Financial Aid
Loans and Work Study
Most students in college today make use of some form of educational financing. The fact that LMU costs less than many private colleges is a great value to you, but you still might need to fund your education through other means. Two helpful options are loans and work-study.
Loans
In order to receive a loan at Lincoln Memorial University you must select a lender and complete a Master Promissory Note and entrance interview. A list of LMU's recommended lenders can be found through the links below. You may choose ANY lender who participates in the Family Federal Education Loan Program (FFELP). If you choose a lender not listed, please forward a copy of your Master Promissory Note to the financial aid office and contact us at finaid@lmunet.edu or extension 6336 to ensure all necessary information was received to process your loan.
aSTEP ONE: Choose a Lender:
aSTEP TWO: Long-term, low interest student loans are available from a number of sources. Loans do have to be repaid; however, repayment does not begin until after you graduate or cease to be enrolled at least half-time. LMU selects the lenders included on our list using factors such as lender experience and reputation, pricing and borrower benefits, customer service, customer satisfaction, and lifetime service and repayment support. The goal is to provide choice to students and parents in selecting lenders that have been carefully evaluated on an objective set of quality and price criteria. Please take time to research each lender and their benefits carefully before making your selection.
Federal Stafford Loans are low-interest, variable-rate loans made by a lender such as a bank or credit union. The Federal Stafford Loan Program consists of a subsidized and unsubsidized loan.
A subsidized loan is available to students who demonstrate financial need (using the FAFSA). The U.S. Department of Education pays the interest on the loan during the borrower's in-school and grace periods as well as authorized deferment periods. Under the subsidized Stafford Loan Program, you can borrow up to $3,500 as a freshman, $4,500 as a sophomore and $5,500 as a junior and senior.
Unsubsidized Stafford Loans are available to students who do not qualify for a subsidized loan or for students who qualify for less than the annual loan limit. The U.S. Department of Education does not pay the interest on an unsubsidized loan. You, the borrower, are responsible for all interest during the life of the loan.
The interest rate on Stafford Loans is variable based on Treasury Bill rates, but is capped at 8.25%.
Parent Loans to Undergraduate Students (PLUS) enable parents with good credit histories to borrow for each child who is enrolled at least half-time and is a dependent student. Parents may borrow up to the cost of education less any financial aid. The interest rate is variable but won't exceed 9%. Repayment begins 60 days after disbursement.
Work-Study
Federal Work-Study provides jobs to students who have financial need. Eligible students are assigned part-time jobs on campus. Every effort is made to place students in positions according to their interests and abilities. Work-study gives the student a chance to earn money to pay for educational expenses.
Cancellation/Deferment Options for Teachers
If you're a teacher serving in a low-income or subject-matter shortage area, it might be possible for you to cancel or defer your student loans. Go here for more information.
Contact Us
If you have any questions regarding financial aid, please contact our office. Financial aid counselors are assigned to students based on the first letter of the student's last name.
Front Desk: 423.869.6336
(A-F) Jonah Scent: 423.869.6274 or 1.800.325.0900, ext. 6274
(G-M) Marcia Yeary-Hembree: 423.869.6451 or 1.800.325.0900, ext. 6451
(N-Z) Chad Robbins: 423.869.6824 or 1.800.325.0900, ext. 6824
Bryan Erslan, executive director: 423.869.6465 or 1.800.325.0900, ext. 6465
