La Sierra University Code: 001215
How Do I Apply For Loans?
- File the Free Application for Federal Student Aid (FAFSA Online)
- Submit a completed and signed Federal Stafford loan application.
- Submit a signed PLUS loan application completed by both the parent and the student.
- Read ALL instructions carefully.
- Be sure to answer ALL questions.
- Incomplete applications cannot be processed.
- Currently, loan funds are delivered by means of paper checks (which takes longer to post on your student account). Electronic Funds Transfer (EFT) allows your lender to deposit your student loan funds directly to a student account. The EFT box on the Stafford Loan application must be marked since La Sierra participates in EFT for the academic year. Not all schools and lenders participate in EFT.
When Does Repayment Begin?
Repayment begins after the grace period expires. The grace period for most borrowers is six months and begins when the student leaves school or falls below half-time hours. For Federal Stafford Unsubsidized loans:
Repayment of interest begins immediately, unless the student has chosen to have interest capitalized, which means interest will accrue on the loan until the student leaves school or falls below half-time hours. Repayment of principal and interest begins six months after the student leaves school or falls below half-time hours.
For PLUS Loans:
For the Parent PLUS loan repayment begins immediately after disbursement of funds. Parents may request a deferment of payments while their student is enrolled, and during the student's six-month grace period. Interest will accrue.
For Graduate PLUS loan borrowers, repayment is deferred while the student is enrolled at least half-time. Interest will acrrued.
Borrowers should check with their lenders to obtain information on repayment procedures.
Federal regulations require lenders to make two disbursements of all Federal Stafford and PLUS Loans. The first disbursement should be made on or about the first day of the loan period. The second disbursement should be made on or after the beginning of the second quarter for fall/winter/spring loans or when one-half of the loan period has expired for all other loans.
To ensure prompt delivery of loan funds, borrowers should submit loan applications well in advance to allow for processing the applications and to give the lender time to disburse the funds. Complete and sign Student Authorization Form (SAF) in order for the federal funds to disburse on to your student account.
FRESHMAN BORROWERS will not receive the first disbursement of a Stafford Loan until 30 days after the first day of enrollment as per Federal Regulations.
Students should arrive with sufficient funds to cover the cost of their books and personal expenses for the first 30 days of the quarter.