Financing Education Beyond Financing Education Beyond High SchoolHigh School

Division of Student Financial Aid

Located in Keeny Hall Room 240

2013-2014

What is Federal Financial Aid?

The federal student aid programs are authorized under Title IV of the Higher Education Act (HEA) of 1965, as amended.

• Pell Grant

• Federal Supplemental Education Opportunity Grant

(FSEOG)

• Grants do not have to be repaid

• Federal Work Study Program (FWSP)

• Must be earned

• Perkins Loan Program

• Direct Student Loan Program• Stafford Loans

• Subsidized • Unsubsidized• (LOANS must be repaid)

• Parent Loan for Undergraduate Students (PLUS)

Application Process

Submit the Free Application for Federal Student Aid

(FAFSA)

Priority Deadline: April 15thTOPS Deadline: July 1st Final Deadline: July 15th (Final Deadline means to assure receipt of aid by fee payment)

www.latech.edu/finaid

or

www.fafsa.ed.gov

FAFSA: 1-800-433-3243

Complete LA Tech Data Form Form is required to determine federal financial aid eligibility.

***Please return the form even if you are only interested in

TOPS and/or Scholarships.***

Application Process

Please be sure to

complete the Access Code

section.

Can be completed online or on paper

Complete LA Tech Data Form

Application Process

***VERY IMPORTANT that students self report ALL Scholarships/Financial Assistance they are to receive

on the LA Tech Data Form***

Please be sure to list

ALL educational institutions

ever attended.

Application Process

Forms can be found at:

http://www.latech.edu/financial_aid/forms1314.shtml

Additional information may be requested by the Financial Aid

Office.

Application Forms (ex: Data Form & Address Change)Loan Forms (ex: Entrance / Exit Interview & Master Promissory Note)Verification Forms(ex: Parent / Student Clarification of Income & Verification Worksheets)

Approximately 30% of the students who apply for Federal Financial Aid are selected for the process of Verification.

Respond to the award letter:• A notice of an online award letter will be emailed to all students

who have an email address of file with the financial aid office.

A paper award letter will be mailed to students who do not have

email addresses.

***Students MUST remember to check their

Tech Email Accounts routinely.***

Cost of Attendance (COA)What is Cost of Attendance? COA is an estimate of direct and indirect educational costs associated with attending Louisiana

Tech University including: tuition, fees, room and board, books, etc.

http://www.latech.edu/financial_aid/collegecostcalculator.shtml

Cost of Attendance calculator - This tool is intended for planning purposes only and does not provide an exact amount of expenses Louisiana Tech University will charge to enroll.

The Cost of Attendance calculator can also be a useful tool after you have received your award letter by helping you determine the amount of loans you may want to borrow and by showing you how much out-of-pocket expenses you may incur each quarter.

Estimated AidOnce a student registers for classes, they should be able to see their estimated costs for school on the BOSS system. Around late July, federal financial estimated aid will start appearing as a credit if the student has completed the award process which includes responding to the award letter.

TOPS Scholarships will appear once the student appears on the TOPS roster from LOSFA verifying the award.

Annual Amounts are set by the State and the Statue does not allow TOPS to pay additional charges, such as Technology Fees, Academic Excellence Fees, or any increase applied to those fees.

2013-2014

Opportunity Level

(Basic Award)

Performance Level(+Stipend)

or

Honors Level(+ Stipend)

Fall Quarter$1580

estimate+ $134 or + $267

Winter Quarter$1580

estimate+ $133 or + $267

Spring Quarter$1580

estimate+ $133 or + $266

Annual Total$4740

estimate+ $400 or + $800

Estimated Aid

An anticipated TOPS award listed on your financial aid award letter is not an official offer. The official offer will come from the Louisiana Office of Student Financial Assistance (LOSFA) if they determine you as eligible.

Maintaining TOPS Renewal Requirements:

Maintain continuous full-time enrollment. (Full time for Undergraduate student = 8 hrs, Graduate student = 6 hrs )

Earn 24 hours or more each academic year. (Fall, Winter, Spring & Summer Quarter)

Earn required Cumulative GPA (based on level of award) at the end of each academic year. (Fall, Winter & Spring Quarter)

https://www.osfa.la.gov/

Phone: 1-800-259-5626

Fax: 1-225-208-1496

Estimated Aid

Grants are for undergraduates pursing their first baccalaureate degree.

Student must have “need” as determined by the federal guidelines.

Pell Grant Actual award amount based on EFC and enrollment status

Maximum award for Fall thru Spring 2013-14 = $5,645 / year***Public Law 112-74: Students are limited to 18 Quarters of full Pell (600%)***

FSEOG GrantPell Eligible with the lowest EFC

Maximum award for 2013-14= $1,500 / year

GO GrantPell Eligible, LA Resident, award amount based on enrollment status

Maximum award for 2013-14 = $1,500 / year***if funds are still available***

Estimated AidPerkins Loans will appear about one week after the student has completed the Perkins Entrance Interview and the MPN (Master Promissory

Note). Maximum award for 2013-14 = $4,000 / year ($1,000 / quarter)

Minimum eligibility is 2.50 Cum GPA or Freshmen must have 23 ACT score

Fixed Interest rate: 5%

9-month grace period

Direct Stafford Loans require a completed entrance counseling and MPN. The MPN can be completed at any time. The student is notified by email to complete the MPN once the loan has been transmitted. Prior to transmission the student must have completed a Direct Stafford Loan Entrance Counseling. Complete the Entrance and MPN at www.studentloans.gov by signing in with your FAFSA PIN #.

*Subsidized: Must demonstrate “need”; Unsubsidized: Not based on “need”

Fixed Interest rate for Subsidized Stafford 6.8% as of July 1st

Fixed Interest rate for Unsubsidized Stafford 6.8%

6-month grace period (interest will accrue)

Maximum Subsidized annual award amount = $3500 / year (1st year students)

Maximum Unsubsidized annual award amount = $2,000 / year

Estimated AidPLUS Loans will appear about one week after the parent has completed the PMPN (PLUS Master Promissory Note).

Loan program for parents of dependent undergraduate students as well as graduate and professional students

Fixed interest rate: 7.9%

Repayment begins between 45-60 days after loan is fully disbursed for parent borrowers. The parent may request student in-school deferment, but interest will accrue.

Annual loan limit = COA minus other aid

***Additional unsubsidized loan eligibility available for:

•Independent undergraduate

•Graduate

•Dependent students whose parents are unable to borrow PLUS due to denied credit.

Maximum loan limit = $4000 / year

Federal Work Study Program

Federal Work-Study Program (FWSP) will not appear on a student’s expense slip. The FWSP program provides jobs for students to help pay for educational costs. The student will receive a monthly check or Direct Deposit paying them based on the number of hours worked in the pay period.

An e-mail will be sent to awarded students in August with the application packet that will include instructions for job placement.

Limited “need based” aid

Eligible students: Undergraduate, graduate, and professional

students

Maintains at least a 2.0 cumulative college GPA or 20 ACT for

incoming freshmen

Maintains at least 4 hours of enrollment each quarter

Allowed to work up to 20 hours a week

Employment may be on or off campus

Eligible employers: Schools, Federal, state, or local public

agencies, certain private nonprofit and for-profit organizations

Satisfactory Academic Progress (SAP)Eligibility checked at the end of each quarter.

Must maintain a 2.00 cumulative GPA.

Must successfully complete 67% of all courses attempted.

Must complete the degree requirements before attempted hours reach 150% of the credit hours allowed for the major program.

http://www.latech.edu/financial_aid/maineligsappolicy.shtml

Early Start / Dual EnrollmentStudents who received college credit while in high school must submit their transcripts to Admissions or the Registrar if they were not enrolled at Louisiana Tech University.

Division of Student Financial Aid

Website:

www.latech.edu/finaid

Contact us:

Email: Techaid@latech.edu

Phone: (318) 257-2641

Address:

Louisiana Tech University

Division of Student Financial Aid

P.O. Box 7925

Ruston, La 71272

Regular Hours: 8:00-5:00 Monday - Friday

Summer Hours 7:30-5:00 Mon.- Thurs. & 7:30-12:30 Fri.

Come see us at Keeny Hall Room 240!