Loans

Student loans are a form of financial assistance offered to students to pay off education related expenses. Students are not required to pay their federal student loans back until after they graduate, stop attending at least half-time or withdraw from school. Students and their families may qualify for different loan options to help manage costs and allow repayments over time. Your financial aid package may include loans in the form of need-based and/or non-need-based financial aid.

Student loans can be useful in funding your education, but use them wisely. You should be aware of the responsibility that comes with borrowing money to finance your education.

It is important to utilize student loans to pay only the cost of your education and to borrow prudently. The Unsubsidized Direct Loans you take out at LLCC will accrue interest. Six months after graduation or dropping below six credit hours as a student will result in the repayment of your loans. Take your investment in college seriously. If you do not follow your repayment schedule, you may end up being in default on your loans. This can hurt your credit rating and prohibit you from receiving future financial aid.

LLCC participates in the Direct Loan Program which provides low interest loans which are guaranteed and funded by the U.S. government.  All loan paperwork is transacted through LLCC Financial Aid.

Steps to apply for a Direct Loan at LLCC:

  1. Complete the Free Application for Federal Student Aid (FAFSA)
  2. Review loans awarded on LoggerCentral and accept or decline them online via LoggerCentral or the Loan Confirmation Form.
  3. Visit the Federal Student Aid website and sign in to Manage my Direct Loan and complete the:
    • Online Entrance Counseling
    • Master Promissory Note (MPN)

Loan Simulator

The Loan Simulator helps you calculate your potential student loan payments based on individual need. You can use this tool to help estimate payments when you're struggling with payments or if you are looking into what would happen if you borrow more.

You can also use our Loan Repayment Sample to estimate your student loan payment based on the Standard Repayment Plan. Please note: This chart is for estimation purposes only.

PLUS loans are government issued loans for parents whose students do not receive enough other aid to pay their educational expenses. Due to LLCC's affordability, usually fewer than 10 LLCC parents request PLUS loans each year. Most PLUS loans are made to parents whose students come from outside Springfield and must find housing in Springfield.

The first step for a PLUS loan is for students and parents to complete the Free Application for Federal Student Aid (FAFSA). This application is required for all government grants, government-issued Direct Student Loans and Federal Work-Study. Students completing the FAFSA will be awarded all of the grants to which they are entitled and awarded a student loan and work-study upon request and eligibility.

Parents must be credit worthy to be eligible for a PLUS loan. Any potential financial assistance for which a student is eligible will be counted against a parent's PLUS loan eligibility.

If a parent has the need for the Parent PLUS loan, complete the steps below:

  1. Visit the Federal Student Aid website, sign in to Manage my Direct Loan* and complete the:

* PLUS loans are also available to students who have already earned a four-year degree. If given an option in completing the online process, always choose the parent option.

Borrowers must repay student loans. The median loan indebtedness of students attending Lincoln Land Community College is $11,096.00. The median monthly payment for the indebtedness is $105.50. Remember to include your loan payment as a fixed monthly expense when developing your budget.

In order to help manage student debts and successfully repay loans, students should:

  • Open and read any mail you receive regarding your student loans.
  • Keep accurate records.
  • Stay up-to-date with payments.
  • Write your loan account number on all correspondence and all checks.

Before you get your Direct Student Loan, you are required by federal regulations to complete an entrance counseling session. It shows you how to manage your student loans, both during and after college.

Before you start, gather the following information:

  • Your social security number
  • Your driver's license number
  • Name, address and phone number of your closest relatives
  • Name, address and phone number of two references at different addresses
  • Your FSA ID (the same username and password you used to complete your FAFSA)

Borrowers must repay student loans. The median loan indebtedness of students attending Lincoln Land Community College is $11,096.00. The median monthly payment for this indebtedness is $105.50. Remember to include your loan payment as a fixed monthly expense when developing your budget.

Loan repayment process

Step 1: Loan enters repayment status

If you will be attending elsewhere after LLCC, you may qualify for a deferment. Your loan changes to repayment status when you drop below half-time enrollment by:

  • graduating
  • withdrawing
  • not taking enough classes, or
  • not satisfactorily completing enough classes

You can review your federal student loan history by logging in to your FSA ID account at the Federal Student Aid website. For a better understanding of how to repay your student loan and your repayment options, visit manage loans.

Step 2: Grace period begins

Before your first loan payment is due, you are given some time to find a job and get your finances together. The grace period:

  • begins the day you drop below half-time enrollment status
  • lasts six months, and
  • is available to subsidized and unsubsidized Direct Loan borrowers.

Step 3: Borrower completes exit counseling

You are required to complete exit counseling whenever your federal student loan changes to repayment status.

Step 4: Repayment terms are established

A variety of repayment options are available when your loan enters repayment status. Once the repayment option is selected and shortly before your grace period begins, you will receive a repayment disclosure from the Department of Education.

Unable to make payments

If you are unable to make your monthly payments, contact your lender immediately to avoid default by considering alternative repayment options. Additionally, depending on your circumstances, you may qualify for loan forbearance or forgiveness.

After graduating or dropping below half-time attendance, you are required by federal regulation to complete an exit counseling session. It shows you how to manage your student loans after college.

Before you start, gather the following information:

  • Your social security number
  • Your driver's license number
  • Name, address and phone number of your closest relatives
  • Name, address and phone number for two references at different addresses
  • Name, address and phone number of your expected employer (enter "unknown" if you don't have one yet)
  • Your FSA ID (the same username and password you used to complete the FAFSA)

The Master Promissory Note is a legal document where you are promising to pay back your student loan(s) and any interest or fees that accrue with it to your loan lender. In order for loan funds to disburse to your account, students must complete a Federal Direct Loan Master Promissory Note (MPN).

In order to complete the MPN you will need the following:

  • Your FSA ID (the same username and password you used to complete your FAFSA)
  • Your social security number
  • Your driver's license (if applicable)
  • Two references with different U.S. addresses