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 Direct 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.
A Federal Direct Unsubsidized 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 variable and determined each July 1st.
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 $3,708 per academic year ($16,000 total) for undergraduate students and up to $3,708 per academic year ($8,000 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 Federal Direct Unsubsidized Loan with 6.8% interest from the date of original disbursement.