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Federal and State Loans

Loans are a form of financial aid that must be repaid with interest.  Loans are a form of need-based aid, which means that the amount you are offered will be based on your financial need as calculated based on the information in your Free Application for Federal Student Aid (FAFSA).  Some loans come from a limited pool of funds, so students are encouraged to complete and submit the FAFSA as early as possible.  When completing your FAFSA to apply for financial aid, please remember LeTourneau University's FAFSA code is 003584.

All scholarships listed as "per year" are renewable for 4 years as long as a student continually meets each scholarship's specific requirements.

The Federal Direct Student Loan program consists of two components: subsidized loans and unsubsidized loans.

   Subsidized Loans:

  • Available to undergraduate students who are enrolled at least half-time and demonstrate financial need.
  • Interest is 3.86% for loans made between July 1, 2013, and June 30, 2014.
  • Student is not charged interest on the loan while in school and during a six-month grace period after leaving "in-school" status.
  • The U.S. Department of Education (ED) is the lender; payment is owed to ED.
  • Annual Award Limits: Between $3,500 and $5,500 depending on year in school

   Unsubsidized Loans:

  • Available to undergraduate and graduate students who are enrolled at least half-time.
  • Interest is 6.8%
  • Student is responsible for interest during all periods
  • ED is the lender; payment is owed to ED
  • Annual Award Limits: Between $5,500 and $20,500 (minus any subsidized amount received for the same period), depending on year in school and dependency status

All Federal Direct Student Loans:

  • Application Process:
    1. Accept your student loans through the MyLETU award system
    2. Complete a Master Promissory Note (MPN) at www.studentloans.gov (e-signing is available)
    3. First-time borrowers, complete the online Direct Loan Entrance Counseling at www.studentloans.gov
  • Maximum Total Loan Limits:
    • Dependent Undergrad: $23,000 subsidized/$31,000 total
    • Independent Undergrad: $23,000 subsidized/$57,500 total
    • Graduate/Professional: $65,000 subsidized/$138,500 total (including all federal loans received for undergraduate study)

Detailed information from the Department of Education on Direct Student Loans

Loans made through the Federal Perkins Loan Program are low-interest federal student loans for students with exceptional financial need.

  • Interest is 5%
  • Repayment begins nine months after you graduate, leave school, or drop below half-time status.
  • The School is the lender; payment is owed to the school that made your loan.
  • Annual borrowing limits range from $500 to $4,000, depending on your financial need and the availability of funds.

Detailed information from the Department of Education on Direct Perkins Loans

To receive a Direct PLUS Loan, you must be

  • a graduate or professional degree student enrolled at least half-time in a program leading to a degree or certificate, or
  • the parent of a dependent undergraduate student enrolled at least half-time.

 

Loan Information:

  • Interest is 6.41%.
  • Repayment begins 60 days after the final loan disbursement, unless the borrower qualifies for deferment.
  • A credit evaluation is required; borrower must not have negative credit history
  • Borrower is responsible for interest during all periods
  • The U.S. Department of Education (ED) is the lender; payment is owed to ED.
  • Maximum amount is cost of attendance minus any other financial aid the student receives.
  • Application Process:

Detailed information from the Department of Education on Direct PLUS Loans

To receive a Texas College Access Loan, you must:

  • Be a Texas resident
  • Be enrolled at least half-time in a course of study leading to a degree
  • Meet satisfactory academic progress requirements, and
  • Receive a favorable credit evaluation or provide a cosigner who meets program requirements

Loan Information:

Detailed information from the Texas Higher Education Coordinating Board on CAL Loans

The Federal Direct Student Loan program consists of two components: subsidized loans and unsubsidized loans.

   Subsidized Loans:

  • Available to undergraduate students who are enrolled at least half-time and demonstrate financial need.
  • Interest is 3.86% for loans made between July 1, 2013, and June 30, 2014.
  • Student is not charged interest on the loan while in school and during a six-month grace period after leaving "in-school" status.
  • The U.S. Department of Education (ED) is the lender; payment is owed to ED.
  • Annual Award Limits: Between $3,500 and $5,500 depending on year in school

   Unsubsidized Loans:

  • Available to undergraduate and graduate students who are enrolled at least half-time.
  • Interest is 6.8%
  • Student is responsible for interest during all periods
  • ED is the lender; payment is owed to ED
  • Annual Award Limits: Between $5,500 and $20,500 (minus any subsidized amount received for the same period), depending on year in school and dependency status

All Federal Direct Student Loans:

  • Application Process:
    1. Accept your student loans through the MyLETU award system
    2. Complete a Master Promissory Note (MPN) at www.studentloans.gov (e-signing is available)
    3. First-time borrowers, complete the online Direct Loan Entrance Counseling at www.studentloans.gov
  • Maximum Total Loan Limits:
    • Dependent Undergrad: $23,000 subsidized/$31,000 total
    • Independent Undergrad: $23,000 subsidized/$57,500 total
    • Graduate/Professional: $65,000 subsidized/$138,500 total (including all federal loans received for undergraduate study)

Detailed information from the Department of Education on Direct Student Loans

Loans made through the Federal Perkins Loan Program are low-interest federal student loans for students with exceptional financial need.

  • Interest is 5%
  • Repayment begins nine months after you graduate, leave school, or drop below half-time status.
  • The School is the lender; payment is owed to the school that made your loan.
  • Annual borrowing limits range from $500 to $4,000, depending on your financial need and the availability of funds.

Detailed information from the Department of Education on Direct Perkins Loans

To receive a Direct PLUS Loan, you must be

  • a graduate or professional degree student enrolled at least half-time in a program leading to a degree or certificate, or
  • the parent of a dependent undergraduate student enrolled at least half-time.

 

Loan Information:

  • Interest is 6.41%.
  • Repayment begins 60 days after the final loan disbursement, unless the borrower qualifies for deferment.
  • A credit evaluation is required; borrower must not have negative credit history
  • Borrower is responsible for interest during all periods
  • The U.S. Department of Education (ED) is the lender; payment is owed to ED.
  • Maximum amount is cost of attendance minus any other financial aid the student receives.
  • Application Process:

Detailed information from the Department of Education on Direct PLUS Loans

To receive a Texas College Access Loan, you must:

  • Be a Texas resident
  • Be enrolled at least half-time in a course of study leading to a degree
  • Meet satisfactory academic progress requirements, and
  • Receive a favorable credit evaluation or provide a cosigner who meets program requirements

Loan Information:

Detailed information from the Texas Higher Education Coordinating Board on CAL Loans

The Federal Direct Student Loan program consists of two components: subsidized loans and unsubsidized loans.

   Subsidized Loans:

  • Available to undergraduate students who are enrolled at least half-time and demonstrate financial need.
  • Interest is 3.86% for loans made between July 1, 2013, and June 30, 2014.
  • Student is not charged interest on the loan while in school and during a six-month grace period after leaving "in-school" status.
  • The U.S. Department of Education (ED) is the lender; payment is owed to ED.
  • Annual Award Limits: Between $3,500 and $5,500 depending on year in school

   Unsubsidized Loans:

  • Available to undergraduate and graduate students who are enrolled at least half-time.
  • Interest is 6.8%
  • Student is responsible for interest during all periods
  • ED is the lender; payment is owed to ED
  • Annual Award Limits: Between $5,500 and $20,500 (minus any subsidized amount received for the same period), depending on year in school and dependency status

All Federal Direct Student Loans:

  • Application Process:
    1. Accept your student loans through the MyLETU award system
    2. Complete a Master Promissory Note (MPN) at www.studentloans.gov (e-signing is available)
    3. First-time borrowers, complete the online Direct Loan Entrance Counseling at www.studentloans.gov
  • Maximum Total Loan Limits:
    • Dependent Undergrad: $23,000 subsidized/$31,000 total
    • Independent Undergrad: $23,000 subsidized/$57,500 total
    • Graduate/Professional: $65,000 subsidized/$138,500 total (including all federal loans received for undergraduate study)

Detailed information from the Department of Education on Direct Student Loans

To receive a Direct PLUS Loan, you must be

  • a graduate or professional degree student enrolled at least half-time in a program leading to a degree or certificate, or
  • the parent of a dependent undergraduate student enrolled at least half-time.

 

Loan Information:

  • Interest is 6.41%.
  • Repayment begins 60 days after the final loan disbursement, unless the borrower qualifies for deferment.
  • A credit evaluation is required; borrower must not have negative credit history
  • Borrower is responsible for interest during all periods
  • The U.S. Department of Education (ED) is the lender; payment is owed to ED.
  • Maximum amount is cost of attendance minus any other financial aid the student receives.
  • Application Process:

Detailed information from the Department of Education on Direct PLUS Loans

To receive a Texas College Access Loan, you must:

  • Be a Texas resident
  • Be enrolled at least half-time in a course of study leading to a degree
  • Meet satisfactory academic progress requirements, and
  • Receive a favorable credit evaluation or provide a cosigner who meets program requirements

Loan Information:

Detailed information from the Texas Higher Education Coordinating Board on CAL Loans

The Federal Direct Student Loan program consists of two components: subsidized loans and unsubsidized loans.

   Subsidized Loans:

  • Available to undergraduate students who are enrolled at least half-time and demonstrate financial need.
  • Interest is 3.86% for loans made between July 1, 2013, and June 30, 2014.
  • Student is not charged interest on the loan while in school and during a six-month grace period after leaving "in-school" status.
  • The U.S. Department of Education (ED) is the lender; payment is owed to ED.
  • Annual Award Limits: Between $3,500 and $5,500 depending on year in school

   Unsubsidized Loans:

  • Available to undergraduate and graduate students who are enrolled at least half-time.
  • Interest is 6.8%
  • Student is responsible for interest during all periods
  • ED is the lender; payment is owed to ED
  • Annual Award Limits: Between $5,500 and $20,500 (minus any subsidized amount received for the same period), depending on year in school and dependency status

All Federal Direct Student Loans:

  • Application Process:
    1. Accept your student loans through the MyLETU award system
    2. Complete a Master Promissory Note (MPN) at www.studentloans.gov (e-signing is available)
    3. First-time borrowers, complete the online Direct Loan Entrance Counseling at www.studentloans.gov
  • Maximum Total Loan Limits:
    • Dependent Undergrad: $23,000 subsidized/$31,000 total
    • Independent Undergrad: $23,000 subsidized/$57,500 total
    • Graduate/Professional: $65,000 subsidized/$138,500 total (including all federal loans received for undergraduate study)

Detailed information from the Department of Education on Direct Student Loans

To receive a Direct PLUS Loan, you must be

  • a graduate or professional degree student enrolled at least half-time in a program leading to a degree or certificate, or
  • the parent of a dependent undergraduate student enrolled at least half-time.

 

Loan Information:

  • Interest is 6.41%.
  • Repayment begins 60 days after the final loan disbursement, unless the borrower qualifies for deferment.
  • A credit evaluation is required; borrower must not have negative credit history
  • Borrower is responsible for interest during all periods
  • The U.S. Department of Education (ED) is the lender; payment is owed to ED.
  • Maximum amount is cost of attendance minus any other financial aid the student receives.
  • Application Process:

Detailed information from the Department of Education on Direct PLUS Loans

To receive a Texas College Access Loan, you must:

  • Be a Texas resident
  • Be enrolled at least half-time in a course of study leading to a degree
  • Meet satisfactory academic progress requirements, and
  • Receive a favorable credit evaluation or provide a cosigner who meets program requirements

Loan Information:

Detailed information from the Texas Higher Education Coordinating Board on CAL Loans

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