Loans

This loan is administered by the Office of Financial Aid.  The current interest rate is 5 percent with repayment beginning nine months after graduation or withdrawal from school.  The Perkins Loan program is scheduled to be phased out.  No additional awards will be made after the 2017/18 school year.

Federal Direct Subsidized Student Loans are based on FAFSA results.  Individuals borrow directly from the federal government, not a private lender. Annual subsidized loan limits are $3,500 freshman, $4,500 sophomore, $5,500 junior, $5,500 senior. Students receive an award letter indicating the maximum eligibility for this loan.

A Subsidized Direct Loan is awarded based on financial need.  The federal government pays the interest on the loan while you are enrolled in college, and no payments are due until you discontinue attending college at least half time.

All students choosing to use the Federal Direct Student Loan Program must successfully complete an Electronic Master Promissory Note and Entrance Counseling session via the federal website: https://studentaid.gov/. Beginning in the 2021/22 award year, all direct loan borrowers will also need  to complete an Annual Student Loan Acknowledgment (ASLA) at https://studentaid.gov/.   This step must be completed in addition to the Master Promissory Note and Entrance Counseling Session prior to the first disbursement of a student’s direct loan each year. If this is your first time accepting a federal student loan, you are acknowledging that you understand your responsibility to repay your loan. If you have existing federal student loans, you are acknowledging that you understand how much you owe and how much more you can borrow.

Le Moyne participates in electronic funds transfer (EFT) for loan funds.  The loan funds will arrive electronically at the college and be credited directly to the student’s account.  Federal loan funds are always disbursed in two equal disbursements, and should arrive at the beginning of each semester.

Federal Direct Student Unsubsidized Loans are based on FAFSA results.  Individuals borrow directly from the federal government, not a private lender.  Annual loan limits are $2,000 in addition to the subsidized loan.  Families that do not demonstrate financial need may borrow the subsidized loan amounts in unsubsidized loan funds. The annual limit for graduate students is $20,500.   Students receive an award letter indicating the maximum eligibility for this loan.

An Unsubsidized Direct Loan is not awarded based on financial need.  The interest on this loan begins at the time the loan is disbursed, and continues until the loan is paid in full.  Students may to choose make interest payments while in school or not make any payments until graduation, or discontinue going to school at least half time.

All students choosing to use the Federal Direct Student Loan Program must successfully complete an Electronic Master Promissory Note and Entrance Counseling session via the federal website: https://studentaid.gov/. Beginning in the 2021/22 award year, all direct loan borrowers will also need  to complete an Annual Student Loan Acknowledgment (ASLA) at https://studentaid.gov/.   This step must be completed in addition to the Master Promissory Note and Entrance Counseling Session prior to the first disbursement of a student’s direct loan each year. If this is your first time accepting a federal student loan, you  are acknowledging that you understand your responsibility to repay your loan. If you have existing federal student loans, you are acknowledging that you understand how much you owe and how much more you can borrow.

Le Moyne participates in electronic funds transfer (EFT) for loan funds.  The loan funds will arrive electronically at the college and be credited directly to the student’s account.  Federal loan funds are always disbursed in two equal disbursements, and should arrive at the beginning of each semester. For more information on loan repayment, visit  https://studentaid.gov/h/manage-loans.

If you have borrowed a subsidized, unsubsidized, or PLUS loan under the Direct Loan Program, you are required to complete exit counseling when you graduate, withdraw, or drop below part-time.

Exit counseling provides important information you will need as you prepare to repay your federal student loan(s). You will learn how to understand and repay your loans, how to avoid default, and how to make your finances a priority.

Graduating students will be notified by email of the time, date, and location of exit counseling sessions offered prior to your graduation date. If you do not attend an exit counseling session and do not complete exit counseling prior to graduation, the Financial Aid Office will mail exit counseling information to your address on record. Students who withdraw or drop below part-time without notifying the Financial Aid Office directly, will be sent exit counseling information to their address on record within 30 days of the change in enrollment status. Students are responsible for updating any change of address with the Registrar’s Office.

To complete Exit Counseling, go to studentloans.gov, you should expect it to take you about 30 minutes.

Helpful Resources for Loan Repament:

Direct Loan Exit Counseling Guide
National Student Loan Data System
Inceptia's Student Loan Knowledge HQ

 At Le Moyne College, we understand that student loans can be intimidating. That’s why we have partnered with Inceptia, a division of the National Student Loan Program, to provide you with free assistance on your student loan obligations to ensure you feel comfortable and can be successful in your loan repayment.

Inceptia may be calling to help you with next steps in your repayment journey. Their friendly counselors are there to help you every step of the way.

The Inceptia counselors are there to help you with every step by staying in touch with you via phone calls, letters, and/or emails. They will not be collecting money from you. Inceptia’s nonprofit purpose is to help you find answers to your questions and solutions to your issues. We encourage you to visit Inceptia’s Student Loan Knowledge HQ website at HeroKnowl.org.

The Federal Graduate PLUS Loan is available to graduate students to supplement their resources after all eligibility for unsubsidized loans has been identified. To begin your application for a Graduate PLUS loan go to https://studentaid.gov/plus-app/. If approved, you will be prompted to complete a Master Promissory Note and Entrance Counseling if needed.  Beginning in the 2021/22 award year, you will also be required to complete an Annual Student Loan Acknowledgement (ASLA) each year prior to the first disbursement of your PLUS loan

The Federal Direct Parent Loan for Undergraduate Study (PLUS) provides parents with the opportunity to borrow funds to cover the difference between student aid and the annual total cost of attendance.  The Direct PLUS Loan provides the option of not making payments on the loan until the student graduates from college. If interested, your parent should contact the financial aid office, or visit https://studentaid.gov/plus-app/ to begin the process.  If approved, you will be prompted to complete  a Master Promissory Note and Entrance Counseling if needed.  Beginning in the 2021/22 award year, you will also be required to complete an Annual Student Loan Acknowledgement (ASLA) each year prior to the first disbursement of your PLUS loan. To complete the Annual Student Loan Acknowledgment (ASLA) go to https://studentaid.gov/asla/. Parents with no adverse credit are eligible for the federal parent loan. The Financial Aid Office can check parent credit for the parent loan. Written permission with parent signature must be submitted to our office to check parent credit for parent loan eligibility.  Click here to download the form. The completed form may be mailed to our office, emailed to us at financialaid@lemoyne.edu or faxed to 315-445-4182.

Private loans are available for students and parents to use to cover the balance due.  Most students require a co-signer with a good credit history.  Private educational loan interest and repayment benefits differ.  You should research and compare private loan programs before you make your final decision.   https://choice.fastproducts.org/FastChoice/home/274800