Parents Financial Aid
Learn how to help your child through the financial aid process.
Cost
Your student’s Cost of Attendance (COA) is the amount it will cost for them to attend school. This is dependent on their program, year in school, and housing and food selection. We’ve provided the below table to help you estimate the expenses for their first year.
If your student hasn’t received their financial aid package yet, you can use our Net Price Calculator to plan what aid may look like.
2023-2024 Undergraduate Tuition & Fees
Parent Borrowing
For many families, loans are a necessary resource to help pay for college expenses. They are borrowed funds you’ll pay back with interest once your student leaves college. You can either take a loan out through the federal government (typically has lower interest rates and long terms) or through a private lender.
The Federal Parent PLUS Loan is a loan specifically for parents of undergraduate dependent students. It is a federal loan that must be repaid including all interest. Parents can borrow up to the cost of attendance minus other financial aid your child receives.
Interest rates are set by the Department of Education each year. There is also a loan fee for all Parent PLUS loans. Eligibility for this loan is based on credit history as set by federal guidelines. Before applying for a Parent PLUS Loan, please be sure your student has already submitted their FAFSA.
Apply for a Parent Plus Loan
Once approved, your funds will be disbursed after you sign your Master Promissory Note (MPN). Half of the loan will be added to the student’s account in the fall and the other half will disburse during the spring semester.
Repayment of a Parent PLUS loan typically begins within 60 days after the full disbursement of the loan. However, a parent can request deferment of a PLUS loan while the student is enrolled. Interest will continue to accrue during the deferment period.
Parent PLUS Denial: If denied, the student can receive additional Unsubsidized Loans in the amount of $4,000 for freshmen and sophomores and $5,000 for junior and seniors for the year. Decisions will be sent to the Financial Aid Office within a week.
IMPORTANT: In order for the student to be eligible for additional unsubsidized loans with a Parent PLUS Denial, parents must select "Will not pursue PLUS Loan" after the denial decision is made. Leaving it blank or selecting the endorser option does not allow for the additional unsubsidized loan. The Financial Aid Office must also receive the "Undergraduate Loan Form" in order for the additional loan money to be placed on the student's account. The form can be found in the student'smyLipscomb account. If an endorser option is selected, then this process must be completed and submitted to the school by The Department of Education before the PLUS loan can be added to the student's award
Private loans should be considered as a last resort when financing your student’s college education. We strongly encourage you to borrow from the Federal Parent PLUS Loan program before considering private loans. Generally, you will receive a better interest rate on federal loans than with private loans. However, if you need additional funding beyond your federal loan limit or don’t meet the federal eligibility guidelines, private loans may help you cover unmet expenses.
Private loans are made by banks and other financial institutions and are subject to their terms. Eligibility for these loans requires a credit check.
Lipscomb University does not endorse or recommend any specific private loan product. In determining which private loan is best for your needs, we recommend you research and compare loan interest rates, fees, repayment options, and eligibility requirements.
Lipscomb students who are 18 years or older are protected by the Family Educational Rights and Privacy Act (FERPA). This federal law protects the privacy and rights of a student’s educational records.
Students should complete the FERPA form found through their Lipscomb Student Portal or under My Profile to authorize who we can share information with. We are unable to disclose any financial aid information without the student’s written permission.
Net Price Calculator