Office of Financial Aid
Loan Information Process
Lincoln
University participates in the Federal Family
Education Loan Program (FFELP). The program
has two main sources of funding which includes
the Federal Stafford Loan for students and
the Federal PLUS Loan for parents.
Applying For
Your Loan
Choosing
a lender is an important decision. You may
choose any lender you wish. Lincoln University can recommend the following lenders based on their history of reliable service to our students and parents. If you have
borrowed before, you may continue to
use the same lender.
Both
Pennsylvania and non-Pennsylvania residents
can apply for Federal Stafford loans from American
Education Services (AES). Since PHEAA
is the Guarantor for the Federal Stafford
Loans, students can complete the Federal
Stafford Loan Master
Promissory Note Application (MPN) online.
Federal
Subsidized Stafford 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 Stafford Loan limits.
Federal
Unsubsidized Stafford 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 |
| Freshman |
0-29 |
$3,500 |
$4,000 |
| Sophomore |
30-59 |
$4,500 |
$4,000 |
| Junior |
60-89 |
$5,500 |
$5,000 |
| Senior |
90 and above |
$5,500 |
$5,000 |
| Graduate |
|
$8,500 |
$12,000 |
| *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 of the Stafford
loan variations or expected family contribution
(EFC). PLUS loans are not based on need
but rather parent's credit worthiness. Lincoln
University parents who wish to apply for
a Federal PLUS Loan must complete the PLUS
Loan Pre-Qualification Request Form provided by the Office of Financial Aid.
After being approved for the Federal PLUS
Loan, parents are required to apply for
a Federal PIN Number and a Master Promissory
Note. This step must be completed for loans
to be processed. The Office of Financial
Aid will provide approved parents with online instructions to complete the
request. We suggest that parents complete
the Federal PLUS Master Promissory Note
online at www.aessuccess.org.
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
will provide the MPN.
TERI
ALTERNATIVE (you
will leave Lincoln's website when you click
on this link.) - Is offered
by Citizens Bank, PNC, and Wachovia
to credit-worthy undergraduate and graduate students who
need additional resources for the current
year and/or to cover balances from a previous
term. International students may apply with
a co-borrower that is a credit worthy U.S.
citizen.
SIGNATURE
ALTERNATIVE LOAN - Is offered through
Sallie Mae to credit-worthy undergraduate students who need
additional resources for the current year
and/or to cover balance from a previous term.
The Signature Loan, combined with the total
financial aid you receive, cannot exceed the
total cost of attendance. For additional information
contact your counselor in the Office of Financial
Aid. International students may apply with
a creditworthy U.S. Citizen co-borrower.
Calculate your loan repayment
To
calculate your expected student loan repayment
please utilize this website: www.aessuccess.org/tools/index.shtml
