Being familiar with the financial aspects of attending LMU empowers you and your family to make the most of your LMU education – both now and throughout your future.
LMU Financial Aid is your partner in understanding all things financial aid related to funding your experience at LMU. Below are a number of resources we recommend to enhance your financial literacy and, in turn, your ability to responsibly fund your undergraduate or graduate education at LMU.
Federal Direct Loans
All student who have not previously received a Federal Direct Subsidized, Unsubsidized, or PLUS loan, and have accepted this resource, are required to complete Entrance Loan Counseling. Entrance counseling ensures that students understand the terms and conditions of their loan and rights and responsibilities. Students will learn what a loan is, how interest works, their options for repayment, and how to avoid delinquency and default.
All students who graduate, withdraw from all coursework, take a leave of absence or cease to be enrolled at least half-time in any term, and who have borrowed from the Federal Direct Loan program must complete Exit Loan Counseling. The purpose of exit counseling is to ensure that students understand their student loan obligations and are prepared for repayment. Through Exit Counseling students learn about their federal student loan payments and recommend repayment strategies that best suits their future plans and goals.
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Two new repayment plans will be available for new loans disbursed as of July 1, 2026:
- New Standard Repayment Plan – Fixed monthly payments over 10,15, 20, or 25 years, based on loan amount.
- The new Income-Based Repayment will be known as Repayment Assistance Plan (RAP).
Borrowers can switch between plans.
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Yes. Current borrowers (with no new loans after July 1, 2026) can:
- Stay in current repayment plans (Standard, IBR, Graduated, Extended), or
- Opt into the new RAP plan.
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Borrowers under any of these three payment plans must transition to a new plan by July 1, 2028. The options include the current IBR, current standard plans, or RAP. If no plan is selected, they will be automatically placed into RAP.
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Consolidation loans are only eligible for the Repayment Assistance Plan (RAP) or standard repayment plans.
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Borrowers currently in an IDR plan have until July 1, 2028, to select a standard repayment plan, Income-Based Repayment (IBR), or the RAP plan.
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Yes, however, you must enter repayment under ICR before July 1,2028 to become eligible for an IBR plan.
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No, all new Parent PLUS loans must be repaid under the standard repayment plan and are not eligible for RAP.
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The borrower must repay the ineligible loans separately under the standard repayment plan.
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All loans must be repaid under the same repayment plan, and for Parent PLUS borrowers, the only eligible plan is the standard repayment plan.
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Yes. Economic Hardship and Unemployment Deferments will be eliminated for loans first disbursed as of July 1, 2027. However, there is still an option for forbearance for up to nine months in any two-year period.
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Yes. Borrowers can now rehabilitate a loan twice (instead of once). This change is effective July 1, 2027.