Undergraduate Bulletin - Loyola Marymount University

38 / FINANCIAL AID
The Stafford Student Loan is a low-interest federal loan
made by a bank, credit union, or savings and loan. Firstyear
students can borrow $2,625; second-year $3,500;
and third-, fourth-, and fifth-year students can borrow up
to $5,500. Students who qualify will not be charged
interest on their loans while they are enrolled at least 1/2
time (6 semester hours) in an eligible program. Students
who do not qualify to have their interest paid by the
federal program may still borrow an unsubsidized Stafford
loan. They will pay the interest on their loan during the
periods of enrollment.
The Parent Loan for Undergraduate Students (PLUS) is a
low-interest federal loan made by lending institutions to
parents who have good credit. Parents may borrow up to
the total cost of their dependent student’s education,
minus any other financial aid. The PLUS interest rate is
variable up to 9%. A loan origination fee and an insurance
premium is charged. Parents must begin repayment
within 60 days of final disbursement. Contact the
Financial Aid Office for the current interest rate.
Fritz B. Burns Loan Fund
This loan is available for freshmen who are not from
California and have been awarded one of the LMU’s merit
scholarships. This loan is renewable for 4 years. Interest
is 3% while the student is in school and 8% during
repayment. A parent signature is required as a coborrower.
Parents may not borrow from both this program
and the federal PLUS program.
LMU California Student Loan Fund
A loan offered to freshmen who graduated from a
California high school, are U.S. citizens, and have been
awarded one of LMU’s merit scholarships. This loan is
renewable for 4 years and is interest-free. A creditworthy
parent co-borrower is required and credit check is
required annually to renew. All proceeds must be used for
direct LMU charges including tuition, fees, campus
housing, and meal plans.
K. Miyawaki Loan Fund
A revolving loan fund established by Dr. and Mrs. Edison
H. Miyawaki to help financially needy students with good
academic records, with preference given to students from
Hawaii.
Scholarships
Loyola Marymount University acknowledges its gratitude
to the generous donors who have contributed scholarship
funds to the University.
Most scholarships are awarded by the Financial Aid Office
and do not require that students complete a special
application. However, to be considered for a scholarship,
students must apply for financial aid as stated on page 35
of this Bulletin.
Scholarships that require a separate application will be
advertised either on the Financial Aid website or by a
direct mailing to eligible students throughout the school
year.
The following scholarships require a separate
application:
AFROTC College Scholarship Program
Four-year scholarships are available to highly qualified
high school senior students interested in becoming Air
Force officers. Scholarships are awarded based on needs
of the Air Force, not necessarily the financial need of the
applicant.
The Air Force ROTC also offers three-year scholarship
opportunities to college freshmen. Two-year scholarships
are available to all college students with two years of
academic work remaining, either undergraduate or
graduate. One-year scholarships are available to students
majoring in career fields in which the Air Force has a
shortage, such as engineering. Scholarships pay all or a
portion of tuition, books, fees, and a stipend of $250-400
per month.
Boeing Space Systems Scholarship
For students from Westchester High School who are
engineering or computer science majors. This award is
renewable for four years and covers tuition and books. In
addition, Boeing offers a summer job and job offer upon
student’s graduation.
Coca-Cola First Generation Scholarship
This scholarship is awarded every other year (evennumbered
years) to incoming freshmen who demonstrate
involvement and leadership in community and campus
activities. High school seniors need to apply through their
high school and the official Coke brochure.
Communication and Fine Arts Scholarship Fund
Selection is based on talent and experience.
Richard A. Hollow, Jr., Memorial Scholarship
Named in memory of a former LMU student, this
scholarship will be awarded to students who demonstrate
merit and need and who are involved in church and
community activities. This scholarship is awarded
annually on the anniversary of Richard’s passing.
Lewis A. Kingsley Foundation Scholarship
Applicants must be employed. Available only to
continuing students with minimum cumulative GPA of
2.0.
Mexican American Alumni Association Scholarship
Scholarship assistance for current students of Hispanic
descent, up to $2,000 each. Apply to Chicano/Latino
Supportive Services.