​How to apply

If you are a US Student seeking to borrow funds under the Direct Loan program first go to https://studentaid.ed.gov/sa/ and then apply through The Free Application for Federal Student Aid (FAFSA), if you have not already done so. The following website will guide you through the process of completing your FAFSA http://studentaid.ed.gov/fafsa

The US loans flow chart in the Downloads section of this page shows the steps you must then take in order for LIPA to approve your loan. 

Continuing students should check that any promissory notes are still valid and re-sign if necessary, and re-apply for credit check (for PLUS loans): you must keep copies (pdf versions) as any previously signed are likely to be out of date and they will be needed for your loan to be input into the US loan systems by LIPA.  


​Private loans

LIPA also have a longstanding relationship with Sallie Mae, who offer private loans for students studying at LIPA as an alternative to US Government Direct Loans. Their website is www.salliemae.com

One line of funding Sallie provide is the Smart Option Student Loan for Undergraduate Students. You are encouraged to apply with a creditworthy cosigner as it may increase the likelihood of the loan being approved and help you obtain a lower interest rate. Cosigners are generally creditworthy family members but you may know other individuals who are willing to help you in this regard. There is also a new option as of April 2016: The Sallie Mae Parent Loan gives parents and other individuals a way to take out an education loan in their name — while relieving the student of financial responsibility. 

Federal and private loans have different terms and benefits, you should compare their features and choose the loan that best fits your needs. 


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