LSCC

Federal Loans

Student loans are the type of financial aid that must be repaid. For this reason, loans are considered to be a ‘self-help’ form of assistance.

Borrowing is a serious financial obligation. Therefore, before applying for a student loan, be sure to seek other forms of financial aid funds that do not have to be paid back – such as grants and scholarships.

 

Federal Direct Subsidized Student Loan

Direct Subsidized Loans are for students who have financial need. With a subsidized Stafford Loan, the federal government will pay the interest while you’re enrolled at least half-time, during your grace period, and during deferment periods. The amount of a subsidized loan cannot exceed a student’s financial need.
Undergraduate students may borrow up to $3,500 for the first year (1-29 credits) and up to $4,500 in the second year (30 credits or more). This loan is subject to verified financial need and not to exceed educational costs. Repayment begins six months after you graduate, leave school, or drop below half-time enrollment, with a fixed interest rate of 3.4% percent for loans disbursed after July 1, 2011.

 

Federal Direct Unsubsidized Student Loan

 

Direct Unsubsidized loans do not require students to have financial need. With an unsubsidized Loan, you are responsible for paying the interest during all periods, starting from the date the loan is first disbursed. Information regarding repayment can be obtained from the Financial Aid Office.
Independent students may borrow an additional $4,000 if they qualify. Dependent students are only eligible for Unsubsidized loans if they are not eligible for Subsidized or are not eligible for the maximum Subsidized loan. Repayment begins six months after you graduate, leave school, or drop below half-time enrollment, with a fixed interest rate of 6.8% percent for loans disbursed after July 1, 2006.

 

Federal Direct Parent Loans for Undergraduate Students

 

Parents of dependent students can borrow from the PLUS loan program. They require that the applicant not have an adverse credit history and have an interest rate fixed at 7.9%. Repayment begins on the date the loan is fully disbursed. If a parent is borrowing on behalf of a dependent undergraduate student, the student and parent must meet the general eligibility requirements for federal student aid.

 

Eligibility

  • Students must apply for financial aid using the FAFSA application at www.fafsa.gov and complete their financial aid file prior to applying for a student loan
  • Degree seeking
  • A minimum cumulative 2.0 GPA
  • Enrollment in a minimum of 6 credit/load hours at Lake-Sumter Community College

*NOTE: First-time borrowers must complete entrance counseling at https://www.osfaffelp.org/studentcounseling/ (submit copy of confirmation page) prior to filling out a Direct Loan Request Form.

All students will need to go to www.studentloans.gov to complete the Electronic Master Promissory Note (eMPN) before coming in to fill out a Direct Loan Request Form (please bring a copy of the confirmation email). In addition, Loan Request Forms must be turned in to the Financial Aid Office by the posted deadline in the semester you are applying for.
Fax copies will not be accepted.


Please read the following:

Read and follow all directions before logging out

Look for the heading that says Manage My Direct Loan

Step 1. Click green Sign-in button

  • Sign-in by entering your SS#, Last 2 characters of Last Name
  • Date of Birth (mm/dd/yy)
  • Pin (the same pin used to sign your FAFSA)
    Note: Your name, address, and email address must match what the PIN website has on file for you.

Step 2. Click the Sign In button – this will take you to the Welcome page of Studentloans.gov

    • On the right-hand side of this screen enter your email address in the personal information box.
    • Click , Complete Master Promissory Note
    • Go to the next page and select Subsidized/Unsubsidized.
    • Complete requested information for the Master Promissory Note
    • Click, Continue
    • Enter all information on the Master Promissory Note
    • Then Click, Continue and verify that all information is correct
    • Click, Sign
    • You will receive a confirmation email (you must submit a copy of the confirmation email prior to filling out the Direct Loan Request Form)

    *Please note: The Master Promissory Note (MPN) is only good for one year from the date it is completed.

 

  

Important Loan Information


Loan Application Deadline Dates 2011-12

Fall term

August 31, 2011

Spring term

January 31, 2012

Summer term

May 1, 2012

Loan Periods for 2010-2011

Fall only

8/11 – 12/11

Spring only

1/12 – 5/12

Summer only

5/12 – 8/12

Fall & Spring

08/11 – 5/12

Spring & Summer

1/12 – 8/12

Freshman/Sophomore Status
Freshman – students who have completed up to 29 credits of college work.
Sophomore – students who have completed 30 or more credits of college work.
Status will be determined at the time of processing based on information available on the system.


Maximum Aggregate Loan at LSCC
Recommended maximum aggregate amount that a student should borrow in both subsidized and unsubsidized loans for the duration of their attendance at LSCC is $17,875.


Maximum Loan Amounts

One Term

Dependent Students Subsidized* and Unsubsidized**

Independent Students Subsidized* and Unsubsidized**

 

 

 

 

Sub

Sub & Unsub

Freshman

$1,750

 

Freshman

$1,750

$3,750

Sophomore

$2,250

 

Sophomore

$2,250

$4,250

Two Terms

Dependent Students Subsidized* and Unsubsidized**

Independent Students Subsidized* and Unsubsidized**

 

 

 

 

Sub

Sub & Unsub

Freshman

$3,500

 

Freshman

$3,500

$7,500

Sophomore

$4,500

 

Sophomore

$4,500

$8,500

*Subsidized - government pays interest while enrolled in school at least (6) hours and during grace period
**Unsubsidized – interest accrues while in school or student my pay accrued interest