You may take out loans in order to pay for your education. Because loans must be paid back, we encourage you to first research grants and scholarships for which you may qualify. We also encourage you to borrow only what you absolutely need.
An LC financial aid representative can help you manage the loan process.
You can also learn more about private/alternative education loan programs available at https://www.ecmc.org/link/00372000/alternative.
See our lender practices and code of conduct.
Types of Loans
- Federal Direct Subsidized and Unsubsidized Loans provide up to $3,500 for first-year students beginning July 1, 2009, $4,500 for second-year students, and $5,500 in subsequent years of undergraduate study. Students who demonstrate need through the FAFSA are eligible for subsidized loans; students who do not demonstrate need based on the FAFSA results are eligible for unsubsidized loans.
Federal Direct Subsidized Loan-150% rule
- Federal Parent Loans for Undergraduate Students (PLUS) are specifically created for parents who prefer to use a credit-based loan to pay any remaining balance due the College after financial aid.