Loan Information · Federal Direct Stafford Loans · Federal Perkins Loans · Parent PLUS Loans · Alternative Loans · Accepting Your Loans · Master Promissory Note · Entrance Counseling · Exit Counseling

Lane participates in the Federal Direct Stafford Loan Program and offers student loans through the federal government. There are two programs in the Direct Loan Program, the Subsidized Loan and Unsubsidized Loan. When you accept an offered Federal Direct Stafford loan at Lane, you will borrow from the federal government and receive funds directly through Lane. It is important that you carefully consider your need to borrow since these loans must be repaid.

If you have been offered a Federal Direct Stafford Loan (Subsidized and/or Unsubsidized), you must complete the following steps:

• Accept the loan in myLane
• Complete the Direct Loan Entrance Counseling(quiz) requirements
• Complete the Master Promissory Note requirement
   

The Subsidized Loan

The Federal Direct Stafford Subsidized Loan is a need-based federal loan awarded to students who demonstrate financial need. The US Department of Education pays the interest:

• While you are in school at least half-time
• For the first six months after you leave school
• During a period of deferment (a postponement of loan payments*)

If eligible for the Direct Subsidized Loan, Lane will notify you via the award letter of the maximum amount you may borrow for the academic year that you are applying for. The chart below summarizes annual loan limits for the Subsidized Loan Program.

See http://www.studentaid.ed.gov for further information regarding the Federal Direct Stafford Subsidized Loan.
 

The Unsubsidized Loan

The Federal Direct Stafford Unsubsidized Loan is a non-need based federal loan that cannot exceed the Standard Expense Budget minus other financial aid. Interest begins to accrue from the time the loan is disbursed until it is paid in full. Interest can be paid while enrolled (or during other periods of non-payment) or you may choose to allow interest to accrue. Allowing interest to accrue will increase the total amount you repay. The chart below summarizes annual loan limits for the Unsubsidized Loan Program.

For further information about the Federal Direct Stafford Unsubsidized Loan, see http://www.studentaid.ed.gov

Maximum Annual Loan Limits at Lane for Subsidized and Unsubsidized Loans:

*Notes: For periods less than a full academic year (fall, winter, spring), or if other aid is received that is used to pay a portion of your cost of attendance, the amounts you can borrow may be less than those listed above.