Federal Aid

All students applying for financial aid must submit the Free Application for Federal Student Aid (FAFSA) each year. To have your FAFSA information sent to LIM please be sure to list our Federal School Code: 007466 on your application. LIM'S PRIORITY DEADLINE FOR FINANCIAL AID IS APRIL 15. We encourage you to submit your FAFSA online at:

www.fafsa.ed.gov

In addition to the FAFSA, we ask that you submit the LIM Financial Aid Form. This form is mailed to all students who submit a FAFSA form to LIM and is also available upon request from the Office of Student Financial Services.

Grants

Pell Grant Program
Undergraduate students who are enrolled for at least three credits and demonstrate significant financial need according to the federal formula are eligible to receive monies under this federal program. Pell Grant Awards for 2008-2009 range from $890 to $4731 (Maximum awards are established each year by Congress.)

Application. Students should apply for the Pell Grant by using the Free application for Federal Student Aid.

Supplemental Educational Opportunity Grant (SEOG)
Undergraduate students who demonstrate high financial need may be eligible to receive monies under this federal program. Awards at LIM currently vary from $250 to $1,500 per year.

Application. Students must complete a Free Application for Federal Student Aid (FAFSA).

Work-Study Opportunities
Federal Work-Study involves part-time work opportunities on campus in various student services offices and in the community. You are considered automatically, on a first-come first-serve basis, for Federal Work-Study upon LIM's receipt of your processed FAFSA.

Our community service opportunity is at a non-profit organization called Bottomless Closet, which promotes economic self-sufficiency for women by providing them with business clothing and career development services. 

Financial need is required for Work-Study programs. Work-Study awards are up to $2,800 per year and student wages start at $8 an hour. The award amount is based on the student's financial need, the availability of funds to the campus, the number of hours the student can work per week, and the current pay rate.

Some opportunities for non-need based employment are also available at the College.

Loans

Federal Direct Stafford Loans
Accepted matriculated undergraduate students enrolled on at least a half-time basis (6 credits per term) are eligible to apply for loans under this program. The student is eligible to borrow up to the maximum annual loan limit or cost of education less their family contribution and other financial aid, whichever is less. Applicants with financial need are eligible for a Subsidized student loan, while those without financial need are eligible to apply for an Unsubsidized loan. The federal government pays the interest on subsidized loans, while borrowers are responsible for interest payments under the unsubsidized loan program.

These funds are borrowed directly from the federal government, not through private lenders. The interest rate is currently fixed at 6.8% for the 2007-2008 academic year (during the in-school period). This rate is subject to change July 1, 2008 in the Subsidized Stafford Loan Program.

Undergraduate students can borrow up to $3,500 for their freshman year, $4,500 for their sophomore year, and up to $5,500 for junior and senior years.  Independent students have the option to borrow an Unsubsidized Stafford loan of up to $4000 or $5,000 (depending on grade level) in addition to the aforementioned amounts.

Borrowers are charged a 1% origination fee, which is deducted from the loan proceeds and paid to the federal government. All loans are disbursed in multiple installments, generally one per term.

Repayment of Stafford loans begins 6 months after the borrower graduates, leaves school, or drops to below half-time status.  Please note that interest on Unsubsidized Stafford loans accrues while the student is in school.

Federal Direct Parent Loans for Undergraduate Students (PLUS)
Parents of dependent students who are enrolled at least half-time may be eligible for a Federal Direct Plus Loan. These loans are based on creditworthiness. Parents may borrow up to the cost of education less all other financial aid. Parents should complete a Plus Loan credit consent form with the Financial Aid Office to begin the process and confirm their credit approval. The interest rate is currently fixed at 7.9% for the 2007-2008 academic year and is subject to change July 1, 2008.  A 2.5% origination fee is paid to the federal government and deducted from the loan proceeds.

Parents additionally have the option of borrowing a PLUS loan from a lender that participates in the Family Federal Education Loan Program (FFELP).  The interest rate in  FFELP is currently fixed at 8.5% for the 2007-2008 academic year and is subject to change July 1, 2008.  Origination fees vary by lender and can range from 0-3%. Additionally, you may be subject to a default fee of 1% from the loan proceeds. Please visit simpletuition.com or greentreegazette.com for lender comparisons.