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Parent PLUS Loans

If you are a student interested in applying for a Federal Stafford Loan, you will need to follow these steps:

  1. Apply to the College and be admitted into an approved Degree or certificate plan and be making Satisfactory Academic Progress (SAP).

  2. Complete the Free Application for Federal Student Aid (FAFSA) each year at http://www.fafsa.gov.

  3. Provide all documents, as required, to the Financial Aid Office. You will be notified via your student e-mail account and/or your To Do list in the Student Center section of your My LFCC account.

  4. Complete Loan Entrance counseling. This will take about 30 minutes. All first time borrowers at LFCC are required to complete Loan Entrance Counseling. . You will need your FAFSA Personal Identification Number (PIN). Complete your Master Promissory Note (MPN).Once you access this website, click "Sign In" and enter the requested information. You will need your FAFSA Personal Identification Number (PIN). Next click on "Complete Master Promissory Note" then select "Subsidized/Unsubsidized" as the type of loan you would like to receive.

    Please Note: MPNs expire 10 years after the date that the Department of Education receives the signed MPN.

    You must submit the LFCC "Federal Direct Stafford Loan Request Form" and submit it to the Financial Aid Office for each semester you wish to receive a loan.

  5. Determine how much you need to borrow as well as the loan period. All loans come in TWO disbursements. We recommend Fall/Spring loans. BEWARE of student loan debt and borrow only what you need. The maximum amounts per year are listed in the chart below. Students taking a one semester loan are only entitled to half the maximum amount per semester.

    Student TypeCompleted CreditsSubsidizedUnsubsidizedAnnual Max (Sub & Unsub)Lifetime Maximums

    Dependent

    Between 1-30

    $3,500

    $2,000

    $5,500

    $31,000 ($23,000 sub max)

    Dependent

    31 or more

    $4,500

    $2,000

    $6,500

    $31,000 ($23,000 sub max)

    Independent

    Between 1- 30

    $3,500

    $6,000

    $9,500

    $57,500 (sub & unsub)

    Independent

    31 or more

    $4,500

    $6,000

    $10,500

    $57,500 (sub & unsub)

  6. The interest rate for undergraduate Subsidized loans is currently fixed at 4.66% for the 2014-15 academic year. The interest rate for undergraduate Unsubsidized loans is currently fixed at 4.66% for 2014-15.

  7. Complete the Federal Direct Student Loan Request Form on or before the recommended completion date each semester. This form is available on the Financial Aid Web site or in the Financial Aid Office.

  8. View award at your MyLFCC>Student Center>View Financial Aid (Be sure to submit any documents listed under your 'To Do List' as these will need to be turned in before an award will be processed).

  9. Enroll, attend, and maintain at least six credit hours to retain loan eligibility. You must attend your classes to be eligible for the loan disbursements. If you drop to below half-time (six credits) before your loan is disbursed, the funds will be returned. If you withdraw and/or fail all your classes, you may be required to repay a portion of your loans(s) and /or grant(s), as applicable. 

**Please allow 4-6 weeks for College processing, depending on the time of year**

Loan Application Important Dates and Priority Deadlines

SemesterApplication Priority Start DateApplication Priority End Date
Fall/Spring/Fall only July 1 September 1
Spring only November 1 January 1

Please note: Applications received after these dates will be processed in the order in which they are received. A student must have a payment method in place to pay for classes at the time tuition is due if the loan has not been processed before the tuition due date.

If you wish to cancel or adjust your loan amount after the award has been posted to your account, please complete the Request Adjustment to Federal Student Loan Awards form and submit it to the Financial Aid Office as soon as possible.

Need Help?

Contact the Financial Aid Office
540-868-7153
Toll free: 1-800-906-5322, ext. 7153

 

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inspires student success, values diversity and promotes community vitality.