Janice Lozano
La Salle University is a private, religious institution located in Philadelphia, Pennsylvania. The university offers federal student loans and meets 72% of the demonstrated financial need for undergraduates. In 2023, 2,413 out of 2,773 undergraduate students received financial aid. The average financial aid package for a full-time, first-year student is $24,016 per year. 77% of La Salle University undergraduates take out student loans to cover any remaining costs, with graduates carrying an average student loan debt of $37,002.
| Characteristics | Values |
|---|---|
| Does La Salle University take federal student aid? | Yes |
| Does La Salle University take federal student aid plus loans? | Yes |
| Percentage of La Salle University students who receive federal student loans | 82% |
| Average federal student loan amount | $6,237 |
| Average private student loan amount | $15,092 |
| Percentage of La Salle University students who take out private loans | 20% |
What You'll Learn
Federal Student Loans
Federal loans are preferable to private loans as they tend to have lower interest rates and are therefore less costly in the long run. They also offer more flexible repayment terms.
There are four types of federal loans:
- Direct Subsidised Loans: for students who demonstrate financial need on their FAFSA. The government pays the interest while the student is in school at least half-time and for six months after they leave.
- Direct Unsubsidised Loans: these do not require financial need to be demonstrated. The student pays all of the interest.
- Direct PLUS Loans: available to parents to help pay their child's education expenses. A credit check is required but not a demonstration of financial need.
- Direct Consolidation Loans: allow borrowers to combine their loans into a single loan.
To receive a federal loan, a student must take at least six credits each semester and meet certain eligibility requirements, as well as making Satisfactory Academic Progress.
International Students: Free Ride to US Universities
You may want to see also
Direct Subsidized Loans
La Salle University offers federal student loans to its students. These loans are available to almost everyone and are automatically considered when a student submits their Free Application for Federal Student Aid (FAFSA). Federal loans are advantageous as they offer fixed interest rates and fees that are usually the lowest available, as well as flexible repayment terms.
The eligibility criteria for Direct Subsidized Loans include:
- Being enrolled at least half-time
- Demonstrating financial need, as determined by the cost of attendance minus expected family contribution and other financial aid
- Maintaining satisfactory academic progress
The maximum amount that can be borrowed through the Federal Direct Loan Program depends on the student's dependency status and classification in college. For undergraduate students, the annual loan limit is $5,500, with an aggregate loan limit of $31,000.
It is important to note that students should only borrow what they need and carefully consider their financial options before taking out any loans.
Mississippi State University Students: How They Spend Time
You may want to see also
Direct Unsubsidized Loans
How to Apply for a Direct Unsubsidized Loan
Firstly, complete the Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA (for returning students) at StudentAid.gov. Then, you will receive your financial aid award letter by mail or email from your school's financial aid office. This letter will summarise your available financial aid, including Direct Subsidized Loans (if eligible) and Direct Unsubsidized Loans. Next, contact your financial aid office to accept the financial aid, including student loans, and sign any associated paperwork, such as the Master Promissory Note (MPN).
Direct Unsubsidized Loan Eligibility
Most students who qualify for federal aid are eligible to take out a Direct Unsubsidized Loan. Your family’s financial circumstances do not matter, and even wealthy families can qualify. To be eligible, you must be a U.S. citizen, national, or eligible non-citizen, have received a high school diploma or the equivalent (e.g. GED), be enrolled at least half-time in an eligible degree or certificate program, not be in default on any existing federal student loans, and meet general eligibility requirements for federal student aid.
Direct Unsubsidized Loan Interest Rates
The interest rates on Direct Unsubsidized Loans are fixed and do not change over the life of the loan. Every year on July 1, interest rates reset for new loans first disbursed on or after July 1. The fixed interest rate for undergraduate students for the 2024-2025 academic year is 6.53%, and for graduate and professional students, it is 8.08%.
Direct Loan Limits: How Much You Can Borrow
The amount you can borrow from the Direct Loans program is subject to annual and aggregate loan limits. Annual limits specify how much you can borrow each academic year, while aggregate limits (or cumulative limits) specify how much you can borrow through the loan program. All undergraduate students can borrow up to $5,500 in the first year (varies for dependent/independent status) and up to $7,500 per year afterward.
WCU Student Population: How Many Are There?
You may want to see also
Direct PLUS Loans
The interest rate for federal Direct PLUS Loans is currently 9.08% for loans taken between July 1, 2024, and June 30, 2025. There is also an origination fee of 4.228% that is deducted from each loan disbursement. PLUS Loans require a credit check and have fewer repayment options than other types of federal loans.
Students should only take out PLUS Loans to pay for graduate school after they have borrowed the maximum amount in unsubsidized federal direct loans. Parents should take out PLUS Loans if they want or need the programs these loans offer, such as income-driven repayment plans and Public Service Loan Forgiveness.
The rates on PLUS Loans may be comparable to private lenders, but PLUS Loans have origination fees that most private loans do not charge. If you have good credit and don't need federal student loan benefits, it is recommended to shop around for a private loan before committing to a PLUS Loan to compare overall costs.
To apply for a PLUS Loan, borrowers must submit a Free Application for Federal Student Aid (FAFSA) and then apply for either a parent PLUS Loan or a graduate PLUS Loan online.
The University of Minnesota Twin Cities: A Student-Centric Campus
You may want to see also
Direct Consolidation Loans
To be eligible for a Direct Consolidation Loan, borrowers must have completed school, withdrawn from school, or fallen below half-time student status. The application process is free, and there is no credit check required. Once the application is complete, borrowers will have a single monthly payment on the new loan instead of multiple monthly payments on several loans.
Fairfield University: Non-Catholic Students' Numbers Explored
You may want to see also
Frequently asked questions
The tuition fee for La Salle University is $37,800. This is the cost for tuition and fees, also known as the sticker price. The total cost, including food and housing, books and supplies, and transportation and personal expenses, will be higher.
The average net price, which is the cost after financial aid, grants, and scholarships have been deducted, was $17,552 for students receiving grant or scholarship aid in 2019/2020.
100% of full-time undergraduate students at La Salle University received financial aid in the form of grants, scholarships, or fellowships in 2019/2020.
There are various types of financial aid available, including need-based and merit-based scholarships, grants, and federal and private student loans.
La Salle University does accept federal student aid. The university automatically considers students for federal loans when they submit their Free Application for Federal Student Aid (FAFSA).
