Loras College Financial Planning - Alternative Financing

Private Loan Information

Private education loan programs are available to families to help fill the gap in paying for college. These loan programs can be used to pay any post-secondary education-related expenses, including tuition and fees, food and housing, books and transportation. Please note that these loans should never be your primary funding source – exhaust all your other options including Loras College’s no interest payment plan, savings, summer work, work study and outside scholarships before you borrow any type of private education loan. Loras College will not certify a private education loan on your behalf until you have exhausted your federal and state aid options.

Always consider your lowest-cost options first, including grants, scholarships, and federal student loans. Loras College has awarded you the federal Direct Stafford loan and grant assistance that you are eligible to receive.

Loras College is utilizing FASTChoice, a loan comparison tool offered by Great Lakes Higher Education Corporation which allows students to do a side-by-side comparison of up to three different loans. You can find a list of private loan lenders by going to:

FASTChoice

Federal law mandates that we disclose the maximum amounts of Federal Grant and Loan assistance available to you. Maximum eligibility for Federal financial aid is based on the results of the FAFSA and is outlined in the student’s award letter. The maximum available grants and loans are listed below:

Federal Pell Grant $5,550
Federal SEOG Grant $4,000 (Maximum award at Loras College is typically $500)
Federal TEACH Grant $4,000
Federal Perkins Loan $5,500 (Maximum loan at Loras College is typically $2,500)
Federal Direct Stafford Loan $5,500 Freshmen, $6,500 Sophomores, $7,500 Juniors/Seniors, $20,500 Graduate Students. Independent students can receive an additional $4,000 as Freshmen and Sophomores, and $5,000 as Juniors and Seniors.
Federal Parent PLUS Loan A parent may borrow up to the cost of attendance minus other aid received.

Some Questions to Consider Before Selecting a Private Loan

If you have any additional questions regarding private education loans, please contact the Office of Financial Planning at financial.planning@loras.edu or 563-588-7136.

Loras College Financial Planning
1450 Alta Vista Street
Dubuque, Iowa 52001
(800) 245-6727
(563) 588-7136
Fax: (563) 588-7119
financial.planning@loras.edu
Loras College Federal School Code: 001873

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