Lewis loans typically refer to student loans provided by institutions such as Lewis-Clark State College and Lewis & Clark Law School, as well as eligibility requirements for various federal and specialty loan programs. The requirements may vary based on the type of loan and the institution.
For Lewis-Clark State College federal student loans (William D. Ford Federal Direct Loan Program):
- Must complete the FAFSA (Free Application for Federal Student Aid).
- Must be enrolled at least half-time (6 or more credits).
- For Direct Subsidized Loans: Must demonstrate financial need.[1]
- For Direct Unsubsidized Loans: Do not need to demonstrate financial need.[1]
- May not borrow more than the institution’s published Cost of Attendance.[1]
- Must complete a Loan Agreement (MPN) and Entrance Counseling before the first loan disbursement.
- Graduating borrowers must complete Exit Counseling within 20 days of semester end.[1]
- Loan fees and interest rates apply as follows:
- Loan fee: 1.057% for loans first disbursed on or after October 1, 2020 and before October 1, 2025.[1]
- Interest rate (2024-2025): 6.53% for Direct Loans.[1]
For Lewis & Clark Law School student loans:
- Must complete the FAFSA each academic year.
- Processing steps should be completed by July 1 for the next academic year.
- Federal Direct Unsubsidized Loans: FAFSA required, but eligibility is not based on need.
- Unsubsidized loans begin accruing interest immediately after disbursement.[5]
For USDA Loans administered in the Lewis area (mainly for home purchases):
- Must meet regional income limits (for example: $119,850 for a 1-4 person household, but this varies by location and year).
- All adult household members’ income is counted.
- No set loan limits—the amount you can borrow is based on your debt-to-income ratio and ability to repay.[3]
For Small Business Loans at Lewis-related lending institutions:
- Most require a personal credit score of at least 600 for SBA loans.[4]
- Business, financial, and identity documentation required.
- Alternative products may be available for lower credit scores.
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