Financial Aid

Loans

The federal government sponsors various loans available to students. Listed below are the current loan types. Lewis University participates in the Federal Family Education Loan Program (FFEL).

Subsidized Federal Stafford Loans

Eligibility is based on student's financial need as determined by the FAFSA. Annually, students may borrow up to $3,500 as freshmen, $4,500 and as sophomores, $5,500 at the junior-senior level, and $8,500 at the graduate level. Funds are available through a local bank or credit union and repayment begins six months after graduation or cessation of enrollment.

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Unsubsidized Federal Stafford Loans

This program is available to students who do not qualify for Subsidized Federal Stafford Loans. The primary difference between his and the Subsidized Federal Stafford Loan is that loan interest must be paid while the student is enrolled. Payment on the principle is deferred until graduation or cessation of at least half-time enrollment. As a freshman, a dependent student may borrow up to $5,500, as a sophomore $6,500, at the junior-senior level $7,500.  Independent students can borrow an additional $4,000-5,000 during their freshman-sophomore years and $5,000 per year at the junior-senior level.  At the graduate level a student may borrow up to $20,500.

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Federal Plus Loan

This is a non-need based loan program for parents of dependent undergraduate students who do not qualify for other programs. The parent(s) may borrow up to the amount of the student's cost of attending Lewis University. Repayment begins 60 days after the second disbursement is made. Interest rates vary, and will cap at 10%. Parents can obtain a PLUS loan application through the Office of Financial Aid, a local bank, credit union, or savings and loan institution.

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FEDERAL PLUS Loans for GraduatE Students

This is a non-need based loan program for graduate students. According to Federal Student Aid policy, The Office of Financial Aid Services awards Graduate students Stafford loans first and will award the Graduate Plus loan to students who have reached their Stafford loan maximum only. Borrowers may request up to the amount of their cost of attending Lewis University. Applications are available online through your lender’s website.

Alternative Loan

This is a non-need based loan program for students and parents who do not qualify for other programs. The borrowers may request up to the amount of the student's cost of attending Lewis University. Repayment is agreed upon during your application process. Interest rates are variable. Applications are available online through your lender’s website, or at your local bank, credit union, or savings and loan institution.

Federal Perkins Loan

This low interest (5%) loan program is sponsored by the federal government and awarded through the University based on a student's financial need. No payment or interest is charged while the student is enrolled half-time (minimum of six credit hours per semester). Repayment begins nine months after graduation or cessation of enrollment. This loan is based on availability of funds and may not be accessible each school year. When available, this loan may be awarded up to $5,500.

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