You are now ready to advance your education and invest in your career!
Here’s how to make it happen financially.
Once you are admitted, complete your FAFSA and add Lake Erie College’s school code, 003066, to have your information released to us. Summer term begins the academic year at Lake Erie College so be sure to apply every academic year. The Financial Aid office will notify you by email of your Direct Loan eligibility amount for the academic year.
Types of Aid for the Graduate Student
Federal Direct Unsubsidized Loan
The Federal Direct Unsubsidized Loan program is available to Graduate students enrolled at least half-time (3 credit hours)
The maximum loan amount per academic year is $20,500 (not to exceed the cost of attendance)
The individual lifetime limit for the loan for a graduate student is $138,500 (no more than $65,500 of which may be subsidized)
Interest rate on Federal Direct Unsubsidized loan first disbursed on or after July 1, 2019 and before July 1, 2020 is 6.08%. A fee of 1.059% is deducted from the loan at the time of disbursement.
Steps to take to obtain the Federal Direct Unsubsidized Loan
Accept, reduce or decline your Fed Direct loan by using the Direct Loan Acceptance/Change form to inform the financial aid office.
Federal Direct Graduate PLUS Loan
The Federal Direct GRAD PLUS loan is a credit-based loan available to Graduate students who are enrolled at least half-time (3 credit hours). You indicate the amount you want to borrow on your application. The maximum amount you can borrow is equal to your cost of attendance less any other aid. The current interest rate is 5.30%. A 4.228% fee is assessed from the disbursement.
Steps to take to obtain the Federal GRAD PLUS Loan
If the loan is not approved, the Direct Lender has options to add an endorser. Follow their instructions if you choose this option
*tip – the GRAD PLUS application usually becomes available in March or April for the upcoming academic year
There are many private lenders offering financing for educational costs. Private loans do not have fees and the interest rate offered is based upon the credit of the borrower and the loan product. We have compiled a list of several lenders for you to compare in our . This by no means is an exhaustive list and encourage you to investigate lenders you know. You can apply for these loans electronically and most lenders are able to electronically disburse your loan to the college to pay on your student account.