Louisiana Office of Student Financial Assistance College Financing Education Your Child’s What does college cost? Academic Tuition Room & Books & Trans- Personal Total Year & Fees Board Supplies portation Expense 2011-2012 $6,019 $10,784 $1,170 $1,116 $1,909 $20,998 2012-2013 $6,260 $11,215 $1,217 $1,161 $1,985 $21,838 2013-2014 $6,510 $11,664 $1,266 $1,207 $2,064 $22,711 2014-2015 $6,770 $12,131 $1,317 $1,255 $2,147 $23,620 Total $25,559 $45,794 $4,970 $4,739 $8,105 $89,167 Based on estimated expenses at Louisiana State University – Baton Rouge for a dependent student living on campus who graduates from high school in 2008 assuming a 4% annual increase Basis of Aid Louisiana Office of Student Merit-Based aid is based on a student’s academic achievement, grades, ACT/SAT scores, talent, ability, athletic achievement, Financial Assistance etc Need-based aid is based on the student’s financial need Financial Need Louisiana Office of Student Financial Assistance COST OF ATTENDANCE - EXPECTED FAMILY CONTRIBUTION FINANCIAL NEED Financial Need Louisiana Office of Student Cost of Attendance (COA) Tuition and fees Room and board Financial Assistance Books and supplies Transportation Miscellaneous personal expenses Expected Family Contribution (EFC) Income Assets (excluding the family home) Family size Number of family members attending college (excluding parents) Age of parents Types of Financial Aid Louisiana Office of Student Scholarships Gift Aid – Based on Merit Financial Assistance Grants Gift Aid – Based on Need Employment Opportunities Loans Must be repaid – may be based on need Sources of Financial Aid Louisiana Office of Student State Financial Assistance Federal Institutional Private Institutional Aid Louisiana Office of Student Each institution has its own merit-based scholarship programs Financial Assistance Many schools have their own need-based aid programs Investigate aid opportunities early Each institution has its own aid application process and deadline Upperclassmen should also check with their department for aid opportunities for students in a specific major Private Aid Louisiana Office of Student The best source of information on private aid is the Internet. There are numerous free scholarship search services available Financial Assistance See LOSFA website Useful Internet Links page or Surfing the Web for a listing (www.osfa.la.gov) Private aid can be based on merit or financial need Providers of private aid include companies, civic organizations, religious organizations, clubs, etc. Federal Pell Grant Louisiana Office of Student General Information Gift aid Financial Assistance Portable - can receive at any eligible institution Maximum Award: $5,550 Eligibility Criteria Undergraduates without a bachelor’s degree or first professional degree Must demonstrate financial need Campus-Based Federal Aid Programs Louisiana Office of Student FSEOG LEAP Financial Assistance Federal Work Study Perkins Loans Stafford Loans Federal Supplemental Educational Opportunity Grant (FSEOG) Louisiana Office of Student General Information: Gift aid Financial Assistance Maximum award $4,000 Eligibility Criteria: Undergraduates without bachelor’s or first professional degree Must demonstrate exceptional financial need Leveraging Educational Assistance Partnership (LEAP) Louisiana Office of Student LEAP uses federal and state funds to provide need-based grants to academically qualified students Financial Assistance Maximum Award: $4,000 Recipients determined by the institution’s financial aid office LEAP Eligibility Requirements Louisiana Office of Student Be a U.S. citizen or eligible non-citizen Be a Louisiana resident Financial Assistance Be enrolled as a full-time undergraduate student Apply by completing the FAFSA Demonstrate substantial financial need Must have one of the following: 2.00 cumulative high school GPA 45 on the GED 20 on the ACT 2.00 cumulative college GPA Schools may establish additional criteria Federal Work Study Louisiana Office of Student General Information: Wages must be not less than current minimum wage Financial Assistance Eligibility Criteria: Undergraduate, graduate or professional students, including less-than-half-time students Must demonstrate financial need Federal Perkins Loan Louisiana Office of Student General Information: 5% interest rate Annual Loan limits Financial Assistance $4,000 for undergraduates; $6,000 for graduate or professional students School is the lender Repayment begins 9 months after leaving school 10 year repayment period Eligibility Criteria: Undergraduate, graduate, and professional students Must demonstrate financial need Must be willing to repay the loan William D. Ford Direct Loan Program Louisiana Office of Student The source of long-term, low-interest loans for undergraduate, graduate, and professional students, and parents of Financial Assistance dependent students Subsidized Stafford Loan Unsubsidized Stafford Loan Parental Loans for Undergraduate Students (PLUS) Consolidation Loans Grad PLUS Loans Subsidized Stafford Loan Louisiana Office of Student Loan Information Loan is need-based Federal government pays all interest while: Financial Assistance Borrower is in school During the grace period During periods of deferment Interest rate is variable, capped at 8.25% Eligibility Requirements Student must have Financial Need Student must be enrolled at least half-time Student must maintain Satisfactory Academic Progress (SAP) as defined by the school to continue receiving loans Loan Repayment Loan has a 6 month Grace Period after leaving school or dropping below half-time before entering repayment 10 year repayment period Unsubsidized Stafford Loan Louisiana Office of Student Loan Information Loan is not need-based Loan may replace all or part of the student’s EFC Financial Assistance Borrower is responsible for interest at all times Interest rate is variable, capped at 8.25% Eligibility Requirements Student must have completed the FAFSA Student must be enrolled at least half-time Student must maintain Satisfactory Academic Progress (SAP) as defined by the school to continue receiving loans Loan Repayment Loan has a 6 month Grace Period after leaving school or dropping below half-time before entering repayment 10 year repayment period Plus Loans Louisiana Office of Student Loan Information Parent may borrow up to the Cost of Attendance less other financial aid received by the student Financial Assistance Interest rate is annually variable, capped at 9% Eligibility Requirements Borrower must be the parent of a dependent undergraduate student Borrower must not have an adverse credit history Loan Repayment Repayment begins 60 days after the loan is fully disbursed 10 year repayment period Loan Limits Dependent Undergraduate Students Borrower’s Academic Level Combined Subsidized & Unsubsidized Freshman $3,500 Sophomore $4,500 Remaining Undergraduate $5,500 Independent Students or Dependent Students Whose Parents Are Denied Plus Loans Borrower’s Academic Level Subsidized Unsubsidized Total Freshman $3,500 $4,000 $7,500 Sophomore $4,500 $4,000 $8,500 Remaining Undergraduate $5,500 $5,000 $10,500 Graduate or Professional $8,500 $10,000 $18,500 Loan Limits Total Cumulative Loan Limits Dependent Student $23,000 Independent Undergraduate $46,000 Graduate Student $138,000 PLUS Loans No Federal Limit The LA College Payment Plan Louisiana Office of Student START Saving Program Financial Assistance Early Start TOPS Student Loans START Saving Program Louisiana Office of Student Louisiana’s college savings program, a Financial Assistance qualified tuition program under Section 529 of the Internal Revenue Code, offering earnings that are exempt from state and federal taxes, state matching contributions, and seven investment options. Early Start Louisiana Office of Student The Louisiana Early Start Program provides Financial Assistance tuition assistance to eligible 11th and 12th grade students from public high schools that enroll in eligible college courses for dual credit at an eligible public or private college or university. TOPS Louisiana Office of Student Louisiana’s Taylor Opportunity Program for Financial Assistance Students, a series of merit-based scholarships that award amounts equal to tuition, some including a stipend, at a state public college, university, community college or technical school, (or the weighted average of public school tuition at certain in-state private colleges). Student Loans Louisiana Office of Student Beginning July 1, 2010, all student loans are Financial Assistance now made through the William D. Ford Direct Loan program. Students should take out loans as a last resort and only borrow the amount needed for their education. Loans must be paid back. Louisiana Office of Student Financial Assistance QUESTIONS?