Loan Information & Processing

Education loans are intended to help students and their families address the costs associated with obtaining a college education. While all of these loans must be repaid, the terms and conditions associated with each type may vary substantially.

The College will determine your eligibility for loan programs by evaluating your application for financial aid and will provide information about your eligibility through an Award Notification.

Please note:  Beginning with the 2010-2011 academic year, Lewis & Clark will be participating in the William D. Ford Federal Direct Loan Program.  After 2009-2010, federal student loans will no longer be originated with private lenders through the Federal Family Education Loan (FFEL) Program.

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Federal Perkins Loans

Process your Perkins Loan.

• Interest rate: fixed at 5%.
• Subsidized (no interest) while student is enrolled and during grace period.
• Need-based, check your award notification to see if you're eligible.

Federal Direct Loans

Processing for 2010-11 Direct Loans will be available in April.

Subsidized

• Interest rate:
  • 4.5% for undergraduate students during 2010-2011 academic year.
  • 6.8% for graduate and law students.
• Subsidized (no interest) while student is enrolled and during grace period.
• Need-based, check your award notification to see if you're eligible.

Unsubsidized

• Interest rate: fixed at 6.8% for all students.
• Unsubsidized: interest starts accruing right away.
• Not need-based, check your award notification for amount.

Federal Stafford Loans (through 2009-10 only)

Process your Stafford Loans (subsidized and/or unsubsidized).

Subsidized

• Interest rate:
  • 5.6% for undergraduate students during 2009-10 academic year.
  • 6.8% for graduate and law students.
• Subsidized (no interest) while student is enrolled and during grace period.
• Need-based, check your award notification to see if you're eligible.

Unsubsidized

• Interest rate: fixed at 6.8% for all students.
• Unsubsidized: interest starts accruing right away.
• Not need-based, check your award notification for amounts.

Federal Direct PLUS Loans for Parents of Undergraduates

Processing for 2010-11 Direct PLUS Loans will be available in April.

• Interest rate: fixed at 7.9%.
• Unsubsidized: interest starts accruing right away.
• Not need-based, may borrow up to Cost of Attendence minus all other financial aid.

Federal PLUS Loans for Parents of Undergraduates (through 2009-10 only)

Apply for a Federal PLUS Loan.

• Interest rate: fixed at 8.5%.
• Unsubsidized: interest starts accruing right away.
• Not need-based, may borrow up to Cost of Attendance minus all other financial aid.

Federal Direct PLUS Loans for Grad & Law Students

Processing for 2010-11 Direct PLUS Loans will be available in April.

• Interest rate: fixed at 7.9%.
• Unsubsidized: interest starts accruing right away.
• Not need-based, may borrow up to Cost of Attendance minus all other financial aid.

Federal PLUS Loans for Grad & Law Students (through 2009-10 only)

Apply for a Federal Grad PLUS Loan.

• Interest rate: fixed at 8.5%.
• Unsubsidized: interest starts accruing right away.
• Not need-based, may borrow up to Cost of Attendance minus all other financial aid.

Private Loans

Apply for a private loan.

• Interest rate: variable, depends on borrower’s credit.
• Unsubsidized: interest starts accruing right away.
• Not need-based, may borrow up to Cost of Attendance minus all other financial aid.

Bar Study Loans

• Interest rate: variable, depends on borrower’s credit.
• Borrower must be 3rd or 4th year law student.

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Loan Forgiveness Programs

• Teacher Loan Forgiveness Programs
• Law Student Loan Repayment Assistance Program

Other Helpful Links

• Loan Entrance and Exit Counseling
• National Student Loan Data System (NSLDS)
• Student Loans: Avoiding Deceptive Offers (FTC)