Student Loan Types

There are several different types of loans that students may be eligible to receive. It is important to remember that these are loans and must be repaid once you have left school.

  • Part of the William D. Ford Federal Direct Loan Program.
  • Must demonstrate financial need based on the FAFSA.
  • Direct loan eligibility amounts are subject to enrollment intensity requirements, like the Pell Grant.
  • If you are enrolled less than full-time (in at least 12 credit hours) during the semester (for example, enrolled in 9 credit hours for a semester), your federal loan eligibility will be reduced proportionally based on your enrollment rather than being eligible for the full annual loan limit.
  • Must be enrolled at least half-time (6 or more credits).
  • Enrollment changes matter - changes in your enrollment status (such as dropping courses, withdrawing, or attending less than full-time) may result in recalculations of your loan amount and future disbursements.
  • Student may borrow up to listed amount but cannot exceed their Cost of Attendance.
  • A Loan Agreement (MPN) and Entrance Counseling must be completed prior to the first loan disbursement at studentaid.gov.
  • A loan fee is proportionately deducted from each loan disbursement. The amount varies depending on when the loan is first disbursed
    • 1.057% if loan is first disbursed on or after October 1, 2020.
  • Borrowers graduating in the current year must complete Exit Counseling within 20 days of the end of the semester at studentaid.gov.
  • Fixed interest rate for the 2026-2027 academic year is 6.52%.
  • Interest on the loan is paid by the Federal government until you are required to begin repayment after you graduate or drop below half-time enrollment.

  • Part of the William D. Ford Federal Direct Loan program.
  • Must compete a FAFSA, but do not have to demonstrate financial need.
  • Direct loan eligibility amounts are subject to enrollment intensity requirements, like the Pell Grant.
  • If you are enrolled less than full-time (in at least 12 credit hours) during the semester (for example, enrolled in 9 credit hours for a semester), your federal loan eligibility will be reduced proportionally based on your enrollment rather than being eligible for the full annual loan limit.
  • Must be enrolled at least half-time (6 or more credits).
  • Enrollment changes matter - changes in your enrollment status (such as dropping courses, withdrawing, or attending less than full-time) may result in recalculations of your loan amount and future disbursements.
  • Student may borrow up to listed amount but cannot exceed their Cost of Attendance.
  • A Loan Agreement (MPN) and Entrance Counseling must be completed prior to the first loan disbursement at studentaid.gov.
  • A loan fee is proportionately deducted from each loan disbursement. The amount varies depending on when the loan is first disbursed.
    • 1.057% if loan is first disbursed on or after October 1, 2020.
  • Borrowers graduating in the current year must complete Exit Counseling within 20 days of the end of the semester at studentaid.gov.
  • Fixed interest rate for the 2026-2027 academic year is 6.52%.
  • Student is responsible for all interest that accrues on the loan and interest will be charged until the loan is fully repaid.
  • You do have the option of capitalizing the interest and not paying anything until you are required to begin repayment after you graduate or drop below half-time enrollment. If you choose this option, the interest will be added to the principal balance for your loan.

  • Offered to students who have been accepted into the Nursing program at LC State.
  • Must demonstrate financial need based on the FAFSA.
  • Must be enrolled at least half-time (6 or more credits).
  • Offer amounts may vary depending on the availability of funding and your demonstrated financial need.
  • A BSN specific Promissory Note must be signed in the Student Accounts Office and Self-Certification and Approval and Disclosure Forms must be signed in the Financial Aid Office.
  • Is a loan that must be repaid.
  • Interest rate is 5%. Interest does not begin to accrue until you enter repayment.
  • Students are allowed a 9-month grace period before repayment begins.
  • The minimum monthly payment is $40 and repayment is made to LC State through the University Accounting Services.