Admission & Aid Academics Student Life Athletics Music Outcomes Being Community COVID Advisory: Level 1 Green » Admission & Aid » Get Financial Aid » Loans Menu Loans Luther's Financing Philosophy Students are encouraged to borrow only what they need and to seek outside scholarships and save summer earnings in order to reduce overall indebtedness. The Financial Aid Office works closely with students to achieve this goal. We also work diligently to ensure that our graduates will be able to repay their loans upon graduation—Luther's Stafford Loan default rate of 1.8 percent is evidence of our success. At Luther College, the following types of loans may be available to you and your family to assist in financing educational costs: Federal Loan Programs William D. Ford Federal Direct Stafford Loan Program Student loan programs awarded based on completion of the Free Application for Federal Student Aid (FAFSA). Subsidized and Unsubsidized loans borrowed under this program in 2021-22 will have a fixed interest rate of 3.73%. William D. Ford Federal Direct Parent Loan Program (PLUS) This program allows parents to share the responsibility of financing a college education to help reduce the debt burden of their student. Parents borrow at a fixed rate of 6.28% for the 2021-22 academic year. FAFSA filing is required. Private Loan Programs Private Student Loan Programs Other loan programs are available to allow a student or their parents to finance educational expenses over a longer period of time. These loans offer both fixed and variable interest rates, usually require a co-signor, and should be considered only after federal and institutional loan options have been exhausted. Connect with Admission & Aid Explore Apply Now Visit Luther Virtual Tour Pay Your Deposit Domestic International Contact Information Financial Aid Office Main 27 700 College Drive Decorah, Iowa 52101 Phone: 563-387-1018 Fax: 563-387-2241 Email: finaid@luther.edu Financial Aid stuwork@luther.edu Student Employment Admission & Aid maintained by hartde01. Page last updated on 5 November 2021. Login ABOUT About Luther College of the Church Diversity at Luther The Liberal Arts Sustainability ALUMNI & FRIENDS Alumni Directory Alumni Home Giving Homecoming Magazine CAMPUS Book Shop College Ministries Dining Services Technology Help Desk Ticket Office OFFICES Communications Financial Services Human Resources President Registrar’s Office QUICK LINKS Directory Norse Mail KATIE Library norsehub.luther.edu Luther College 700 College Drive Decorah, Iowa 52101 USA 563-387-2000 800-4-LUTHER (800-458-8437) Emergency Info Privacy Statement Report a Problem © 2021 Luther College. All rights reserved. Powered by Reason CMS.