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
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
· 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
How Do I Apply For Federal Loans?