1 Financial Aid

2 What is Financial Aid? Money given, paid or loaned to help pay for college Gift Aid Grants and Scholarships Self-help Aid Work-Study (job opportunity to earn money) Loans (YES, They must be repaid!) 2

3 Categories of Financial AidNeed-based Aid based on your financial situation -Federal Grants -State Grants -Federal Work Study Program -Subsidized student loans Merit-based Aid based on your grades, test scores, hobbies, and special talents. -Institutional Scholarships -Outside Scholarships -TOPS

4 Filling out the FAFSA Free Application For Federal Student Aid (FAFSA)LC School Code: Required for federal and state aid FAFSA on the Web (Use this number if you have trouble during the FAFSA process)

5 Determining the Expected Family Contribution (EFC)Income Family Size Number of Family Members in College (excludes parent enrolled in college) Other financial information

6 Verification The Department of Education randomly selects students that must provide documents to the Financial Aid Office of the school they’re attending. The dependent/independent worksheet and the Tax Transcript (not Account Transcript) of all who filed taxes will be needed. The Office of Financial Aid will request these documents after the FAFSA has reached the school. The Financial Aid Officer will use the documents to verify the accuracy of the information submitted on the FAFSA.

7 Prior, Prior Year Beginning with the FAFSA for the year, students and parents will fill out the FAFSA using income information from 2 previous calendar years before that school year. Examples: year Use 2015 tax information on FAFSA year User 2016 tax information on FAFSA Why has this change been made for future FAFSAs?

8 IRS Data Retrieval Use the IRS Data Retrieval Tool within the FAFSA to import tax information directly from the IRS to the FAFSA. This is optional but we will not require tax transcripts if selected for verification. We HIGHLY recommend using it if available. Not all applicants will have this option but most will.

9 IRS Data Retrieval Tool will not be available if:address on FAFSA doesn’t match that on IRS married students file separately parents file separately taxes were filed recently taxes were foreign the tax return was amended a Tax ID # was used instead of a SSN

10 Sources of Financial AidFederal Pell Grant: EFC must be from and the award amounts are between $590- $5815 per year. Does not have to be repaid. Federal Supplemental Education Opportunity Grant (SEOG): Is a need based grant, awarded primarily to students with a zero EFC and we award up to $400 per year; however, eligibility for the grant does not guarantee receipt of the grant because funds are limited. These grants are not to be repaid.

11 Sources of Financial AidFederal TEACH Grant Is a non-need based grant for students who plan to teach in low income schools and teach in a high need area or an area of teacher shortage. The grant will pay $3,708/yr ($1,854/semester)

12 Sources of Financial AidQualifications: 3.25 GPA (high school or college) or, Score above the 75th percentile on any battery of an admissions test such as ACT or SAT. Be enrolled in an eligible degree program, ie, education.

13 Sources of Financial AidTo apply: Complete FAFSA at Complete the initial and subsequent counseling and an Agreement to Serve (ATS) and TEACH Counseling at

14 Sources of Financial AidLouisiana GO Grant: Be a Louisiana Resident File a Free Application for Federal Student Aid (FAFSA) Receive a federal Pell grant Have remaining financial need after deducting Estimated Family Contribution (EFC) and all federal/state/institutional grant or scholarship aid ("gift aid") from student's Cost of Attendance (COA) Be a student enrolled in an eligible Louisiana institution on at least a half- time basis $600/semester, $1,200/year.

15 Sources of Financial AidFederal Work Study: Need-based, on or off campus jobs for qualified students. Students are paid minimum wage. Money is paid directly to the student once per month. Is not used for payment of tuition and fees. The government pays 75% of your compensation and the department you work for pays 25% . Your eligibility for FWS is based on the results of your FAFSA in combination with the other financial aid you receive.

16 Sources of Financial AidFederal Loans: Subsidized loans-need based and the government pays the interest while student is in school. Unsubsidized loans- non-need based and simple interest accrues while student is in school. Student or parent can pay interest while in school but not required. Repayment begins 6 months from the time the student graduates or drops below 6 hours (which includes withdrawing). Interest is currently 4.29%

17 Sources of Financial AidStafford annual loan limits (dependent/independent): Freshman (0-25 hours) $5,500/$9,500 Sophomore (26-59 hours) $6,500/$10,500 Junior/Senior (60+) $7,500/$12,500 Aggregate undergraduate limit: $31,000/$57,500

18 Sources of Financial AidParent Plus Loan- Non-need based; is a loan in parent’s name for child’s remaining educational expenses. Can borrow up to the cost of attendance minus any other aid received. Is credit based; if declined, the student can borrow up to the independent student unsubsidized amount. Plus loan interest rate is currently 6.84% Repayment usually begins 60 days after the 2nd disbursement.

19 Loan Repayment OptionsYou can refer to the National Student Loan Data System to see a comprehensive list of all the loans you’ve taken out at (see last slide for link). Standard Repayment Graduated Repayment Extended Repayment Income-Based Repayment

20 TOPS Pays for tuition and certain fees at any of the Louisiana Public Colleges and Universities. If a student attends a college within the Louisiana Association of Independent Colleges and Universities, the award amount will be the weighted average tuition of public- degree granting schools. *BESE-Approved Home Study Eligibility – ACT/SAT Score of 2 points above standard – Currently 22 (as compared to a 20 that students attending public high schools must score) Students attending private colleges/universities as of the year receive $5,567.

21 Sources for Private (Outside) ScholarshipsChurch Businesses Charitable Organizations Online Searches (paying for a list of scholarship funds is not advised)

22 Louisiana Rehabilitation Services (Voc Rehab)Louisiana Rehabilitation Services (LRS) assists persons with disabilities in their desire to obtain or maintain employment and/or achieve independence in their communities by providing rehabilitation services and working cooperatively with business and other community resources.

23 Veterans Affairs Louisiana College accepts payment from the Office of Veterans Affairs. LC is authorized to certify enrollment for the following benefits: Chapter 33 Post 9/11 GI Bill Chapter 31 VA Voc Rehab Chapter 35 DEAP Chapter 30 Montgomery GI Bill Chapter 1606 VEAP

24 Veterans Affairs To determine the student’s eligibility you may callVA Headquarters 1 (888) Submit the following to School Certifying Official (SCO): Transcript—High School Certificate of Eligibility (COE) VA Data Form (Veteran’s Certification Data Form—LC form) to be completed every semester

25 Louisiana College’s Top 30 ScholarshipFreshman only by invitation only. Application deadline: December 1 Requirements: 28+ ACT or SAT $8,500/year automatically by participating in the competition. Winner of the competition is fully scholarshipped for entire college career.

26 Smith Scholarship Winner of Louisiana College’s Top 30 Smith Scholarship Competition Covers full tuition, room, board, fees and books (inclusive of TOPS) Apply through the Office of Admissions (318) by December 1, 2016. May use the December ACT score to achieve a composite score of 28 if necessary.

27 Trustee Scholarship Freshman only. All eligible applicants are considered. Those who do not compete in Louisiana College’s Top 30 Smith Scholarship Competition are eligible. 27+ ACT or SAT $5,500/year

28 Louisiana College ScholarshipFreshman only. All eligible applicants are considered. 23-26 ACT OR SAT--$3,100/year 20-22 ACT or SAT--$2,700/year

29 Tuition Assistance GrantTuition Assistance Grants are awarded on the basis of ACT scores of or SAT equivalent. Awarded to incoming first-semester freshmen $2000/year (Does not apply to provisionally admitted students)

30 Minister’s Dependent AwardSeparate application required annually from Financial Aid. Must be spouse or dependent, unmarried child of a Southern Baptist ordained minister or full-time minister of music, education or youth. $2,000/year

31 Christian Vocation FellowshipSeparate application required annually from Financial Aid. Must pursue Christian vocation in a Southern Baptist youth ministry, missions, seminary etc. (May not be used in conjuction with Top 30 or Smith Scholarship) $2,000/year

32 Out of State Grant Must not be a resident of LA.Student must live on campus to receive this award. $2,000/year

33 Matthew 20:28 Award This award is given to a limited number of incoming first semester freshmen and transfer students. Students must live on campus (excluding WSA, CDA, and married student housing). Students must participate in certain service activities as determined by the office of Student Life. $1,800/year

34 Central Louisiana Incentive AwardThis award is given to a limited number of first time freshmen and transfer students. Students must commute from central Louisiana. Students must also show financial need or above average academic GPA. $1,000/year

35 Financial Aid Contact Information Phone: (318)