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University of Louisiana at LafayetteMoney MattersFinancial AidandTOPS
How to Apply: The FAFSA Complete FAFSA at www.fafsa.gov 2019-2020 for Fall 19, Spring 20 & Summer 20– Deadlines: May 1: Financial Aid (suggested)July 1: TOPS– Must be completed each school year Sign with FSAID (parent & student)www.fsaid.gov FAFSA now available after October 1 forthe next year (2020-2021). Student and UL Financial Aid receiveresults via email. Submit requested paperwork to ULFinancial Aid
Financial Aid
Types of Financial Aid Grants– Money given to students based onfamily financial need Loans– Money borrowed by student or parentwhich must be repaid, usually withinterest Work Study– Money earned from part-time campus job– Apply in Foster Hall after you have receivedyour award notification– Limited funding
Grants Federal Pell Grant– Must demonstrate financial need asdetermined by federal formula(FAFSA)– Awarded 300 - 3,047/sem. (Fall &Spring) Louisiana Go Grant– Must be receiving Pell– Must be a Louisiana resident– Have remaining financial need afterEstimated Family Contribution (EFC)and all gift aid from student's Cost ofAttendance (COA);– Awarded 150- 1,300/sem. (Fall &Spring)
Federal Direct Student Loan Federal Direct Loan– Borrow from U.S. Department of Ed.– No credit check or co-signer– Requirements (www.studentloans.gov) Loan Entrance Counseling Master Promissory Note (MPN)– No payments are required whileenrolled Repayment begins 6 months aftergraduating or dropping below half-timeenrollment– Type and amount of Direct loan awardeddepends on need and grade level
Federal Direct Student Loan Subsidized Direct Loan– Based on financial need– No interest accrues while in school– Interest Rate is variable & caps at 8.25% Current Interest Rate 5.05% Unsubsidized Direct Loan– Not based on financial need– Student is responsible for interest while inschool – it is accrued and capitalized– Interest Rate is variable & caps at 8.25% Current Interest Rate 6.60%
Direct Loan Amounts Yearly LimitsDependent )Junior/Senior(60 )GraduateSub.Max 5,500 9,500 3,500 6,500 10,500 4,500 7,500 12,500 5,500n/a 20,500 0
Direct Loan Amounts Aggregate LimitsDependent IndependentTotalTotalUndergraduate 31,000 57,500Graduate 138,500n/aSub.Max 23,000Repayment Example:Borrowed 31,000 @ rate of 6.8%Monthly Payment will be 356.75 for 120 monthsTotal Loan Payment 42,810
Other Resources Parent PLUS– Parents apply online at www.studentloans.gov– Parent must pass credit check If credit check denied– Can be appealed by parent borrower– Parent can get endorser– Student can borrow additional Unsubsidized Loan up to 4,000 per year– Parents can borrow up to cost of education– Current interest rate 7.6%– Repayment begins 60 days after loan fully disbursed Private Loan––––Student or Parent LoanDifferent from Federal LoansMay need a co-signer and must pass a credit checkKnow what you are getting into(read the fine print)
How to Apply: Paperwork Complete Federal Direct loan EntranceCounseling and sign your MPN atwww.studentloans.gov UL Verification Form and Copy of 2017Federal Tax Transcript for student andparent(s)– Required for “audited” FAFSAs– Verification Form can be printed off ofULink– Transcript not needed if successfully usedData Retrieval Tool on FAFSA Other paperwork may be requested
Financial Aid Award on ULink Available once paperwork reviewed andFAFSA corrections are made ( if necessary) Lists amounts for each semester– Fall 2019 and Spring 2020 Accept / Reduce / Decline offered aid Grants aid will automatically beaccepted. Separate Award Notifications fromScholarship Office and/or TOPS Office(LOSFA)
ULink Welcome Page
ULink Welcome Page2019-2020 Award Year
Financial Aid Status PageClick Student Requirements to see what documents weneed, we have received, etc.Click Cost of Attendance to see details of your estimatedannual costsClick Awarded Financial Aid to see all current financial aid andscholarship awards.Fall 2019Indicates your current Satisfactory AcademicProgress status.
Award PackageGeneral Information Tab2019-2020
Terms and Conditions TabIndicates if you have acceptedyour Terms and Conditions
Accept Award Offer Tab2019-2020
Accept Award Offer TabAccept / DeclineReduce theamount of loanyou are accepting.
Federal Aid AcademicRequirements (SAP) Must attend and complete classes to earn your aid– Repay unearned portion if stop attending or resign Student academic progress will be checked at the endof each semester–––––Must earn 2.0 semester and cumulative GPAMust earn 67% of attempted hoursWarning: eligible for aid; must complete requirementsSuspension: ineligible, may appealProbation: eligible status if appeal approved; must meetstipulations given by Appeal Committee Different from TOPS & Scholarship requirements!
Disbursement Financial Aid Funds will be ready to disburse after allrequired steps have been completed, but will not bedisbursed before August 14th for Fall 2019– Awards must be accepted (if required)– Entrance counseling & MPN must be completed forloans to disburse Refund Check/Direct Deposit– If funds are in excess of charges for semester– Earliest refund is first day of class (August 26th) Short Term Loan– Small cash advance on anticipated refund– Available if funds will be late (TOPS)
TOPSLouisiana Office of Student FinancialAssistance (LOSFA)Website: http://www.osfa.la.gov
TOPS EligibilityOpportunityPerformanceHonors2.5 Core GPA3.0 Core GPA3.0 Core GPA20 ACT23 ACT27 ACT Award determined by LOSFA Core High School courses required by TOPS ACT Score must be achieved by deadline– Deadline is graduation– If ACT composite is 20 at graduation student can takeJune ACT test to become eligible.
TOPS Rules Full Time Enrollment– Continuously enroll as a full timestudent (12 credit hours) each Falland Spring semester 24 Hours– Must pass/earn 24 hours eachschool year School year is August-July andincludes regular Fall, Spring &Summer semesters andIntersessions Hours earned in AdvancedPlacementor HS Dual-Enrolled are not appliedto 24 hoursFAILURE TO EARN 24 HOURS WILLPERMANENTLY CANCEL TOPS!
TOPS Rules Grade Point Average– Must earn 2.0 cumulative GPAafter Fall semester to receiveTOPS in the Spring semester– Must earn required cumulativeGPA after Spring: Opportunity-2.3 first year, 2.5 eachyear after Performance/Honors-3.0 each year– Failure to earn GPA willtemporarily suspend TOPS awarduntil required GPA is achieved Student has 2 years, must meetother requirements
TOPS EstimatedSemester AmountsOpportunity 2,703Performance 2,903(includes 200 stipend)Honors 3,103(includes 400 stipend)ESTIMATED 2019-2020 Semester Amountsbased on 100% funding
Out of State Waiver If you are considered an out ofstate Student, your tuition chargesare higher than in-state students. If you parent earned a 2 year or 4year degree from any AccreditedLouisiana College or University, youcould be eligible for in-state tuition. Please check with the Registrar’sOffice.
Military Financial Aid VA Education Benefits– GI Bill (Post 9/11, Active Duty, Selected Reserve)– Vocational Rehabilitation– Dependents’ Educational Assistance Louisiana Dependent Fee Exemption (Title 29) Louisiana National Guard TuitionExemption (STEP) Military Tuition Assistance (TA) Out-of-state fee waivers for eligibleveterans & dependentsOffice of Veteran ServicesSammi Conner, DirectorFoster Hall, Room 115Phone: (337)482-5206Email: veterans@louisiana.edu
When Should I Contact Financial Aid? Before you stop attending aclass, plan to drop a class orresign from the university If you had a grade change If you had an exceptionapproved from LOSFA for TOPS If you have any questionsabout the process orrequirements
University EmailWe strongly suggeststudents check theirUniversity email at least2-3 times a weekThis is the University’s main form ofcommunication to our students.
Contact InformationUL Financial Aid Office-Foster HallPhone: 337-482-6506 Fax: 337-482-6502Email: finaid@louisiana.eduFacebook: UL Lafayette Financial AidLOSFA (TOPS)-Baton RougePhone: 1-800-259-5626 Ext. 1012Email: custserv@osfa.la.govWeb: https://www.osfa.la.gov/student portal-Register to view TOPS award status
TOPS ProcessingLOSFA determines TOPS eligibility– Receives FAFSA and ACT score Verify SSN and DOB match on allinformation– TOPS Award letter is emailedto student Freshman processing usuallybegins mid-June– Students can also check status online OSFA.la.gov Updates are available every Monday– List of eligible students available toLouisiana colleges each week.
Federal Aid Academic Requirements (SAP) Must attend and complete classes toearn your aid– Repay unearned portion if stop attendingor resign Student academic progress will bechecked at the end of each semester– Must earn 2.0 semester and cumulativeGPA– Must earn 67% of attempted hours– Warning: eligible for aid; must completerequirements– Suspension: ineligible, may appeal– Probation: eligible status if appealapproved; must meet stipulations givenby Appeal Committee Different from TOPS & Scholarship requirements!
Louisiana Go Grant -Must be receiving Pell -Must be a Louisiana resident -Have remaining financial need after Estimated Family Contribution (EFC) . UL Financial Aid Office-Foster Hall Phone: 337-482-6506 Fax: 337-482-6502 Email: finaid@louisiana.edu Facebook: UL Lafayette Financial Aid
