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Other opportunities for financial support are generally need-based. Campus employment is often available, for instance, but depends upon one’s need, the availability of job openings, and a student’s skills. Loans, which have defined repayment schedules, are available to students who maintain satisfactory academic progress according to the standards outlined by the Student Financial Aid Office. Grants are likewise available to undergraduate students with financial need who maintain satisfactory academic progress.
The major sources of financial aid are federal: Pell Grants; Supplemental Educational Opportunity Grants; Perkins Loans; Work-Study Program; and Family Education Loans. Continuation of these financial aid awards is contingent on a student meeting very specific academic criteria.
Grants
Grants are available to undergraduate students who demonstrate financial need and maintain satisfactory academic progress. An undergraduate student, as defined by federal regulations, is one who is enrolled in an undergraduate course of study and has not earned a baccalaureate degree or its equivalent or a first professional degree. Federal Pell Grants range from $890 to $4,731 a year and do not have to be repaid. Federal Supplemental Educational Opportunity Grant (FSEOG) awards range from $200 to $600 a year and also do not have to be repaid. A student must be eligible for the Federal Pell Grant to be considered for the Federal SEOG; Academic Competitiveness Grant, ACG, $750 to $1,300 per year; Science, and Math Access to Retain Talent Grant, SMART, up to $4,000 per year; and The Louisiana Go Grants up to $2,000 per year for Louisiana residents and meet specific criteria. Awards are based on the availability of funds.
Student Employment
Campus employment is available to students in need of financial assistance under both a University-sponsored work-study program and the Federal Work Study Program sponsored by the Federal Government. Students must be in good standing academically and maintain satisfactory academic progress toward their degree. Awarded on a first come, first served basis, student jobs average 10 hours per week and pay the federal minimum wage.
Loans
The Federal Perkins Student Loan Program is available to students who demonstrate financial need and maintain satisfactory academic progress. This loan is awarded on a first come, first served basis to students enrolled at least half-time. Undergraduates may borrow up to $20,000 maximum, and graduate students may borrow up to $40,000 maximum (including any undergraduate loan amounts). Repayment begins nine months after the borrower ceases to be at least a half-time student. Repayments with interest may be extended for up to a 10 year period.
The Federal Stafford Student Loan is available to students pursuing a degree or certificate, who maintain satisfactory academic progress and enroll at least half time. The maximum loan per year for undergraduates is $3,500 for a freshman, $4,500 for a sophomore, and $5,500 for junior and senior students. The aggregate loan limit is $23,000. The Subsidized Federal Stafford Student Loan is a need based loan. It accrues no interest, and no payments are made while the student is enrolled at least half time. Repayment begins six months after the student ceases at least half-time enrollment. A borrower can take up to 10 years to repay the loan.
The Unsubsidized Federal Stafford Student Loan is available to students regardless of income who are not eligible for the Federal Subsidized Stafford Student Loan. Repayment of principal begins six months after the student ceases at least half-time enrollment; however, students are responsible for the interest during the in-school and deferment periods or, alternatively, may choose to have interest payments capitalized.
For the Perkins, and Stafford loan programs, first-time borrowers must attend an initial borrowers meeting, and students graduating, leaving school or ceasing at least half-time enrollment must attend an exit meeting.
Finally, Federal PLUS Loans are available to parent borrowers for their dependent student who maintains satisfactory academic progress. The annual limit on this non-need-based loan is the cost of education minus other financial aid. Repayment of principal and interest begins no later than 60 days after the date of disbursement. PLUS is limited to parents who do not have an adverse credit history.
Financial Assistance for Veterans
Veterans of U.S. military service are eligible for Department of Veterans Affairs Educational Benefits. These benefits include, but are not limited to, Title 38 USC Chapter 30 (Montgomery GI Bill - Active Duty), Title 38, USC Chapter 31 (Vocational Rehab and Employment Benetifs). Title 38, USC, Chapter 33 (Post 9/11 Veterans Educational Assistance Program), Title 38 USC Chapter 35 (Dependents Education Assistance), Title 10 USC Chapter 1606 (Montgomery GI Bill - Selective Reserves), and REAP, Chapter 1607 of Title 10, USC (Reserve Education Assistance Program). The University maintains an Office of Veterans Affairs within the Student Financial Aid Office; its function is to serve as a liaison between veterans and the federal agency which administers these benefits programs.
“Return to Title IV” Policy
Current federal regulations require repayment of part or all of a federally-sponsored financial aid award if a student stops attending classes. The Title IV aid programs to which this policy applies include the Federal Pell Grant, FSEOG, LEAP, ACG, SMART, Perkins Loan, Nursing Loan, Subsidized Stafford Loan, and Unsubsidized Stafford Loan programs. If a student officially or unofficially withdraws from an institution before 60% of the semester’s calendar has passed, a specified federal formula must be applied to determine the amount that must be returned to the federal programs by the student and the institution.
The return of Title IV policy applies even if a student stops attending classes and does not officially resign from the University. Additional information regarding this policy is available from the Student Financial Aid Office.
Application and Eligibility for Financial Aid
To determine one’s eligibility for financial aid, a student must file a Free Application for Federal Student Aid (FAFSA) with the federal government. The FAFSA collects information about a student and his/her family, including family size, income, assets, and number of family members in college. A student should file the FAFSA by May 1 in the year preceding planned enrollment. The FAFSA form is available from most high school counselors, from the University’s Financial Aid Office, and on-line at www.fafsa.ed.gov. The FAFSA form must be submitted annually if a student wishes to be considered for continuing aid.
The family of a student is expected to make a maximum effort to assist the student with college expenses. Financial assistance from the University and other sources should be viewed as supplementary to the efforts of the family. In determining the extent of a student’s financial need, the University will take into account the financial support which may be expected from income, assets, and other resources of the parents and the student. The student is also expected to use all available resources for his/her college expenses.
The total amount of financial assistance offered a student by the University and by other resources must not exceed the amount of the total financial need. The student is responsible for notifying the Student Financial Aid Office at the University of Louisiana at Lafayette upon learning he/she has received additional financial aid from sources outside the University.
The University will clearly state the total yearly cost of attendance and will outline for each student seeking assistance a proposed annual budget.
All financial assistance offered through the Student Financial Aid Office is awarded on an annual basis and reviewed every semester to insure that an award recipient has met the standards of satisfactory academic progress. No award implies automatic renewal from year to year; a new application must be submitted each year.
The Student Financial Aid Office in Foster Hall administers all financial aid programs except academic scholarships. Additional information concerning student aid may be secured from the office directly or by phoning (337) 482-6506, or emailing finaid@louisiana.edu.
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