Graduate School Grants & Student Loans
Federal Stafford Loans are available to eligible students through the Federal Direct Loan program. These loans are made directly by the U.S. Department of Education, not by commercial banks or other financial institutions. Most 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. Student loan disbursements are received directly by LFGSM. LFGSM will use a student’s loan disbursement first to pay for tuition, fees, and other school charges for the academic year. If any loan money remains, the student will receive the funds by check or ACH.
Currently, all loans carry a fixed rate interest of 5.84% per year. After a student graduates, leaves school, or drops below half-time enrollment, the student will have a six-month grace period before loan repayment begins. During this period, the student will receive repayment information from the loan servicer, and the student will be notified of the first payment due date. Payments are usually due monthly.
The Direct Loan Program offers several repayment plans designed to meet the different needs of individual borrowers. Generally, a student will have ten years to repay a student loan, depending on the repayment plan chosen.
To receive aid from the federal student aid programs, you must:
- Be enrolled at least half-time or accepted for enrollment as a regular student working toward a degree.
- Be a U.S. citizen or eligible non-citizen.
- Have a valid Social Security Number.
- Maintain Satisfactory Academic Progress (SAP). The Financial Aid Office follows the School’s policies for determining Satisfactory Academic Progress when distributing financial aid. For more information, please see the “Standard of Satisfactory Academic Progress” section of the Catalog.
- Sign a statement on the FAFSA certifying the student is not in default on a federal student loan and does 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 students through the U.S. Department of Education. The maximum PLUS Loan amount a student can borrow is for the cost of attendance (determined by the School) minus any other financial assistance a student will receive. There are several repayment plans that are designed to meet the different needs of individual borrowers. Generally, a student will have ten years to repay the loan, depending on the repayment plan chosen, and a student may defer repayment while enrolled at least half-time. Students will receive more detailed information on loan repayment options during entrance and exit counseling sessions.
LFGSM is approved by the Illinois State Approving Agency for educational aid under the G.I. Bill (including the Yellow Ribbon Program) to eligible veterans. Students must to provide their Certificate of Eligibility to the school. The Certificate of Eligibility may be obtained through the St. Louis Veterans Affairs Customer Service Office, available 24 hours a day at 888-442-4551. For additional information, contact the St. Louis Veterans Affairs Customer Service Office or the LFGSM Financial Aid office.
Alumni Tuition Benefit
Recognizing the value of lifelong learning, LFGSM offers alumni the opportunity to pursue most graduate-level coursework at a reduced tuition rate. Non-degree seeking alumni receive a 50% tuition discount on graduate degree program courses. Alumni seeking to earn a subsequent graduate degree at LFGSM receive a 25% tuition discount on courses taken toward the new degree. Materials and other fees are charged at the published price.
The ASSIST (Assistance for Students in Sudden Transition) Program offers financial support to help students who have experienced sudden, unexpected job loss. Career coaching and job-search resources are included to help students rebound quickly. For more information, contact Student Services at 847-574-5158.
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