender Listing link below and access their electronic Master Promissory Note (MPN).  The list of established lenders has been provided to assist you with choosing a lender.  The lenders have been chosen by our institution because of superior customer service and outstanding savings.  If you would like to choose a lender not on this page contact that lender to find out if they participate in the Federal Family Educational Loan (FFEL) program and if they have an electronic option to complete the MPN (if not you will need to complete the paper version).  You may choose any lending institution that you prefer as long as you know they participate in the program.  We recommend that you choose your lender wisely.  It will be your responsibility to provide us with the lender's name, address, phone number and lender code so that we may certify your loan and process it correctly. 

Click here for the Preferred Lenders Listing and On-Line Application.

All Loan Questions address to: tgarza@lakeviewcol.edu or phone (217)554-6839.