Financial Aid Loans

Tuition Installment Plan

Lake-Sumter Community College now offers the Tuition Installment Plans (TIPS) through Nelnet Business Solutions. This plan allows a student to pay tuition and fees over a time period each semester rather than all in one lump sum.

Students are expected to promptly pay all other fees (application fees, graduation fees, outstanding student fees, etc). Students with delinquent accounts are subject to being removed from all courses. For more information, please visit the payment information page.

Federal Loans

*Please note: Students must apply for financial aid using the FAFSA application at www.fafsa.gov and complete their financial aid file prior to applying for a student loan.

A minimum cumulative 2.0 GPA and enrollment in a minimum of 6 credit/load hours at Lake-Sumter Community College are also required to meet eligibility.

*NOTE: First-time borrowers must complete entrance counseling at https://www.osfaffelp.org/studentcounseling/ prior to turning in a Loan Request Form. In addition, Loan Request Forms must be turned in to the Office of Financial Assistance by the posted deadline in the semester you are applying for.
Fax copies will not be accepted.

Borrower rights and responsibilities

It’s important that you are aware of your rights and responsibilities regarding your student loans.

Your rights as a borrower

• You may accept all, some, or none of the student loan funds offered.
• You are entitled to a copy of your promissory note, which outlines the terms and conditions of your student loan, and will receive it before or after the loan is made.
• Before you begin to repay, your loan holder is required to give you a payment schedule and detailed information about interest rates, fees, the balance you owe, and your repayment options.
• You have a right to defer payments for certain defined periods or to request forbearance, if you qualify.
You may be eligible to repay under a graduated or income-based repayment plan.
• For federal student loans and most private student loans, you may prepay in whole or in part at any time without penalty.

Your responsibilities as a borrower

• You must notify your school if you want to borrow less than the amount that has been awarded.
• You must repay your student loans on time and in full even if you do not finish your education, get a job, or feel satisfied with the education you received.
• You must notify your loan holder or servicer immediately of any change to your name, address, telephone number, or Social Security number.
• You must make scheduled monthly payments even if you do not receive a bill or coupon booklet.
• First-time Stafford and Perkins borrowers must receive entrance counseling before funds can be disbursed.
• Students are required to complete exit counseling when you graduate, withdraw, drop to less than half-time enrollment, or do not return for the next term. Students can access exit counseling online at: https://www.osfaffelp.org/StudentCounseling/Home.aspx.

Federal Stafford Subsidized Student Loan (STFD)

Subsidized Stafford Loans are for students who have financial need. With a subsidized Stafford Loan, the federal government will pay the interest while you’re enrolled at least half-time, during your grace period, and during deferment periods. Information regarding repayment can be obtained from the Office of Financial Assistance.

Undergraduate students may borrow up to $3,500 for the first year (1-29 credits) and up to $4,500 in the second year (30 credits) from an approved lending agency. This loan is subject to verified financial need and not to exceed educational costs. Repayment begins six months after you graduate, leave school, or drop below half-time enrollment, with a fixed interest rate of 4.8% percent for loans disbursed after July 1, 2010.

Federal Stafford Unsubsidized Student Loan (UNSTFD)

Unsubsidized Stafford loans are for students who do not have financial need. With an unsubsidized Stafford Loan, you are responsible for paying the interest during all periods, starting from the date the loan is first disbursed. Information regarding repayment can be obtained from the Office of Financial Assistance.

Independent students may borrow an additional $4,000 if they qualify. Dependent students are only eligible for Unsubsidized loans if they are not eligible for Subsidized or are not eligible for the maximum Subsidized loan. Repayment begins six months after you graduate, leave school, or drop below half-time enrollment, with a fixed interest rate of 6.8% percent for loans disbursed after July 1, 2006.

Federal Parent Loans for Undergraduate Students (PLUS)

These loans are made to parents of college students by banks or credit unions to provide additional funds for education expenses. Repayment begins 60 days after the funds are issued. Interest is fixed at 8.5 percent for loans disbursed after July 1, 2006. A parent may borrow up to the full cost of education, less any financial aid the student is receiving.

October 1, 2007: Federal legislation recently signed into law may affect lender benefits. Lenders may revise benefits at their discretion. Please contact any lender that you have used or are considering using for your student loans and ask how this affects your past or future loan terms.

Lake-Sumter Community College Lender Information

Lake- Sumter Community College (LSCC), in accordance with the Florida Code of Conduct affirms the following:

• You are not required to use the listing of LSCC recommended lenders.
• You may use any lender that is approved to participate in the Federal Family Educational Loan (FFELP) Program by the U.S. Department of Education.
• The lenders below are provided as a starting point for your research. For questions on specific benefits or service, call the lender directly.
• Selection of a non-recommended FFELP approved lender will not delay your loan processing.

• Print for your records Guide to Sensible Borrowing at LSCC (highlighted portion is link)
• To apply, please come to the Office of Financial Assistance to fill out the necessary forms. If you are a new student, please complete the Entrance Counseling indicated above and bring the confirmation page to the Office of Financial Assistance.