The Federal Direct Student Loan Program is available to graduate students who are enrolled in a program leading to a degree*, enrolled as a half-time student (at least 5 semester hours), and complete the Free Application for Federal Student Aid (FAFSA). The Department of Education will compute an Expected Family Contribution (EFC) which the Financial Aid Office will use to determine Federal Stafford Loan eligibility.
*students enrolled in the LPCC program only do not qualify for federal assistance
The financial aid award year begins in the summer term and continues through fall and spring semesters. A FAFSA must be filed annually.
Financial Aid Programs Available
A Direct Subsidized Stafford Loan is no longer available to graduate students beginning July 1, 2012.
A Direct Unsubsidized Stafford Loan is a non-need based loan made by the Department of Education. Graduate students can borrow up to $20,500 per year. You are responsible for paying the interest that accrues from the time you borrow through repayment. The interest can be paid as you go or capitalized and paid later when the loan goes into repayment. The interest rate is fixed at 6.8%.
The Teacher Education Assistance for College and Higher Education (TEACH) Grant/Loan must file the FAFSA, currently completing coursework necessary to begin a career in teaching in a “high-need” field, have at least a cumulative 3.25 GPA for each payment period; or have a score above the 75th percentile on an admissions test, such as the SAT, ACT or GRE. Up to $3,496 per academic year ($13,984 total) for undergraduate students and $3,496 per academic year ($6,992 total) for graduate students. Must agree to teach full time for four years in a Title I school serving low-income students or the grant turns into a Direct Unsubsidized Stafford Loan with 6.8% interest from the date of original disbursement.
A limited amount of Federal Perkins Loan and University Work-Study are available to graduate students. Those students interested should contact the Financial Aid Office.
For further information, contact the Financial Aid Office at 1-800-925-9250, or 1-419-448-2293.