Loans

Loans - Monies which must be repaid

The institution believes that the prudent use of loans by students is consistent with its mission. Loans, however, are a serious decision and have consequences for both the college and the student. The institution, therefore, has established a student debt limit of two years of loans from all sources. (If you are a transfer student with a debt of $6,125 you may not be eligible for any additional loan).
 

Federal Perkins Loan

(Formerly National Direct Student Loan NDSL) - This loan is a long term loan repayment program to help students with exceptional need meet their educational expenses. Student may borrow up to $1500 annually at L.A. Harbor College. Repayment of the loan: Repayment status begins nine months after the borrower graduates, withdraws, or ceases to be at least a half-time student and ends ten years and nine months after such date. During the repayment period, five percent interest is charged on the unpaid balance of the loan principle.

William D. Ford Federal Direct Loan Program

LAHC offers two types of Direct Loans. To be eligible, a student must be enrolled in at least six units. Repayment begins six months after a student ceases being a half-time student, withdraws, or graduates from the school. The interest rate on these loans is a variable rate with a cap of 8.25%.

Direct Subsidized Loans - "Subsidized" means the federal government pays the interests on these loans while the student is in school and during deferments (postponements of repayment). Students must show financial need to receive this type of loan. The maximum amount that any student may borrow is $2,625 per year for first year students and $3,500 for second year students.

Direct Unsubsidized Loans - The federal government does not pay the interest while the student is in school or in deferment. Students can get unsubsidized loans regardless of financial need. The maximum amount that any student may borrow is $4,000 per year.