Federal Direct Loan Request

Carefully read and review your borrowers rights and responsibilities listed below. We encourage you to print out a copy for your records.

• This is a loan that must be repaid when I graduate, withdraw, or drop below 6 credit hours.
• I am obligated to repay my Federal loan(s) even if I do not complete my program of study, am unable to obtain employment, or am otherwise dissatisfied with the education or other services received.
• I must be attending at least 6 credit hours in an eligible academic program at the time the loan disburses to my account. If I drop below 6 credit hours before my loan funds have been applied to my student account then I am not qualified to receive any funds and the loan will be cancelled.
• If I withdraw completely from classes, my loan may be reduced.
• I must meet Satisfactory Academic Progress standards. To establish and maintain loan eligibility, I cannot be on Academic Probation, Financial Aid Suspension, or Financial Aid Termination.
• I must not be in default on any educational loan or owe a repayment on any educational grant to be eligible to receive loan funds.
• I am required to complete Entrance Counseling at studentaid.gov before my loan funds can be disbursed.
• I must sign an electronic Master Promissory Note at studentaid.gov. If I do not accurately complete and sign the MPN, my loan funds cannot be disbursed.
• If eligible, my maximum annual subsidized limit at LLC is $3500 as a freshman and $4500 as a sophomore.
• Lake Land College certifies the amount of my loan based on a review of my Cost of Attendance (COA), Student Aid Index (SAI), and other financial assistance received or expected, such as federal or state grants, scholarships, tuition waivers, veteran benefits, and sponsorships.
• Lake Land College will first calculate subsidized student loan eligibility. If you are not eligible for a subsidized student loan or you are only partially eligible for a subsidized loan, we will then calculate your unsubsidized loan eligibility.
• My loan could be adjusted if I am receiving unemployment tuition assistance or any other 3rd party tuition assistance.
• If I receive additional financial assistance after my loan amount has been determined, my loan may be reduced or cancelled to prevent a financial aid overaward.
• If I have earned credit hours at another college, university, or trade school, it is my responsibility to provide the Financial Aid Office with a transcript evaluation of my previously earned credits as they apply to my current program of study. The transcript evaluation is available through the Admissions and Records Office.
• My Federal Direct loan and/or PLUS Loan will not be disbursed before the thirtieth (30th) day of my enrollment term(s).
• Student loans are always disbursed in two (2) payments. For a Fall/Spring loan, one-half of the total loan amount will be disbursed after the 30th day of the Fall term and the second half after the 30th day of the Spring term. For one semester loans, one-half of the loan amount will be disbursed after the 30th day of the term and the second half will be disbursed after mid-term.
• Refunds of loan proceeds will be made to me only after all charges on my account have been satisfied. All refunds will be mailed or direct deposited from the accounting office within fourteen (14) days of disbursement.
• I have the right to reduce or cancel my loan up to 14 days after the disbursement of the loan by contacting the Financial Aid Office and returning the loan funds immediately.
• I must complete an Online Exit Counseling session before I withdraw, drop below half-time enrollment, or graduate from LLC.
• I may access information about my student loans from the National Student Loan Data System at studentaid.gov.
• I may log in to My Federal Student Aid to view my Federal Direct student loans and the contact information for my lender at studentaid.gov. This information can also be found on NSLDS. I will remain in contact with my lender and be sure they have up-to-date contact information.