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Financial Administration

Perkins Loan

A Free Application for Federal Student Aid (FAFSA) must be completed before applying for a student loan.

  • Perkins funds are limited. Students must complete the FAFSA as soon as possible after January 1 each year in order to receive priority consideration. If you are awarded both Federal Perkins and Federal Stafford Loan consider accepting the Perkins Loan first, as the interest rate and disbursement amount are more favorable.
  • Perkins Loans are low-interest (5 percent) loans for students with financial need. Awards at La Sierra University normally range up to $1,125. No fees are deducted from this loan; interest and repayment begin nine months after graduation or separation from the University, or when enrollment status falls below half-time. There is a ten year repayment period.
  • The lender of Federal Perkins Loans is La Sierra University. All borrowers of Federal Perkins Loans repay the loan to La Sierra University.
  • La Sierra University code:  001215

Annual Award Limits:   

Undergraduate Student: $5,500 maximum 
Graduate Student: $8,000 maximum

Cumulative Limits:    

Undergraduate Student: $27,500
Graduate Student: $60,000 (includes undergraduate amounts)

La Sierra University Code: 001215

Federal Direct Loan Program
Effective summer 2010-11, La Sierra University switched to the Federal Direct Loan Program for ALL students.

What is a Direct Loan?
The William D. Ford Federal Direct Loan Program provides loans to student and parent borrowers directly through the U.S. Department of Education rather than through a bank or other lender.  This program is replacing the Federal Family Education Loan Program (FFELP) for eligible La Sierra students.

How to Apply?
1.   Complete FAFSA, annually                                              www.fafsa.ed.gov
2.   Complete Entrance Interview, one-time only              www.studentloans.gov
3.   Complete New Promissory Note                                www.studentloans.gov

Benefits:
· Rebate on origination fee (get more money up-front)
· Loan disbursed by LSU, no waiting on lenders
· Points of contact are the U.S. Department of Education and your financial aid counselor
· On-line information at your fingertips

Direct Loan Website: www.studentloans.gov

Loans Entrance & Exit Counseling

Lender List

Federal Loans

How Do I Apply For Federal Loans?

  • File the Free Application for Federal Student Aid 
    (FAFSA Online)
  • Inform Student Financial Services of the amount 
    of loan you are willing to accept
  • Complete an entrance interview 
    (see links to the right)
  • Submit a completed and signed Master Promissory Note
    (available online at lender's site).

Other Loans

Repayment Information

  • For information about repaying federal 
    student loans and for loan forgiveness programs click here.
  • For federal loan repayment options and 
    calculators click here.
  • Other loan calculators