Financial Aid

 Students who want to apply for financial assistance during the summer term must have a completed application for the 2007-2008 academic year on file.  The application consists of the FAFSA, PROFILE, LU Application for Undergraduate Aid, 2006 tax returns and a Summer application. For summer consideration, these forms should be filed no later than April 1, 2007.  Further details on the appropriate forms may be obtained from the Office of Financial Aid.

 

University Tuition Loans

 Because most of our students borrow from the federal 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.  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 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; $8,500 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 2006-2007 award year,  is a fixed 6.8%. Information regarding these rates may be obtained directly from the lender.

 

Unsubsidized Federal Stafford Loans

 If you apply for a Stafford loan and are found not to qualify, or if you qualify for less than the maximum amount, you may borrow under the unsubsidized Stafford Loan program. 

 The same terms and conditions exist as described above for the subsidized Stafford program, except that the borrower is responsible for interest that accrues while in school. We pre certify loan eligibility so you need to know the name and code for your lender.

 

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 8.5%.  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 from the Office of Financial Aid and must be completed by April 15 and returned to this office for forwarding to PHEAA.