2013-2014 Burns Terms and Conditions
The Burns Student Loan is a 1% loan offered to students who are out-of-state residents, are U.S. Citizens or permanent residents, and who will enroll full-time each semester. Eligible students are determined by the Financial Aid Office annually based on available funding. The Burns Student Loan requires a parent co-borrower. Loans of $5,000 or above require parent co-borrower be creditworthy as determined by university requirements.
Terms and Conditions
- Must complete the Free Application for Federal Student Aid (FAFSA) and other requirements to apply for financial aid annually.
- Meet general requirements to be eligible for federal financial aid. Visit http://financialaid.lmu.edu for more information on the general eligibility requirements to receive financial aid.
- Be a U.S. Citizen or eligible non-citizen.
- Must be enrolled full-time at LMU during each semester the loan is received.
- Loan proceeds may only be used to cover direct LMU charges such as tuition, fees and housing. This loan cannot be used for off-campus rent, books or other expenses.
- Must maintain satisfactory academic progress (SAP) for financial aid. Visit http://financialaid.lmu.edu for more information on financial aid SAP requirements.
- The Burns Student Loan is not available for summer enrollment.
- The Burns Student Loan may be received for a maximum of eight semesters.
- The Burns Student Loan is not available for enrollment in a non-LMU Study Abroad program.
If you accept this loan you must:
- Complete the promissory note requirement electronically. A promissory note is a legal contract which states you, the borrower and co-borrower, will repay the loan. A new promissory note must be completed each academic year the award has been offered.
Once the requirements are completed for the Fritz B. Burns Student Loan, loan funds will be disbursed to your LMU Student Account no earlier than 10 days prior to the start date of the semester. Loans are disbursed half in the fall semester and half in the spring semester.
Repayment
- Repayment of the loan begins 6 months after you cease to be enrolled full-time at LMU.
- Minimum monthly payment will be based on the total borrowed from the loan but will be at least $50. If your loan is more than $6,000, divide your total loan by 120 to find your minimum monthly payment.
- The cumulative amount borrowed must be repaid within 10 years.
- Repayment is handled by Student Financial Services-Student Loan Office.