You should complete the Free Application for Federal Student Aid (FAFSA) to be considered for all of the following loans (except the Fort Lewis College Emergency Loan). 

Federal Perkins Loan

Federal Stafford Loan (subsidized and unsubsidized)

Federal PLUS (Parent Loan)

Alternative Loans

Fort Lewis College Emergency Loan

Note:  If we confirm your eligibility for the Federal Stafford Loan Program we will send you an Award Notification with details of the offer and a Loan Application to begin the loan process.

Special Notice:  If you have a student loan, you have the right to cancel all or a portion of the loan within 14 days of disbursement by contacting the Office of Financial Aid.

Federal Perkins Loan

Federal Perkins Loans have a fixed interest rate of 5%.  They are offered to students with exceptional need, with priority given to early applicants who receive the Federal Pell Grant.  Applicants who have completed the FAFSA process are automatically considered.  Students may obtain a Federal Perkins Loan without security or endorsements.  We offer from $200 to $2,000 per academic year depending on the student's financial need and resources.  There is a nine month grace period, after graduation or after ceasing to be enrolled in college at least half-time, before repayment begins.  You may be allowed up to 10 years to repay.  You may, at any time, repay the loan balance and any interest due without penalty. 

If you fall behind on your payments, Fort Lewis College may demand immediate payback of the entire loan plus interest.  If you default on the Federal Perkins Loan and we are unable to collect, the federal government will take action to recover the loan.  Borrowers should contact Educational Computer Systems, Inc. (ECSI), 181 Montour Run Road, Coraopolis, PA  15108, www.ecsi.net, 1-888-549-3274, for information on deferment, cancellation, or forbearance.  

Federal Stafford Loan  

Students who specified they were interested in loans on the FAFSA are automatically considered for Stafford loans.  The current interest rate for Federal Stafford Loans is 6.8%.  These loans are disbursed through the College.  Participating lenders loan you the money.   

The Stafford Loan has two separate programs.  The subsidized program is based on financial need and the borrower does not pay interest while enrolled at least half-time.  The unsubsidized program does not have this in-school subsidy and is not need-based; therefore all eligible students may apply for and receive these funds.  Under the unsubsidized program, interest may accumulate or capitalize until the borrower is out of school.  Capitalizing increases the amount of the principal.  The borrower may make interest-only payments to avoid capitalization.

Note:  Dependent students may be eligible to borrow up to the maximum unsubsidized amount, according to credits earned, if their parents’ Parent Loan for Undergraduate Students (PLUS) loan is denied.

A dependent undergraduate borrower may accumulate a maximum of $23,000 in outstanding federal loan dept.  The undergraduate independent borrower may accumulate outstanding federal student loan debt of up to $46,000.

The Office of Financial Aid sends you an Award Letter when we confirm your financial aid eligibility.  We include a Loan Application with the Award Letter if we offer you a Stafford Loan.  You must complete, sign and return the Loan Application if you wish to borrow.  After you submit the Loan Application, processing may take up to four weeks during peak volume periods to transmit data to the Guarantee Agency.  Submit the Loan Application to us two to three months before you need the loan to avoid delays.

First time Fort Lewis College borrowers must complete loan entrance counseling online before we can disburse their loan funds.  Available computers on campus may be used for this purpose.

The Loan Guarantee Agency notifies you when and how to complete your Master Promissory Note (MPN) online.  After the initial MPN, a promissory note will not be required for subsequent loans with the same lender.  The Guarantee Agency will transmit the loan proceeds to the school after you sign your MPN.  Loans are disbursed in two equal installments.  Disbursement will occur by the first day of classes each term, when enrollment is confirmed.  The College automatically credits the money to your bill and refunds the balance, if any, to you.  The Guarantee Agency may charge a 1% default prevention fee.

Federal Parent Loan for Undergraduate Students (PLUS)

Federal PLUS loans are for parents who wish to borrow to help pay for their student's education.  You must complete the FAFSA before applying for a PLUS loan.  PLUS loan applicants are subject to credit checks.  Parents may borrow up to the Cost of Attendance, minus any other financial aid, each year.  For information about the Cost of Attendance see the Financial Aid Handbook.  Repayment begins 60 days after the loan has been completely disbursed.  The interest rate for PLUS loans is currently 8.5%.

Participating lenders fund PLUS loans.  Parents may use the Office of Financial Aid Loan Application form to start the PLUS loan process.  If a parent is denied a federal PLUS loan, a dependent student may be considered for the unsubsidized portion of the Stafford loan.

 Alternative Loans

The Office of Financial Aid maintains information about private loan sources with no government subsidy.  These loans require a more stringent qualification of credit worthiness and have a higher interest rate than federal student loans.  The Office of Financial Aid advises all students to use the Stafford loan program first and completion of the FAFSA is strongly encouraged.