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At the time of disbursement, you must be enrolled and attending as a half-time student (6 credit hours for undergraduate and 5 credit hours for graduate).

Lincoln University FY 2015 federal student loan cohort default rate (CDR) is 21.3 percent.

National FY 2015 federal student loan cohort default rate (CDR) is 10.8 percent. 

(For more information regarding the national rate:

Direct Loans

Direct Subsidized Loans

A low-interest loan that must be repaid and is based on financial need and grade level. Students must be enrolled part-time (6 semester hours for undergraduate students and 5 semester hours for graduate students). The government pays the interest for the student while they are in school.


Direct Unsubsidized Loans

Not based on need. Unlike the Subsidized loan, students (not the government) are responsible for paying the interest while in school, during the six-month grace period, and during periods of authorized deferment. Loan repayment begins 6 months after you leave school at variable interest rates with up to 10 years to repay.

Direct Loan Maximums(1)
Annual Limits
Dependent Undergraduates(2)
Total (Subsidized and Unsubsidized)(3)
First Year
Second Year
Third Year and Beyond

Independent Undergraduates
(and dependents whose parents are unable to borrow under the Direct PLUS Program)

First Year
Second Year
Third Year and Beyond
Graduate and Professional Students
  1. Certain health professional students may qualify for higher limits.
  2. All undergraduate annual loan limits agree subject to proration.
  3. If the borrower does not show financial need for a Direct Subsidized Loan, or has reached their aggregate limit in Direct Subsidized Loans, the borrower may receive up to this entire amount in Direct Unsubsidized Loans assuming he or she has remaining eligibility for the loan.


Direct PLUS Loans

Credit-based loans for parents who may borrow up to the cost of attendance per year, for each child who is a dependent undergraduate student and is enrolled at least part-time. With a fixed interest rate of 8.5% accrual begins at disbursement. Repayment starts 60 days after the first loan check has been disbursed.  For more information regarding a Direct PLUS Loan, please go to Federal Student Aid's Direct Loans information for Parents website.  Before we can originate a PLUS loan, the student must have a completed FAFSA on file.


Direct Graduate PLUS Loans

Credit-based loans for graduate students enrolled at least half-time (in at least 5 credit hours a semester). They may borrow up to the cost of attendance minus all other financial aid received.  With a fixed interest rate of 8.5% accrual begins at disbursement.  Repayment starts 60 days after the first loan check has been disbursed.   Before we can originate a Graduate PLUS loan, the student must have a completed FAFSA on file and already applied for the maximum eligibility of Direct Subsidized/Unsubsidized Loans.  To apply, you may go to

Private (Alternative) Loans

Non-need-based programs designed to assist in educational and living expenses based on a student's credit history.

Get more information. List of possible lenders: FAST Choice

Preferred Lender Selection & Criteria

When Will I Receive My Loan Funds?

The loan disbursement schedule is available online for 2019-2020.  These dates are "ANTICIPATED" not guaranteed.  Funds will be received in two disbursements for the loan period.  A loan period may be the academic year which will have one disbursement in the Fall and one in the Spring.  If the loan period is for only one semester, there will still be two disbursements; one at the start of the semester and the other halfway through the semester.  (Please refer to the disbursement schedule for the anticipated dates.)  

If you're a first-year undergraduate or a first-time borrower at our institution, you must complete entrance counseling and your first disbursement can't be made until 30 days after the first day of your enrollment period. 

To be eligible for the funds at the time of disbursement, a student must not be in a pre-claim status and must meet the credit hour enrollment requirement for their academic level. 

For the Federal Direct Loans, students must have a completed MPN on file with the Department of Education, and a completed Entrance Counseling session prior to loan disbursement. 

Disbursement rosters will only be received once a week – every Monday.  Once the funds have been applied to your account (click here to check your account), the Office of Student Financial Services per federal regulations has 14 days to issue the student/parent a refund from any excess funds received of the total bill.  For more information on refunds, please contact the Office of Student Financial Services at (573) 681-5278.  Refund information is also available online at: Refund Information.

Direct PLUS Loan Counseling

The Department of Education will require Direct PLUS Loan Counseling to be completed by applicants (by parent of dependent undergraduate students as well as graduate/professional students) who are determined to have an adverse credit history, but qualify for a Direct PLUS Loan by obtaining an endorser or by documenting extenuating circumstances.   The PLUS Counseling module will be added to the web site for applicants to complete online.  The PLUS Counseling is intended to help Direct PLUS Loan applicants: 

- Understand the costs and obligations that come with borrowing a PLUS Loan.

- Make careful decisions about taking on student loan debt.

While the completion of the new PLUS Counseling is mandatory only for certain Direct PLUS loan applications with an adverse credit history, as explained above, the new PLUS Counseling will also be made available for all Direct PLUS Loan applicants to complete on a voluntary basis.