Graduate Student| Financial Aid

Here’s how to make it happen financially.

Once you are admitted, complete your FAFSA and add Lake Erie College’s school code, 003066, to have your information released to us. Summer term begins the academic year at Lake Erie College so be sure to apply every academic year.  The Financial Aid office will notify you by email of your Direct Loan eligibility amount for the academic year.  

 View Applying For AidApplying For Aid page for more information about the financial aid process. 

Types of Aid for the Graduate Student

Federal Direct Unsubsidized Loan

• The Federal Direct Unsubsidized  Loan program is available to Graduate students enrolled at least half-time (3 credit hours)

• The maximum loan amount per academic year is $20,500  (not to exceed the cost of attendance)

• The individual lifetime limit for the loan for a graduate student is $138,500 (no more than $65,500 of which may be subsidized)

• Interest rate on Federal Direct Unsubsidized loan first disbursed on or after July 1, 2019 and before July 1, 2020 is 6.08%. A fee of 1.059% is deducted from the loan at the time of disbursement.

Steps to take to obtain the Federal Direct Unsubsidized Loan

1. A Master Promissory Note (MPN) is the loan agreement for the Federal Direct Loan that is required to process your loan.  This is completed at studentaid.gov/mpn/studentaid.gov/mpn/.  We can reuse this note for future loan processing. 

2.  Direct Loan Entrance counseling is also required and can be completed at studentaid.gov/entrance-counselingstudentaid.gov/entrance-counseling. 

3. Complete and Annual Student Loan Acknowledgement each year you accept a new federal student loan at studentaid.gov/aslastudentaid.gov/asla.

4. Accept, reduce or decline your Fed Direct loan by using the Direct Loan Acceptance/Change form to inform the financial aid office. 

5. Exit counseling is required upon separation from the college and can be completed at studentaid.gov/exit-counselingstudentaid.gov/exit-counseling.

Federal Direct Graduate PLUS Loan

The Federal Direct GRAD PLUS loan is a credit-based loan available to Graduate students who are enrolled at least half-time (3 credit hours). You indicate the amount you want to borrow on your application.  The maximum amount you can borrow is equal to your cost of attendance less any other aid. The current interest rate is 5.30%.  A 4.228% fee is assessed from the disbursement.

Steps to take to obtain the Federal GRAD PLUS Loan

1. Complete the GRAD PLUS loan application at studentaid.gov/plus-app/grad/landingstudentaid.gov/plus-app/grad/landing. 

2.  If approved, complete the GRAD PLUS MPN at studentaid.gov/mpn/grad/landingstudentaid.gov/mpn/grad/landing.

3. If the loan is not approved, the Direct Lender has options to add an endorser.  Follow their instructions if you choose this option

4. Complete an Annual Student Loan Acknowledgement each year you accept a new federal student loan at studentaid.gov/aslastudentaid.gov/asla.

5. Entrance counseling for graduate students is required if you have not previously received a Direct Loan or Direct PLUS Loan.  Complete one at studentaid.gov/entrance-counseling/studentaid.gov/entrance-counseling/

*tip – the GRAD PLUS application usually becomes available in March or April for the upcoming academic year 

Private/Alternative Loans

There are many private lenders offering financing for educational costs. Private loans do not have fees and the interest rate offered is based upon the credit of the borrower and the loan product. We have compiled a list of several lenders for you to compare in our Private Educational Loan Comparison ToolPrivate Educational Loan Comparison Tool.  This by no means is an exhaustive list and encourage you to investigate lenders you know.  You can apply for these loans electronically and most lenders are able to electronically disburse your loan to the college to pay on your student account.