Loans
Education loans are intended to help students and their families address the costs associated with obtaining a college education. While these loans must be repaid, the terms and conditions associated with each type may vary substantially. It is important to make informed decisions when exploring your loan options and choosing a lender.
The College will determine your eligibility for student loan programs by evaluating your application for financial aid and will inform you of your eligibility through an Award Notification. These federally funded loans are available at a fixed 5% interest rate to students with exceptional financial need. Repayment and interest are deferred until nine months after the borrower ceases to be enrolled at least half time. Repayment is made to Lewis & Clark through University Accounting Services (UAS) at a minimum of $40 per month. Federal Stafford Loans are part of the Federal Family Education Loan Program (FFELP) and are available to students regardless of demonstrated financial need.
As of July 1, 2006, Federal Stafford Loans for graduate and law students and unsubsidized Stafford Loans for undergraduate students carry a fixed 6.8% interest rate.
As of July 1, 2008, subsidized Stafford Loans for undergraduate students carry a fixed 6.0% interest rate.
Subsidized loans, awarded to students who demonstrate financial need, do not accrue interest during periods of at least half-time enrollment, the six-month grace period, and lender-approved deferments. Unsubsidized loans accrue interest beginning at the time the loan is disbursed. Interest may be paid during periods of enrollment or may be capitalized and added to the principal amount of the loan when the loan enters repayment. Repayment begins six months after a student graduates or otherwise drops below half-time enrollment and continues for 10 years. Alternative repayment schedules and deferment of forbearance options are available.
The Federal PLUS Loan is for the parents of dependent undergraduate students. Borrowers are eligible to borrow up to the cost of attending Lewis & Clark minus any other financial aid. The interest rate on a PLUS loan is fixed at 8.5%. While there is no income criteria associated with this loan, the lender will perform a credit check before approving the loan. Lewis & Clark requires that a FAFSA be filed in order to verify that the student and borrower meet all the eligibility criteria before we will certify the PLUS Loan.
The Federal Graduate PLUS Loan is for independent graduate and law students enrolled in degree-granting programs. Borrowers are eligible to borrow up to the cost of attending Lewis & Clark minus any other financial aid. The interest rate on a PLUS loan is fixed at 8.5%. While there is no income criteria associated with this loan, the lender will perform a credit check before making an approval decision. Lewis & Clark requires that a FAFSA be filed in order to verify that the student meets all the eligibility criteria before we will certify the Grad PLUS Loan. Private, credit-qualified student loans are available to help meet educational costs not covered by other types of financial aid. Unlike federal student loans, private loans may be accessible to non-degree seeking students, international students, and students enrolled less than half-time. Private loans carry variable interest rates and the terms and conditions will vary depending on the lender. You should make sure to exhaust your federal loan options before exploring private loans. Bar study loans are credit-qualified private loans intended to help cover expenses incurred after graduation while a law student prepares for the Bar exam.
| 
