Financial Aid

Students who want to apply for Federal or Institutional Loan assistance during the summer term must have a completed application for the 2012-13 academic year on file.  The application consists of the FAFSA, PROFILE, LU Application for Undergraduate Aid, 2011 tax returns and a Summer application. For summer consideration, these forms should be filed no later than April 1, 2012.  Further details on the appropriate forms may be obtained from the Office of Financial Aid website at www.lehigh.edu/financialaid.

University Tuition Loans

Because most of our students borrow from the Federal Direct Stafford Loan program during the academic year, we attempt to use our endowed loan funds for summer study.  There is a limit to the number of loans that can be awarded and the amount that may be borrowed. You will need to file your summer application by April 1 to be given full consideration.  You must be enrolled in at least 6 credits and you may borrow up to the cost of tuition for the summer courses OR $8,000, whichever is less. The promissory note for this loan requires a parental co-signer.  Repayment does not begin until three months after graduation (or withdrawal) from the university.  The minimum monthly repayment rate is $50 plus the accruing interest, which is 7% during repayment.

Federal Direct Stafford Loans

If you are a degree candidate, enrolled at least half-time, you may be eligible to apply for a Stafford loan  The maximum amounts that you may borrow for each year of full-time study based on year in school: $3,500 - Freshman; $4,500 - Sophomore; $5,500 for juniors and seniors; $20,500 per year of graduate study.  Note:  Any amount borrowed during a summer session reduces eligibility for the academic year.  This applies to both subsidized and unsubsidized Stafford loans.  The interest rate, during the 2012-13 award year, is a fixed 6.8%  

Private/Alternative Loans

If you are a degree candidate, enrolled at least half-time, you may be eligible to apply for an Alternative Loan for the summer session. A Private/Alternative Loan is a loan that a student can borrow to help finance the family's expected contribution. These loans are based on the student's credit history wit the best interest rates given to students who have credit-worthy co-borrowers. (A student who has not established credit canapply with a co-borrower and can borrow up to the cost of attendance minus any aid received). We strongly recommend that you carefully review all the terms of each individual loan, as they can vary greatly. Individual loan providers have their own application and timeline. Plan to apply at least 30 days prior to the date the bill is due.

Federal PLUS Loans

The PLUS loan program is available to parents, who do not have an adverse credit history, to borrow up to the full cost-of-attendance (less any financial aid received).  The fixed interest rate is currently 7.9%.  There is a 3% loan origination fee.  Applications are available from commercial lenders or from the Office of Financial Aid.

Work Opportunity

Students may receive employment as part of their summer aid package.  A very limited amount of funding is available.

PHEAA Grants: Co-Op Students and Others

Students who are full-time degree candidates and residents of Pennsylvania, may apply for a State grant for summer use.  To be eligible, you must enroll for a minimum of 12 credits in summer session. Any state grant counts against the 8-semester limit on state grant eligibility.  Applications are available on the State Grant website.