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Types of Student Loans

FAFSA

For each of these Loan opportunities you must first complete the Free Application for Federal Student Aid (FAFSA). It is important to note that all loans MUST be repaid, but there are repayment plan options available to graduates.
 

  • Federal Perkins Loan - Students demonstrating need for financial aid may be eligible for a Federal Perkins Loan from the college. A Federal Perkins Loan is a low-interest 5% loan for students with exceptional need who are enrolled at least half-time. The repayment period and interest do not begin until nine months after the student leaves college or falls below the half-time status.
  • Federal Direct Subsidized Loans - this is a loan program available to students who are found to have a financial need. This low interest loan enables students to borrow from participating lending institutions to help pay their educational costs while attending college. Repayment does not begin until six months after the student graduates, leaves college, or is enrolled less than half-time. For a subsidized loan, the U.S. Department of Education pays the interest while you are in school at least half-time; for the first six months after you leave school (grace period); and during a period of deferment.  To sign a master promissory note (MPN) for direct loan go to studentloans.gov.
  • Federal Direct Unsubsidized Loans - Students who may not be eligible for any or all of the subsidized loan may apply for the difference through the unsubsidized loan. This federal loan is a non-need based loan program and is designed to assist eligible students by providing additional funds to meet the cost of education. Contact the Financial Aid Office for more information. There is no priority funding deadline for an unsubsidized loan.  Students need to be enrolled at least half-time to qualify. You are responsible for paying  the interest during all periods.  If you choose not to pay the interest while in school, or during the grace period, the deferment period or the forbearance period your interest will accumulate and will be added to the principal amount. For more information go to studentloans.gov.
  • Federal Parent Loan for Undergraduate Students (PLUS) - enables parents with good credit history to borrow money for educational expenses of each child who is a dependent undergraduate student enrolled at least half-time.  To request a PLUS loan at Lake Region State College you need to complete a PLUS request process. Information on interest rates and repayment requirements are available by contacting the Financial Aid Office.
     

Alternative Loans

A number of private lenders have loans that are very similar to the Stafford Subsidized and Unsubsidized Loans. A student may borrow up to the budget established for an academic year. This loan is in addition to funds already awarded either on campus or from outside sources. A borrower must have a credit history or have a credit-worthy co-signer on the loan(s). Students may select the alternative loan program they wish to use and will need to complete a separate application with the lender.  LRSC, through FAST Choice, offers a Historical Lender List that includes lender we have worked with in the past. If students are interested in pursuing an alternative loan, they should contact the Financial Aid Office at (701) 662-1517.

Loan Counseling

Students receiving a Federal Stafford or Perkins loan must attend an entrance counseling session. Students may complete loan counseling by logging onto www.studentloans.gov. Students receiving a Perkins loan must complete entrance loan counseling at www.mappingyourfuture.org.

 

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