FEDERAL DIRECT LOAN
The first program you should consider borrowing from if you need additional aid is the Federal Direct Loan Program. Federal Direct loans are available to students who are enrolled at least half-time in a degree seeking program.
There are two types of Federal Direct loans:
Direct Subsidized Loan- This is a need based, low interest loan in which the interest is paid by the federal government as long as the borrower is in school at least half-time, in grace, or in periods of deferment.
Direct Unsubsidized Loan- This loan is not a need based loan, and the borrower is charged interest from the time the loan is disbursed until it is paid in full. Students have the option to pay the interest quarterly or have the interest capitalized at repayment.
To apply for the Federal Direct Loan for Fall/ Spring term:
1. Indicate you are interested in a loan by completing the loan section on the Financial Aid Data Form .
2. Complete entrance counseling if you are a first time borrower at OLLU. It is not necessary to complete couseling again if you are a continuing borrower at OLLU.
3. Complete a master promissory note. You will need your Department of Education PIN, (the same PIN used to sign the FAFSA) social security number, date of birth, driver's license number, and two personal references, including their full name , address, and telephone numbers.
Once the above steps are completed, the Department of Education will disburse your loan funds to OLLU.
To apply for the Federal Direct Loan for Summer term:
1. Select a lender of your choice by indicating on the OLLU Financial Aid Data Form.
2. Complete Master Promissory Note (MPN) by clicking on your lender choice at the bottom of this page.
3. Complete Stafford loan entrance counseling if you are a first time loan borrower at OLLU.
The following established lenders have been placed on our lender list because they provide exemplary service and financing options that provide a wide range of benefits to their borrowers. Our Lady of the Lake University encourages all students to investigate a lender before making a choice to borrow from them. A student is never required to use only the lenders on our lender list. OLLU will certify a loan with any lender of your choice. OLLU does not receive any benefits from partnering with these lenders.
To view the PDF files on this page click on the following link to download the free version of Adobe Reader.