Graduate School Grants & Student Loans
Federal Stafford Loans are available to eligible graduate students through the Federal Direct Loan program. These graduate student loans are made directly by the U.S. Department of Education, not by commercial banks or other financial institutions.
Most graduate school students are eligible for Stafford Loans regardless of credit history, level of income, or value of assets. Students can borrow a maximum of $20,500 per academic year. Your loans will be received directly by LFGSM. LFGSM will use your loan money first to pay for your MBA tuition, fees, and other school charges. If any loan money remains, you’ll receive the funds by check or ACH.
Currently, all loans carry a fixed rate interest of 6.21% per year. This interest starts to accrue immediately and will be added to the principle if not paid by the time repayment begins. After you graduate, leave school, or drop below half-time enrollment, you will have a six-month grace period before you begin repayment. During this period, you’ll receive repayment information from your loan servicer, and you’ll be notified of your first payment due date. Payments are usually due monthly.
The Direct Loan Program offers several repayment plans that are designed to meet the different needs of individual borrowers. Generally, you’ll have 10 years to repay your loan, depending on the repayment plan that you choose.
To receive aid from the federal student aid programs, you must:
- Have unmet financial need.
- Be enrolled at least half-time or accepted for enrollment as a regular graduate student working toward a degree or certificate.
- Be a U.S. citizen or eligible non-citizen.
- Have a valid social security number. If you don’t have a social security number, you can find out more about applying for one at www.ssa.gov.
- Maintain satisfactory academic progress.
- Sign a statement on the Free Application for Federal Student Aid (FAFSA) certifying that you will use federal student aid only for educational purposes.
- Sign a statement on the FAFSA certifying that you are not in default on a federal student loan and that you do not owe money back on a federal student grant.
- Register with the Selective Service, if required.
A Financial Aid Checklist can be obtained through our website at www.LFGSM.edu, or by contacting the Financial Aid Office at 847-574-5264.
Graduate PLUS Loans
Graduate PLUS Loans funds are available to graduate students through the U.S. Department of Education.
The maximum PLUS Loan amount you can borrow is your cost of attendance (determined by the school) minus any other financial assistance you will receive.
The interest rate for Direct PLUS Loans is a fixed rate of 7.21%. There is a fee of 4.288% of the loan amount, deducted proportionately each time a loan disbursement is made.
There are several repayment plans that are designed to meet the different needs of individual borrowers. Generally, you’ll have 10 years to repay your loan, depending on the repayment plan that you choose, and you may defer repayment while you are enrolled at least half-time. You will receive more detailed information on your repayment options during entrance and exit counseling sessions.
Private Graduate Student Loans
Private loans are alternate sources of financing offered through private lenders. These student loans are credit based non-federal educational loans to cover tuition and other living expenses not covered by other financial aid for LFGSM graduate students. The application process and related terms and conditions of private graduate loans vary by institution. The interest rates and fees are determined by the student’s credit history.
We have provided a list of private loan options to assist graduate students in their search for additional MBA tuition financing. This list does not constitute an endorsement or promotion of any specific private lenders. Please be aware that our graduate students are not obligated to apply for a private student loan or choose a lender included on this list. Students may select any lender of their choice.
For additional information, please use the links below to access the lenders’ website. You may also contact LFGSM’s Financial Aid Office at 847-574-5264 for assistance.
Preferred Lender List:
Baxter Credit Union
340 N. Milwaukee Ave
Vernon Hills, IL 60061
Contact: Lidya Garcia, Lidya.Garcia@BCU.org, 847-932-8831
2500 Lake Cook Road
Riverwoods, IL 60015
P.O. Box 9435
Wilkes-Barre, PA 18773-9435