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Federal Direct Loans are offered through the U.S. Department of Education.
Subsidized Loans
Interest is paid by the federal government while the student is enrolled.
Unsubsidized Loans
Interest accrues while the student is enrolled.
Parents of dependent students may apply for the Federal Direct PLUS Loan.
The loan amount may cover the cost of attendance minus other financial aid.
Private, or alternative, loans are offered by private lenders to help cover educational and living expenses not covered by other financial aid.
Students should exhaust all federal student loan options first. Private loans are generally more expensive, are credit-based, often require a co-signer and cannot be consolidated with federal loans. Private loans are also considered part of your overall financial aid package.
We are happy to provide a list of alternative loan programs to help students begin their search. You are not required to choose a lender from Lakeland's list and may research other private loan programs.
Unlike grants and scholarships, loans must be repaid. Most student loans do not require payments while you are enrolled at least half-time.
After you graduate, withdraw, or drop below half-time enrollment, most student loans provide a six-month grace period before payments begin. This gives you time to find a job and prepare to begin repayment.
For Federal Direct Stafford Loans, the grace period is six months. Interest accrues on all federal loans during the grace period.
Our Counselors can help you
By when should I complete the FAFSA?
For priority consideration, complete the FAFSA by Feb. 1 each year.
How do I complete the LU financial aid application?
How do I accept my financial aid?
Lakeland University follows federal, state, and institutional financial aid policies that determine eligibility for financial aid programs. Students are responsible for understanding the requirements associated with their financial aid, including their rights and responsibilities as a recipient.
Review important information about financial aid eligibility, maintaining aid, receiving and using financial aid, and your rights and responsibilities as a Lakeland student.
View Financial Aid PoliciesTopics Include:
