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  • Student Loans

    Student loans are a common and convenient way used by many students at Lewis and Clark to fund their education. We encourage you to review the following information prior to accepting any student loans so that you understand the responsibilities associated with borrowing and repaying an educational loan.

    Types of Loans

    Federal Direct Stafford Loan 

    The Federal Direct Stafford Loan is a low-interest loan available from the federal government, either as a subsidized or unsubsidized student loan. If you qualify for a need-based subsidized student loan, the federal government pays the interest on your loan while you’re in school (that’s why it’s called a “subsidized” loan). An unsubsidized student loan is not based on financial need, and you’ll be charged interest on the loan as soon as the funds are disbursed. (You may choose to pay the interest while in school or defer interest payments until you’ve finished school, in which case the interest will be added to the amount you owe.)

    Both loan types require that repayment begin six months after you graduate, drop below half-time enrollment or cease attending. The maximum annual loan amounts are:

    First year Second year
    $5,500 Dependent Students $6,500 Dependent Students
    $9,500 Independent Students $10,500 Independent Students
    Only $3,500 can be subsidized if eligible. Only $4,500 can be subsidized if eligible.

    Federal Direct Parent Loan for Undergraduate Students (PLUS Loan) 

    This loan is available to families who want a low-interest loan to pay for a dependent student’s educational expenses but have no demonstrated financial need. These loans may not exceed the student’s cost of attendance minus other aid. Repayment usually begins 60 days from the date of disbursement. Contact the Financial Aid Office for additional information.

    Federal Direct Student Loan Process

    Please follow the instructions below to complete the student loan process for Lewis and Clark Community College.

    For Federal Direct Student Loan Borrowers:

    1. Log into your L&C Financial Aid Self Service account to accept or reject an offered student loan.
    2. If you are a new borrower or it’s been ten years since you last borrowed, you must also log on to studentaid.gov using your FSA ID and password and complete your Master Promissory Note (MPN) and Loan Entrance Counseling.

    For Federal Direct Parent Plus Loan Borrowers:

    A parent must complete a PLUS Loan application and Parent PLUS Master Promissory Note (MPN) through studentaid.gov. Please submit a copy of your Parent PLUS Master Promissory Note (MPN), L&C Parent PLUS Loan Request form and a credit approval confirmation/letter to the Financial Aid Office.

    For instructions on accepting you financial aid, see Student Loan Instructions.

    For complete information on all federal student loans, see Direct Loans.

    **Any refusal to originate a Direct Loan or reduce your eligible loan amount will be made on a case-by- case basis.  In the event that the Financial Aid Office denies or limits your Direct Loan availability, a letter documenting our decision will be provided to you the student borrower or your parent in the case of parent loan borrowers.

    Student Loan Repayment

    Don’t let the student loan repayment process overwhelm you. Use this checklist to help you manage and repay your federal student loans.

    https://studentaid.gov/resources/loan-repayment-checklist

    Loan Simulator

    Loan Simulator helps you calculate student loan payments and choose a loan repayment option that best meets your needs and goals. You can also use it to decide whether to consolidate your student loans.

    https://studentaid.gov/loan-simulator/

    Exit Counseling

    You must complete Exit Counseling when you leave school or drop below half-time enrollment. The purpose of exit counseling is to ensure you understand your student loan obligations and are prepared for repayment.  You'll learn about what your federal student loan payments will look like after school. Federal Student Aid will recommend a repayment strategy that best suits your future plans and goals.

    https://studentaid.gov/exit-counseling/

    Student Loan Debt Relief

    Do you have questions about federal student loan debt relief? Find out more information about this program including who is eligible and how to apply at:

    https://studentaid.gov/manage-loans/forgiveness-cancellation/debt-relief-info.