There are four types of Financial Aid: Grants, Scholarships, Work Study, and Loans. Listed below is more detailed information about each type of aid.
Grants are a type of financial aid a student receives based income information reported on the FAFSA. The source of a grant may be through the federal government or state government. To apply for all grants a student should complete the FAFSA by LSUA's priority deadline of March 1st prior to the start of a Fall Semester and submit all additionally requested information to the LSUA Financial Aid Office by May 1. Any additional requested information will be listed only in the student's Net Partner Account. Students must also meet Satisfactory Academic Progress standards to be considered eligible for grants.
While there are a number of Grant programs, the Federal Pell Grant is the only guaranteed grant program. Students interested in applying for all grants processed through LSUA's Financial Aid Office must: complete the FAFSA; submit all paperwork requested as listed in the student's Net Partner Account; and maintain Satisfactory Academic Progress.
LSUA receives very limited funds to award students jobs through the Federal Work Study Program. To qualify for a work study award, a student must demonstrate financial need as determined by information reported on the FAFSA and other types of financial aid the student may be receiving. Students must also meet Satisfactory Academic Progress.
Loans are a resource to assist in paying for the costs of going to college in which a student or parent borrows money that must be repaid. Student loans are a type of financial aid and subject to many of the same criteria as all other federal aid programs. It is important to remember that student loans must be repaid.
To receive a student loan at LSUA students must complete the FAFSA, enroll in at least a half time status of eligible hours (see the Federal Funds Info document for details on eligible courses), and be maintaining Satisfactory Academic Progress. Students cannot exceed their lifetime loan limits
of $31,000 for Dependent student and $57,500 for Independent students. As well as loans cannot exceed annual limits or annual/semester cost of attendance budgets. Annual limits are as follows:
Freshmen (0-29 earned hours): Dependent = $5500 Independent $9500
Sophomore (30-59 earned hours): Dependent = $6500 Independent = $10500
*students in Certificate or Associate programs cannot be awarded above the sophomore level, regardless of the number of earned hours)
Juniors/Seniors (60+ earned hours Bachelor/Post Bach programs only): Dep = $7500 IND = $12,500
The main loan program that LSUA students participate in is the Federal Direct Loan Program. Direct loans include Stafford Loans borrowed by the student and Parent PLUS loans borrowed by the parent of a dependent student. For additional
information regarding the Federal Direct Loan Program visit studentloans.gov
SUBSIDIZED USAGE LIMITS (SULA):
First time borrowers as of July 1, 2013 are limited to how much they can receive in subsidized loans, on top of the aggregate subsidized loan limit. Students may only receive subsidized loans for up to 150% of their published program length. This means that if you are in a 4 year degree, you have 6 years of subsidized loan eligibility (or up to your lifetime limit). Say you use 5 years then change your major to a 2 year degree. A 2 year degree has a SULA eligibility period of 3 years, meaning you will no longer be eligible to receive subsidized loans. This may also result in a loss of subsidy, meaning the interest is no longer being paid by the Department of Education.
To see other scenarios (such as not graduating within your 150% timeframe) where you may lose the subsidy on your loans please see HERE.
The following steps will guide a student on how to access the LSUA Online Student Loan Application:
Click here to access the LSUA Parent PLUS Loan Application
All loans are subject to an origination fee prior to disbursement that is removed from the gross amount. Below are the Interest rates and origination fees for the past and current year.
First disbursed on or after 10/01/2017 and before 10/01/2018
First disbursed on or after 10/01/2018 and before 10/01/2019
Direct PLUS (parent)
First disbursed on or after 07/01/2017 and before 07/01/2018
First disbursed on or after 07/01/2018 and before 07/01/2019
Direct PLUS (parent)
NON FEDERAL STUDENT LOANS;
If you are not eligible for any reason to receive Federal Stafford or PLUS loans you may wish to apply for a private student loan through an outside lender. Many lending institutions offer student loans, while the eligibility criteria differs for each financial institution, all are credit based. There is no limit to the amount you may be approved for, unlike the Federal loans, except your award cannot exceed your cost of attendance budget minus other aid. For a list of some of the most common private lenders please click HERE.
Scholarships are another free source of financial aid that is awarded based on a variety of criteria such as academic performance, leadership, community involvement, etc. Scholarships may be awarded by the university or through an outside agency.
Beginning the Fall 2014 semester all students will be considered for the LSUA Academic Scholarship. The scholarship will be based on your official academic credentials (SAT/ACT & GPA) and is contingent upon your application and acceptance. You can click here to see what you qualify for.
In addition to scholarships offered through LSUA, students are encouraged to apply for scholarships through various businesses, community organizations, family employers, etc. Here are a few trusted links for additional scholarship search
1. Louisiana Office of Student Assistance
2. The College Board
3. Fast Web
4. Sallie Mae
5. Wells Fargo
***Important note: LSUA Scholarships are not available for any 100% online degree programs.***
***Important note: There are many scholarship scams out there. Do not ever pay money to apply for a scholarship***