Office of Financial Aid
Loan Information Process
Lincoln
University participates in the Federal Direct Loan Program. The program
has two main sources of funding which include
the Federal Direct Loan for students and
the Federal PLUS Loan for parents.
Instructions on How to Apply for
a Loan
Both
Pennsylvania and non-Pennsylvania residents
can apply for Federal loans from the United States Department of Education (USDE). Since USDE
is the Guarantor for the Federal Loans, students can complete the Federal Loan Master
Promissory Note Application (MPN) online.
Federal
Subsidized Direct Loan - The federal
government pays the interest while the student
is in school. The eligibility to receive
a subsidized loan is based on family income
and financial need established by the federal
government. You may borrow the maximum for
your grade level. Please refer to chart
below for Federal Loan limits.
Federal
Unsubsidized Direct Loan - The loan
is limited to independent students and/or
dependent students whose parents have been
denied eligibility for the Federal Plus Loan. The
Federal Unsubsidized Loan is not based on need and,
unlike the Federal Subsidized Loan the government
does not pay the interest for you. You will
be charged interest for this loan from the
time the loan is disbursed until the loan
is paid in full. You may borrow the maximum
for your grade level.
| Grade
Level |
Credits |
Maximum
Subsidized |
Maximum
Unsubsidized |
*Additional
Maximum Unsubsidized |
| Freshman |
0-29 |
$3,500 |
$2,000 |
$4,000 |
| Sophomore |
30-59 |
$4,500 |
$2,000 |
$4,000 |
| Junior |
60-89 |
$5,500 |
$2,000 |
$5,000 |
| Senior/Pre-Masters |
90 and above |
$5,500 |
$2,000 |
$5,000 |
| Graduate |
|
|
$20,500 |
|
| *The
parent of a dependent student must
first apply for the Federal PLUS Loan and
be DENIED by the lender before an
Federal
Unsubsidized Loan can be awarded. |
Federal
PLUS Loan - A Federal PLUS loan enables
a parent with a good credit history to borrow
funds to help pay for education expenses
for at least half-time. The yearly loan
limit is the cost of attendance minus all
other financial aid. The school will notify
parents and the lender of the amount awarded.
PLUS loans can supplement any
loan variations or expected family contribution
(EFC). PLUS loans are not based on need
but rather parent's credit worthiness. You can apply for the Federal PLUS Master Promissory Note at www.studentloans.gov.
Federal
Perkins Loan - Is a low interest (5%)
loan for students with exceptional financial
need. The loan is made from a revolving
fund at the University. The University is
your lender and those students who applied
before the April 1st deadline date will
be given priority. If your Financial Aid
Award Letter includes a Federal Perkins Loan, you
must complete a Federal Perkins Loan
Master Promissory Note (MPN)
and Entrance
Interview before loan proceeds will
be posted to your account. The University
Calculate your loan repayment
To
calculate your expected student loan repayment
please utilize this website: www.youcandealwithit.com
