Lake Superior State University
Lake Superior State University
 
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Financial Aid Office

Overview of Loans Available

Lake Superior State University offers several types of loans to assist students in paying for their educational expenses. All students may be eligible for Federal aid. Federal subsidized or unsubsidized loans with fixed interest rates of 6.8% or less are available to students and families at all income levels. LSSU recommends that students borrow their maximum eligibility in Federal loans before applying for alternative loans because Federal loans generally have better terms, conditions and borrower benefits than alternative loans. The maximum annual limit for Federal loans is: $5500 Freshman, $6500 Sophomore, $7500 Junior/Senior dependent students. Independent students may be eligible for an additional $4000 or $5000. File a FAFSA at www.fafsa.gov  to apply for federal financial aid including federal loans.

Parents may wish to apply for a loan on behalf of their student. A Federal Parent Plus Loan is a loan in the parent's name, taken for the student, to help the student pay education expenses. If you are interested in the Federal Parent Plus Loan, the maximum loan amount for the year is shown on the Official Offer of Award. Parents may borrow up to the difference between the overall cost of education and other financial aid for which the student is eligible. The interest rate varies and is based on 91-day treasury bill rates. The interest rate for 2010-11 is 7.9%.

Our loan calculator can help you determine the amount you may need to borrow. For specific information on the various types of loans, select the following links.

Federal Perkins Loan

Federal Nursing Loan

Federal Subsidized/Unsubsidized Loans

Federal Parent PLUS Loan

Alternative Loan

 

Cohort Default Rate

The Cohort Default Rate refers to Federal subsidized, unsubsidized and consolidation loans. It is a the percentage of students who go into repayment during one year, and default either that year or the next. Soon, the period will involve three years of repayment period, instead of just two. Repayment occurs 6 months after a student no longer enrolls for at least 6 credit hours. Default occurs when a student is in repayment, but does not make their loan payment for 270 days or more. At LSSU, every effort is taken to ensure good stewardship of the aid provided to students. As a result, student default rates at LSSU have been low over the last several years. Data from the most recent years is provided below. Annual audits of the financial aid program are conducted and are available. Our auditors gave an unqualified opinion of the most recent Audit Report and no findings or questioned costs were reported.

2-Year Cohort Default Rate:

Academic Year Cohort
Default Rate
2010-11
10.1%
2009-10
5.2%
2008-09
4.8%
2007-08
5.0%
2006-07
5.5%
2005-06
5.2%

3-Year Cohort Default Rate:

Academic Year Cohort
Default Rate
2009-10
11.2%
2008-09
6.3%

 

 

 

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