Funds for these institutional loan programs are lent directly by Luther College to students demonstrating financial need as determined by completion of the FAFSA. Highlights of these programs include:

• Eligibility that is outlined on the financial aid award
• Borrowed in student's name
• Based on financial need
• Completion of a Loan Application and Information Sheet (Norse 17 Luther Loan and McElroy Loan), a Self-Certification Form and a Promissory Note are required before disbursement of loan proceeds. These forms are completed electronically.  Students needing to complete these forms will receive an email from Heartland ECSI in early July with a link to the necessary forms.
• No interest accrues while the student is enrolled at least half-time and during a six-month grace period following the enrollment period
• No origination fee
• Repayment begins seven months after the student graduates or drops below half-time status

Funding will not be available from these programs for the 2021-22 academic year