Loans


Private Loans

If you are in need of additional funding beyond the grants, direct loans and scholarships awarded in your financial aid package, you may want to apply for a private loan.

Remember to utilize all Federal Direct Loan options first before applying for a private loan. We suggest you research the lender and their loan products before making a choice for your private loan. Here are a couple of resources to assist you in your research:


Elm Select

We have partnered with ELM Resources to provide lender-neutral private loan information on private loan providers who have a history of servicing LeTourneau Students. You can find that list here. Please enter LeTourneau University in the first box. Then click on the arrow in the second box to select your program.

As a student borrower, you are not restricted to the lenders presented on the list; you may use any lender of your choice.

Credible

Credible is a free online tool that allows students to compare personalized loan information from multiple lenders. Students can review and compare pre-qualified rates, terms and eligibility rules side-by-side for those lenders that participate with Credible in just a matter of minutes. To get started comparing, click here.


Federal & State Loans


  • Federal Direct Student Loan
  • Federal Direct PLUS Loan
  • Texas College Access Loan (CAL)
  • Loans from Other States

The Federal Direct Student Loan program consists of two components: subsidized loans and unsubsidized loans.

Subsidized Loans:

  • Available to undergraduate students who are enrolled at least half-time and demonstrate financial need.
  • Interest is 5.50% for loans made between July 1, 2023, and June 30, 2024.
  • Student is not charged interest on the loan while in school and during a six-month grace period after leaving "in-school" status.
  • The U.S. Department of Education (ED) is the lender; payment is owed to ED.
  • Annual Award Limits: Between $3,500 and $5,500 depending on year in school

Subsidized loans are available for all undergraduate students.

Unsubsidized Loans:

  • Available to undergraduate and graduate students who are enrolled at least half-time.
  • Interest is 5.50% for undergraduate and 7.05% for graduate students
  • Student is responsible for interest during all periods
  • ED is the lender; payment is owed to ED
  • Annual Award Limits: Between $5,500 and $20,500 (minus any subsidized amount received for the same period), depending on year in school and dependency status

Unsubsidized loans are available for students in all undergraduate and graduate programs.

All Federal Direct Student Loans:

  • Application Process:
    1. Accept your student loans through the MyLETU award system
    2. Complete a Master Promissory Note (MPN) at https://studentaid.gov/ (e-signing is available)
    3. First-time borrowers, complete the online Direct Loan Entrance Counseling at https://studentaid.gov/
  • Maximum Total Loan Limits:
    • Dependent Undergrad: $23,000 subsidized/$31,000 total
    • Independent Undergrad: $23,000 subsidized/$57,500 total
    • Graduate/Professional: $65,000 subsidized/$138,500 total (including all federal loans received for undergraduate study)
  • For Borrowers that Graduate or Drop Below 6 Credit Hours :

Detailed information from the Department of Education on Direct Student Loans

To receive a Direct PLUS Loan, you must be

  • a graduate or professional degree student enrolled at least half-time in a program leading to a degree or certificate, or
  • the parent of a dependent undergraduate student enrolled at least half-time.

 

Loan Information:

  • Interest is 8.05%.
  • Repayment begins 60 days after the final loan disbursement, unless the borrower qualifies for deferment.
  • A credit evaluation is required; borrower must not have negative credit history
  • Borrower is responsible for interest during all periods
  • The U.S. Department of Education (ED) is the lender; payment is owed to ED.
  • Maximum amount is cost of attendance minus any other financial aid the student receives.
  • Application Process:

Direct PLUS loans are available for students in all undergraduate and graduate programs.

Detailed information from the Department of Education on Direct PLUS Loans

To receive a Texas College Access Loan, you must:

  • Be a Texas resident
  • Be enrolled at least half-time in a course of study leading to a degree
  • Meet satisfactory academic progress requirements, and
  • Receive a favorable credit evaluation or provide a cosigner who meets program requirements

Loan Information:

CAL is available for students in all undergraduate and graduate programs.

Detailed information from the Texas Higher Education Coordinating Board on CAL Loans

Please visit your home state's government web site to check for state loan eligibility.