The Federal Pell Grant Program is a need-based program that offers assistance to those students.

The Free Application for Federal Student Aid (FAFSA) is the very first step toward receiving Title IV aid. The Department of Education will use the information provided to them to determine each student’s need for Federal Student Aid. Please follow this website to the free application. By putting our school code (042120) on your FAFSA, you are ensuring that we receive your information. Click to start your fafsa https://fafsa.ed.gov/

There are two different types of Direct Student Loans, subsidized and unsubsidized. The first that is awarded to the student is called a subsidized loan. Subsidized loans are also part of the need-based program. They have an interest rate of 3.86%, but do not accrue interest while the student is still in school because the Department of Education pays for the interest themselves. The second type of loans is the unsubsidized loans, which also has an interest rate of 3.86%. Since the unsubsidized loans are not considered need-based, the student is responsible for paying the interest that accrues while they are still in school. Both types of loans also have origination fees of 1.072%. There is no credit check required for these loans.

A Parent PLUS Loan is an option for parents to take out a loan on behalf of the student. The interest rate is 6.41% on these loans, and has an origination fee of 4.288%. The parent/borrower is subjected to a credit check in order to obtain a PLUS Loan.

A Private Education Loan is absolutely the last resort in the Financial Aid process. It is simply a way to supplement your federal financial aid. At this time, we are not working with any private loan lenders to offer easy access.

For students looking to pay interest free, this is a great option. Lawrence and Company will allow students to pay a fixed monthly rate to the school in order to pay for their tuition.

Prior to acquiring a Federal Student Loan, every borrower must complete Entrance Counseling prior to receiving any funds. In addition, all borrowers must also complete Exit Counseling once their attendance at school has ended (graduated or otherwise). Both counseling programs can be found at the following link on the Federal Student Loan website. https://studentloans.gov/myDirectLoan/index.action

Consolidating loans allows you to combine multiple federal education loans into one loan. The result is a single monthly payment instead of multiple payments. This can be beneficial for some students, but detrimental to others, so please ask your loan servicer about the pros and cons of consolidation in your case. The interest rate on a consolidated loan is a fixed rate for the life of the loan and is based on the weighted average of the interest rates on the loans being consolidated. There is no cap on the interest rate.

It is the responsibility of the borrower to pay their loans on time, and to stay in contact with their loan servicer. In times of need, a borrower may apply for deferment or forbearance to postpone or reduce your monthly payments.

The Federal Student Aid Ombudsman Group is a section of the Department of Education that is devoted to helping resolve disputes associated with Direct Loans. The Ombudsman Group is a neutral, information, and confidential resource.

The National Student Loan Data System is a system that contains all loan information for all borrowers. Follow this link to obtain access to your personal loan information. https://www.nsldsfap.ed.gov/nslds_FAP/