Self-Help Assistance: Loans and Work Study

Self-Help assistance through loans are repaid, and assistance through work study is earned. Loans and work study may or may not be obtained based on need or merit consideration.

On-campus employment opportunities are available to students in areas such as food service, the library or academic and professional departments. Federal Work Study funding is utilized for students who file the FAFSA and demonstrate financial need. Students must be enrolled and in good standing for at least half time status to be eligible for on-campus employment.

Federal Perkins Loan
A low-interest loan (5%) administered by Loras College to students demonstrating financial need. Students may borrow up to $4000 per year of undergraduate study with repayment beginning nine months after graduation. Awards are dependent on federal funding levels and require completion of the FAFSA.

Federal Direct Subsidized Loan
This loan allows students to borrow from the Federal government at a low interest rate with repayment beginning six months after graduation, withdrawal or if enrollment drops below half-time status. The loan is need-based and is interest free to students while in school and during the grace period. Loans are borrowed at a fixed interest rate of 4.5% during the 2010-2011 academic year. Annual limits of $3500 for a first-year student, $4500 for a sophomore, and $5500 for a junior or senior are imposed. Independent and Graduate students have higher annual loan limits; all loans have an aggregate limit and require completion of the FAFSA. Students are not required to borrow a Federal Stafford Loan.

Federal Direct Unsubsidized Loan
This loan follows the same guidelines as the Subsidized Stafford Loan, except that it is not based on financial need, and the student is responsible for the interest while in school. This loan has a fixed interest rate of 6.8%. A student's financial aid may include either loan type or a combination of both. Completion of the FAFSA is required. Legislation passed in May 2008 provides students with an additional Unsubsidized loan of $2000. Students are not required to borrow the additional amount.

Note: Stafford Loan Entrance Counseling
The Federal government requires that students complete a student loan entrance counseling session prior to obtaining a Federal Stafford Loan. To complete the counseling, visit the Federal Direct Loan website. The session prepares students for proper management of their student loan with true/false questions. The Office of Financial Planning receives confirmation that it has been completed.

Parent PLUS loans
Parent PLUS loans are available to parents of dependent students to help pay for education expenses. If you are interested in borrowing a Parent PLUS loan, visit the Federal Direct Loan website.

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