Liberty University Student Loans
Over 100,000 students pursue higher education at Liberty University. The largest Christian university in the world, Liberty University is a non-profit, private, Christian university located in the Blue Ridge Mountains in Lynchburg, Virginia. Online and residential students have over 450 programs as options, ranging from certificate programs to doctoral degrees. Students under age 21 and unmarried are required to live on campus in one of the several residence halls to promote student unity and a total immersive college experience. With a wide range of student activities, recreational options, organizations and clubs, service, and volunteer opportunities, Liberty University is a close-knit, faith-based community.
Fees and Tuition Rates
Budgeting for college requires determining your total cost of attendance (COA) at your chosen school. The COA should take into account not only your tuition and school fees, but also your room and board costs, cost of books and supplies, transportation, personal expenses including food and groceries, and other incidentals. Annual tuition at Liberty University for the 2015-2016 academic year is $21,300 for full-time undergraduates, with part-time credits costing $730 an hour. There is an additional activity/student center fee of $700 and an optional auto registration fee of $270 per year. A Confirmation Deposit of $250 is also collected upon application to Liberty University to be used as a credit for your first semester’s tuition.
Tuition rates for graduate students for the 2015-2016 academic year are:
- Master of Seminary: $2,650 for full-time students and $380 a credit hour for part-time students
- Doctor of Nursing Practice: $570 per credit hour
- Doctor and PhD programs: $570 per credit hour
- Master of Biomedical Sciences: $580 per credit hour
- Master of Arts: $540 per credit hour
Housing costs vary and are broken down into three tiers for the different residence hall options. Tier One is the least expensive room and board option costing $4,200 a year, while Tier Two is $5,200, and the most expensive option is Tier Three, which costs $6,200 a year. Residence halls vary in type, amenities, and layout and a few, like the Annex, are actually off campus and slightly less expensive. Free shuttles to campus are available. You choose your housing budget, and room assignments are then made on a first-come, first-served basis. Students over age 25 or married are unable to live on campus; however, Liberty University rules and regulations still apply. This means that single coed living is not permitted (unless you are siblings), and you may have up to three non-family member roommates. Roommates can help you offset costs as long as you abide by the University’s policies and guidelines. Liberty University’s Commuter Services department hosts Apartment Fairs each semester to help you find the best off-campus option.
Other costs associated with attendance include meal plans and transportation if you are a commuter student. Parking passes on campus are free for students, although carpooling and public transportation are great options to help drive down your total costs. Liberty University has a partnership with Greater Lynchburg Transit Company (GLTC) to offer free commuter bus services to its students. If you register for the LUPD Carpool Program, you can also receive priority parking and other perks.Liberty University meal plan options are as follows:
- Freedom Dining pass: resident student meal plan that provides unlimited meals in the all-you-care-to-eat dining halls, 10 Bonus Meals per week in certain select retail locations on campus, $200 a semester in Flames Cash
- Commuter Block 90: $558 for 90 meal swipes in the all-you-care-to-eat dining halls
- Commuter Block 60: $410 for 60 meal swipes
- Commuter Block 30: $214 for 30 convenient meal swipes
- Flames Card Cash: provides a 10-15 percent discount from specific vendors
Liberty University also offers a discount on computers and computer software to help set you up for success. You can save money by choosing used books or e-books and even renting your textbooks in some cases. Liberty University provides a Net Price Calculator in order to help you estimate your total costs for attendance by providing some basic information about yourself. Keep in mind this is an estimate only and actual costs may vary somewhat.
Students at Liberty University are required to complete a Financial Check-In once each semester. This process enables students to maintain registered classes, secure housing arrangements, choose meal plans, and provide payment options, including financial aid packages. Be sure to be aware of any deadlines so as not to lose your housing, course schedule, or become responsible for late fees. To complete your Financial Check-In online, you will need to set up an ASIST account after you have been accepted to Liberty University and created your Liberty network account.
Scholarship awards are free money that doesn’t have to be paid back, and students are encouraged to locate as many as possible in order to help offset college expenses. Students who apply to Liberty University and submit their Confirmation Deposit on time may be eligible for several different Confirmation Deposit Scholarships through the University, such as:
- Liberty Champion: $1,000 for the first year, $2,000 for the second year, $2,500 for the third year, and $3,000 for the fourth year
- Early Deposit Award: up to $2,000, depending on how early your deposit is made
- Priority Program: between $5,000 and full tuition scholarships; students who meet all early priority deadlines are entered into a drawing for one of four of these awards
- Alumni Scholarship: $500 a year for four years with an Alumni Scholarship Certificate filled out by an alumnus and submitted on your behalf
New students who apply to Liberty University and finish their Financial Check-In on time may also be eligible for up to $600 in New Student Book Dollars as well. Liberty University offers academic scholarships to students with high ACT/SAT test scores and GPAs. For more information on qualification criteria, you can reference the Academic Scholarship Award Amount chart online. Liberty University also offers a variety of institutional scholarships to eligible students. For a full list check here. You should also seek out scholarships from outside sources that may provide funding based on a variety of reasons such as gender, race, field of study, club membership, etc.
Applying for Financial Aid
Liberty University has streamlined the financial aid process into four convenient and easy-to-follow steps:
- Complete your Free Application for Federal Student Aid, or FAFSA, with the Liberty University school code.
- Apply for additional forms of aid.
- Apply for student loans.
- Complete your Financial Check-In.
In order to be considered for any type of financial aid, including institutional scholarships, grants, federal funding, and state funding as well as federal student loans, you must first complete your FAFSA.
Completing the FAFSA
You can complete and submit your FAFSA online by creating a FSA ID with your name, date of birth, and Social Security number. This is your digital signature and provides you access to your federal financial aid information. The FAFSA requires that you provide your current tax and income information as well as any other relevant financial information. If you are under age 24, unmarried, and don’t have any dependents of your own, you may be considered a dependent student, which means that you will also need your parents’ financial information and Social Security numbers as well.
In order to be eligible for federal student aid, you must be a U.S. citizen or eligible non-citizen, have a valid Social Security number, be registered for the U.S. Selective Service (males register between ages 18 and 25), not have any federal loans in default, have a high school diploma or its equivalent, and be enrolled or accepted in a certificate or degree program as a regular student. Additionally, students at Liberty University must maintain satisfactory academic progress (SAP) in order to qualify for financial aid. Liberty University’s Financial Aid Office determines a student’s SAP at the end of each term. You must also sign a statement indicating that any funds you are awarded or borrow will be used for educational purposes only.
Financial Aid Awards
Once you have submitted your completed FAFSA, it takes around one to two weeks to process. Your FAFSA is used to determine your expected family contribution (EFC), which is how your award package is calculated. If you qualify for aid, you will receive a letter detailing the type and amount as well as how to sign your Master Promissory Note (MPN) and accept your award. You only should borrow what you need and are not required to accept the full amount of aid you are eligible for. Your FAFSA and EFC will automatically determine your eligibility for certain federal, state, and institutional grants without having to fill out additional applications. Grant funding, like scholarships, is considered gift money that doesn’t have to be paid back.
Federal grants include the Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), and Teacher Education Assistance for College and Higher Education (TEACH) Grant. The Pell Grant is based on financial need and given to all students who qualify. Students may be eligible for as much as $5,815 for the 2016-2017 academic year. FSEOG funding, on the other hand, is more limited and disbursed through Liberty University in a first-come, first-served basis so be sure to apply early. The U.S. Department of Education awards participating schools a set amount of FSEOG funds to disburse to students demonstrating financial need. The TEACH Grant is not based on financial need but rather gives potential teachers, who are planning to teach in a high-need and low-income schools, up to $4,000 a year to complete the necessary coursework.
State agencies as well as Liberty University also offer grants and scholarships that include:
- Virginia Board v. Board of Education Scholarship: up to $1,000 for books per term
- Virginia Two-Year College Transfer Grant: up to $1,000 for the standard award, and certain majors may be eligible for an additional $1,000
- Liberty Supplemental Grant: $500 to $1,500, depending on your EFC
- Liberty Scholars Grant Program for Undergraduates: $1,000 to $2,000 depending on your EFC
- Liberty Graduate Scholars Grant Program: $300 to $1,000, depending on your EFC and GPA
Funds are disbursed into your Liberty University account to pay for tuition, fees, and room and board. Any additional funds may be refunded to you to cover any other education-related expenses. Pay attention to FAFSA filing deadlines and remember you have to resubmit a FAFSA each academic year.
Some forms of aid may require an additional application after submitting your FAFSA. For example, if you are a resident of Virginia, you may qualify for up to $3,100 as an undergraduate and $1,500 as a graduate student by applying for the Virginia Tuition Assistance Grant (VTAG). Your award letter may also specify that you qualify for the Federal Work-Study Program that allows you to work part-time either on or off campus to earn up to $4,000 a year toward your educational expenses. You must apply for these jobs at the Liberty University Human Resources website, and not all students who qualify are guaranteed employment. Work-study programs attempt to match students with jobs that are within their areas of study or interest in a community service capacity and are flexible with course schedules.
The fourth step in the financial aid process at Liberty University is to apply for and secure student loans if necessary. Student loans come in two main forms: federal student loans and private student loans. With a federal student loan, the U.S. Department of Education is your lender, and these loans are typically low cost, offering low and fixed interest rates as well as flexible repayment plans. These are generally preferred to private loans wherein private financial institutions are the lender and interest rates are usually higher and may be variable, meaning they can go up throughout the life of your loan.
Federal student loans at Liberty University are handled through the William D. Ford Direct Loan Program, which offers either subsidized or unsubsidized loans to undergraduate students, graduate students, and parents of undergraduate students. Subsidized loans are based on financial need, are primarily for undergraduate students, and the government pays your interest. You can borrow between $5,500 and $12,500 a year as an undergraduate, depending on your year in school, enrollment status, and other determining factors. Graduate students can borrow up $20,500 a year in unsubsidized loans. Parent PLUS Loans are not based on financial need, but rather rely on a credit check. The full cost of attendance, minus any financial aid received, can be borrowed by an undergraduate parent on their student’s behalf. Many forms of financial aid may be based on a student’s enrollment status, meaning full-time or part-time status, dependent or independent student status, and intention to finish an entire academic year as well as demonstration of financial need.
Private student loans do not depend on these factors, but rather require a credit check. In order to qualify for a private student loan, many students must utilize a cosigner. A cosigner can also help you qualify for the most reasonable terms and rates.
For more detailed information on the types of student financial aid and help budgeting for the cost of higher education, keep reading our site. We offer a wealth of information right at your fingertips.
Types of Student Loans
- Student Loans Home
- Alternative Schools
- Flight School
- For Bad Credit
- For Community College
- For Single Mothers
- Funding Graduate School
- GI Bill
- Interest Free
- Low Interest
- Medical School
- No Co-signer
- No Credit Check
- Parent PLUS
- Part-Time Students
- Post 911 GI Bill
- Private Loans with No Co-signer
- Private School
- Subsidized Loans