La Sierra University Code: 001215

Federal Loans

Federal loans are made by the government, with terms and conditions that are set by law, and include many benefits (such as fixed interest rates and income-driven repayment plans) not typically offered with private loans. If you need to borrow money to pay for college, start with federal loans. With federal loans, payments aren't due until after you graduate, leave school, or change your enrollment status to less than half-time. Undergraduate Direct Student Loans do not require that you have good credit to borrow. Graduate PLUS or Parent PLUS loans do require a credit check. With federal loans, interest may be tax deductible and loan consolidation options exist. Federal loans also may be eligible for loan forgiveness if you work in public service.

• Federal Parent/Grad PLUS Loan
• Federal Direct Student Loan

Federal Loan Disclosure: La Sierra University reports all federal loan information, whether borrowed by the student or their parent, to the National Student Loan Data System (NSLDS) where it will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system. Borrowers can also view their own record.

Federal Loan Eligibility: Students must complete a FAFSA annually, enroll at least half-time in an eligible degree program, and maintain satisfactory academic progress.

How to Apply?

* Students enrolled less than half-time are not eligible for Federal student loans.

Private Student Loans

Private loans are made by private organizations such as banks, credit unions, and state-based or state affiliated organizations, and have terms and conditions that are set by the lender. Private student loans are generally more expensive than federal student loans. Private loans require that you pass a credit check. If you do not meet the credit criteria on your own, you will need a US Citizen co-signer with good credit. The amount you can borrow may depend on several factors including the cost of attendance for your terms of enrollment, your credit, your enrollment status, and whether or not you are making satisfactory academic progress. It's important to choose a private loan that will work for you. Questions you want to ask the lender include: 1) Is the interest rate fixed (locked in) or variable (subject to change, and possibly increase after you sign for the loan)? 2) Must I make payments while I'm still in school or are my payments deferred until after I graduate? 3) What are the repayment options? 4) Are there penalties for prepaying off the loan? 5) Are there any loan forgiveness programs for this loan?

To help you navigate through the many options of private lenders out there, we've partnered with Sparrow. On Sparrow, you can search and compare real, personalized private student loan offers from over 16+ lenders through a simple, three-minute application. Sparrow provides a suite of analytical tools that make loan comparison easy, digestible, and visual (like what Orbitz or Expedia are to airfare searches). Using the Sparrow search tool is free and does not impact your credit score. Once you decide which loan works best for you, you will proceed to the loan application on that lender's site and that is where you'll need to pass the credit check described above. To continue on to the Sparrow search tool, please click HERE.

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.

Student loan Ombudsman

Students who have been unable to solve a problem with a federal student loan can ask the Federal Student Aid Ombudsman Group for help by contacting them:

• Via on-line assistance: https://studentaid.gov/repay-loans/disputes/prepare

• Via telephone: 877-557-2575

• Via fax: 606-396-4821

• Via mail: FSA Ombudsman Group, P.O. Box 1843, Monticello KY 42633