How to Apply

Complete the Free Application for Federal Student Aid or FAFSA. It is an eight-page booklet which includes a four-page application used to determine eligibility for need-based federal and state aid programs or FASFA is available on the web at www.fafsa.ed.gov.

Federal Loans
PLUS Loan

Federal Student loans are funded through the federal government.  To receive a federal loan, you must first fill out the Free Application for Federal Student Aid (FAFSA) www.fafsa.ed.gov.  For the on -line application and more information log on to www.FAFSA.ed.gov.

Depending on the student’s financial need, you may borrow subsidized money for an amount up to the annual loan-borrowing limit. Students must demonstrate financial need to apply for a subsidized loan. If you are eligible for a subsidized loan, the government will pay the interest while you are in school, for the first six months after you leave school, and when you qualify to have your payments deferred. Unlike a subsidized loan, the student is responsible for the interest from the time the unsubsidized loan is disbursed until it is paid in full. You can choose to pay the interest or allow it to accumulate and be added to the principal amount of your loan.

Here’s the criteria:

• If you are a dependent undergraduate student you can borrow up to – a maximum of $3,500 for freshmen, $4,500 for sophomores and $5,500 for juniors and seniors.

• If you are an independent undergraduate student or a dependent student whose parent has applied and was unable to get a PLUS loan (see below) you can borrow up to $7,500 for freshmen (at least $4,000 must be unsubsidized), $8,500 for sophomores (at least $4,000 must be unsubsidized) and $10,500 (at least $5,000 must be unsubsidized) for junior and seniors. Graduate students can borrow up to $8,500 per academic year, and up to an additional $12,000 from an unsubsidized loan.

After accepting the loan offered, a new borrower will need to complete Entrance Counseling and electronically sign a Master Promissory Note. Funds will then be delivered electronically to LTU and disbursed to the student’s tuition account.

 Previous borrowers will have funds delivered electronically to LTU and disbursed to their student account as early as the beginning of the semester if they are enrolled at least half time. 

Excess funds will be refunded to student borrower from Business Services with in 10 days of a credit balance on their accounts.

Additional Information about Student Loans

LTU does not share in the profits from student loans and has assembled loan options that best meet our student’s financial needs. However, LTU strongly encourages you to do your research before choosing a loan option and/or lender. It’s your choice and we have provided a sample of websites for you to research and explore additional loan information to make your decision as easy as possible. Please contact your particular lender of choice for additional loan and application information (school certification form with lender ID and guarantor code).

Michigan Student Financial Aid
Federal Student Aid
FinAid.org
Great Lakes
Sallie Mae

The above links are not hosted by, nor run by, Lawrence Tech.