Lakeside Massage School Financial Aid Resources
Lakeside School of Massage Therapy is approved for Federal Title IV Financial Aid in the form of Federal Pell Grants, Federal Direct Student Stafford Loans, and Federal Plus Loans, for those who qualify.
Stafford Loans - Subsidized & Unsubsidized
Federal Pell Grant
This grant is a federal grant awarded to students with significant financial need, as measured by a congressionally established need-analysis formula which measures a family's ability to pay for educational expenses. Students apply for this grant by completing the federal government's Free Application for Federal Student Aid (FAFSA). A Federal Pell Grant, unlike a loan, does not have to be repaid.
How much can I get?
The maximum Pell Grant award for the 2009-10 award year (July 1, 2009 to June 30, 2010) is $5,350. The maximum amount can change each award year and depends on program funding. The amount you get, though, will depend not only on your financial need, but also on your costs to attend school, your status as a full-time or part-time student, and your plans to attend school for a full academic year or less. Note: The maximum award amount is given for any Pell Grant eligible student whose parent or guardian died as a result of military service in Iraq or Afghanistan after Sept.11, 2001. You must be under 24 years old or enrolled at least part-time at the time of your parent's or guardian's death.
If I am eligible, how will I get the Pell Grant money?
The financial aid department will apply Pell Grant funds directly to the cost of your education.
Stafford Loan Basics
Subsidized Stafford Loans
There are two types of Federal Stafford Loans, subsidized and unsubsidized. Subsidized Stafford Loans are given on the basis of financial need. Financial need is determined by subtracting the Estimated Family Contribution (EFC), provided from the FAFSA, from the cost of attendance. If your financial need is not fully met through other forms of aid (including grants), you are eligible for Subsidized Stafford Loan funds up to the remaining amount of your financial need or up to the loan limits based on your grade level, whichever amount is lower. The federal government will pay interest on a Subsidized Stafford Loan while you are in school and during your six-month grace period.
Unsubsidized Stafford Loans
If you do not demonstrate financial need or if your need is fully met by other aid funds, and your full cost of attendance is not met by your other aid, you are eligible for a Federal Unsubsidized Stafford Loan. If you accept the Unsubsidized Stafford Loan, interest will accrue while you are enrolled. You are not required to make payments on the loan as long as you remain enrolled at least half time.
Interest Rates
Current interest rates on all Federal Stafford loans are fixed.
| Academic Year | Rate on Subsidized loans | Rate on Unsubsidized loan |
| 2009-10 | 5.6% | 6.8% |
| 2010-11 | 4.5% | 6.8% |
| 2011-12 | 3.4% | 6.8% |
| 2012-13 | 6.8% | 6.8% |
The National Student Loan Data System (NSLDS) is the US Department of Education's centralized resource for information about all federal student loans that you have borrowed. You can find information about all of your current and prior student loans, even those you may have borrowed at a prior college or university.
PLUS loans for Parents
PLUS Loan Basics
Parents of a dependent undergraduate student may apply for a PLUS loan to help meet the student's cost of attendance not covered by other financial aid. Interest rates and repayment provisions on PLUS loans are generally more favorable than other consumer loans available for educational expenses. A FAFSA need not be completed, but parents must submit a PLUS loan request form to the financial aid office.
Credit History
Parents are also required to pass a credit check when they are applying for the PLUS loan. If a parent's application for a PLUS loan is denied based on the borrower's credit history, the student may become eligible for an additional unsubsidized Stafford loan.
Interest Rates
PLUS loans have a fixed interest rate of 8.5% (Federal Direct loans 7.9%). Interest is charged from the date of disbursement until the loan is paid in full.
Have a question when Daphne is offline? Email it to daphne@lakeside.edu!
