Federal Pell Grant
The Pell Grant is available to eligible students at LCN. To apply you must: Complete the FAFSA application for financial aid. The resulting expected family contribution (efc) will be used to determine your eligibility for all financial aid programs, including the Pell grant. This award can be used to pay tuition, fees, books and supplies, up to the amount available each semester. If the student has funds after costs are met, then refunds are issued at the mid-point of each term. To complete the FAFSA you will need information concerning your family's taxed and untaxed income as well as asset information. If you (and your spouse or parent) filed a Federal Tax Return you will need copies of these documents.
Illinois Student Assistance Commission (ISAC)
A resident of Illinois (who is a US citizen or permanent resident of the United States), enrolled in an eligible program at LCN, and demonstrating financial need as determined by the Illinois Student Assistance Commission, may receive a grant, called the Monetary Award Program (MAP). There is no separate State application, a student need only indicate Illinois residency, to be considered for state award when the FAFSA is completed. A dependent student's parent(s), whose information was required on the Federal Student Aid Application (FAFSA), must be an Illinois resident. The state sets deadlines each award year that a student must meet to be considered for the MAP award. Apply early each year after January 1st. Announced awards (estimated or actual) can be reduced or canceled at anytime during the award year.
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 an eligible program 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 (published on campus kiosks, in Campus Planner & on the WEB).
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.
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.
Loan Interest Rates Between July 1, 2012 and June 30, 2013
- Stafford Subsidized 3.4 %
- Stafford Unsubsidized 6.8%
- PLUS 7.9%
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 Aid Personal Identification Number (PIN) which is the same number you must use when completing the application for Federal Student Aid (the FAFSA) each award year.
To apply complete these steps:
- Complete entrance counseling at StudentLoans.gov. All first time borrowers at LCN are required to complete this step even if they have done so at previous schools.
- Complete the Electronic Master Promissory Note (EMPN) at StudentLoans.gov.
- 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:
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:
- student's whose financial aid doesn't cover the full cost of higher education (Cost of Attendance is considered in need) or,
- student's that may not be enrolled in a financial aid eligible program or,
- student's that 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 to complete private loan entrance 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. Click here
All Loan Questions address to: firstname.lastname@example.org or phone 217.709.0928.