Summer Financial Aid for Continuing Education Students
In order to be considerend for financial aid a student must be enrolled in a degree seeking program. Because continuing education students do not meet this condition, they are not eligible for Federal or State financial aid programs. The only financial aid option for which they may qualify is a private, alternative loan.Private Alternative Loans
Financing the cost of a college education can be a complex task. There are a number of options available to assist families who are in need of a way to bridge the gap between what their financial resources will allow and the cost of highereducation.
Since each family's financial situation is different, we are not able to recommend one financing plan that will meet each family's needs. However, to assist you in your selection process, we have compiled a historical listing of available alternative loan lenders, which LHU students have borrowed from over the past three years. The order in which the lenders are listed in no way infers preference of one lender over another. The listing contains only a sampling of the many loan products available, and borrowers are free to choose the lender of their choice, regardless of whether they are on the listing. We encourage you to consider other loan products and to choose those whose repayment terms, services, and borrower benefits best meet your needs.
Lock Haven University’s historical lender listing is provided by BorrowSmart , a debt management counseling tool developed by Tuition Management Systems to help families explore options for paying educational expenses and select the best choice for their budget.
Know the Basics
It's to your advantage to become well-informed before you take on the responsibilities that come with any educational loan. You should first apply for all other forms of financial aid, including grants, scholarships, employer tuition plans, etc. before applying for an alternative loan.
Get All the Facts
Educate yourself before you borrow. Before taking out your alternative loan, have a clear understanding of what type of loan you have and its characteristics. For example:
What is the interest rate? Most loans come with a variable rate. Estimate your total interest charges and your total indebtedness.
What fees will be charged? Most (not all) loans have origination fees that are deducted from the principal amount that you borrow. In some cases, the origination fee may be added to the principal amount that you borrow.
Will I have to make payments while in school? Repayment may vary with loan type.
Who is eligible? Each program may have its own criteria for determining loan eligibility. Creditworthiness and a creditworthy cosigner are most often at the top of the list. The number of credits you are taking for the loan period is also considered.
- How much may I borrow? Each lender has different minimum and maximum lending amounts for each loan period and a cumulative borrowing limit.
Check Out Your Repayment Options Before Borrowing
Repayment may seem a long way off, but choosing your alternative loan carefully now can mean a less expensive and more manageable loan later. Some lenders have loans that enter repayment immediately after full disbursement. Some lenders offer programs that let you pay electronically and offer rewards, such as lower interest rates, to those who consistently pay on time. Understanding your options will help you decide how much you can borrow.
Before You Sign Anything
Keep in mind that these are loans, not grants. When you enter repayment, you'll be required to make regular monthly payments. Make sure that you don't put yourself in a situation you can't handle.