Federal and External Loan Programs
|
Program
Name
|
Federal Perkins
Student Loans
|
Health
Professions
Student Loan
(HPL)
|
Federal Direct Subsidized Loans
|
Federal Direct Unsubsidized Loans
|
Federal Parent PLUS Loans/Graduate PLUS Loans
|
Alternate Loan Programs (Non- Governmental Sources) |
| Source
of Funding |
L.I.U. Administered
Campus-Based |
L.I.U. Administered
Campus-Based |
Federal Government |
Federal Government |
Federal Government |
External Lenders |
| Eligibility
Requirements |
Full-Time Students
U.S. Citizen or Permanent Resident
Demonstrate
Financial Need |
Full-Time Students
U.S. Citizen or Permanent Resident
Demonstrate
Financial Need |
U.S. Citizen or
Permanent Resident
Subsidized Loans:
Requires that Student Demonstrates
Financial Need |
U.S. Citizen or
Permanent Resident
Cost of Education minus Financial Aid |
Parents of
Undergraduate
Students and Graduate Students
U.S. Citizen
Or Permanent
Resident
Credit Check is
Required |
Must be Financially
Creditworthy |
| Applications
Required |
FAFSA or Renewal
FAFSA |
FAFSA or Renewal FAFSA |
FAFSA or Renewal
FAFSA |
FAFSA or Renewal
FAFSA |
FAFSA or Renewal FAFSA |
Lender’s Electronic/Paper Application and
FAFSA or
Renewal FAFSA |
Special
Aspects
|
Must Maintain Good Academic Standing |
Must Maintain Good Academic Standing
Must Major in Pharmacy |
|
|
Amount Borrowed
Cannot Exceed Cost of Education Minus
Financial Aid |
May Use Co-Borrower if Student is Not Financially
Creditworthy |
Award Amounts
|
Up to $4,000
Per Year
But Not to Exceed $4,500 for the
First-Two Years of Study |
Up to $5,000 Per Year |
Year 1 - $3,500
Year 2 - $4,500
Year 3,4,5 - $5,500
Graduate - $8,500 |
Year 1 - $6,000
Year 2 - $6,000
Year 3,4,5, - $7,000
Graduate Students - $12,000 |
Up to Cost of
Education Minus Financial Aid |
Up to Cost of
Education Minus Financial Aid |
Lifetime
Amount or
Limit
|
Undergraduate:
$20,000
Graduate Combined:
$40,000 |
None |
Undergraduate:
Sub: $23,000
(Independent Under.)
$23,000
Graduate:
$65,500 |
Undergraduate:
$31,000 (includes Subsidized Loans)
Independent Undergraduates:
$57,500 (includes Subsidized Loans)
Graduates:
$138,500 (Includes Undergraduate Loans of Which no More than $65,500 can be Subsidized Loans) |
None |
None |
Repayment
Terms
|
Begins Nine Months After
Graduation or
Termination of at Least Half-Time
Study at 5% Interest |
Begins Twelve Months After Graduation or Termination of
Full-Time Study in
Pharmacy at 5% Interest |
Begins Six Months After Graduation or Termination of Part-
Time Study at a
Fixed 6.80% in the 2008-2009 Academic Year. New loans after 7/1/08 have a 6.0% Interest Rate. |
Payment of Interest is Required Quarterly Beginning 60 Days after Disbursement with Principal Repayable Six Months after Graduation or Termination of Part-Time Study at a 6.8% Fixed Interest Rate. |
Begins 60 Days After Disbursement at a Low 7.9% to Date |
Varies from Within 45 Days or Six Months After Disbursement of Loan
Variable Interest Rate |
| Deadlines |
Mid-March Prior to
Award Year |
Mid-March Prior to
Award Year |
Within 30 Days of
Semester’s End |
Within 30 Days of
Semester’s End |
Within 30 Days of
Semester’s End |
Within 30 Days of
Semester’s End |
After
You
Apply
|
Award Letter from
the Office of Student Financial Services |
Award Letter from
the Office of Student Financial Services |
Federal Agency Will Send a Disclosure Statement |
Federal Agency Will Send a Disclosure Statement |
Federal Agency Will Send a Disclosure Statement |
Guaranty Agency Will Issue a Disclosure Statement |
