Funds for these institutional loan programs are lent directly by Luther College to students demonstrating financial need as determined by completion of the FAFSA. Highlights of these programs include:
Eligibility that is outlined on the financial aid award
Borrowed in student's name
Based on financial need
Completion of a Loan Application and Information Sheet (Norse 17 Luther Loan and McElroy), a Self-Certification Form and a Promissory Note are required before disbursement of loan proceeds. Students needing to complete these forms will receive an email from Heartland ECSI in early July with a link to the necessary forms.
No interest accrues while the student is enrolled at least half-time and during a six-month grace period following the enrollment period
No origination fee
Interest rate on the Norse 17 Luther Loan is fixed at 4% for loans borrowed prior to October 1, 2019 and 3.5% for loans borrowed on or after October 1, 2019.
Repayment begins seven months after the student graduates or drops below half-time status