UL Lafayette: Financial Aid: Types of Aid

Types of Financial Aid

Federal Grant Programs

Federal Pell Grant
- Awards can range from $609-$5350 for the 2009-2010 academic year.
- Available only to eligible undergraduates pursuing a first undergraduate degree.
- Students enrolled less than half-time may be considered for a Pell Grant.

Federal Supplemental Educational Opportunity Grant (FSEOG)
- Awards are based on the availability of funds, and average approximately $600 per academic year.
- Available only to eligible undergraduates enrolled at least half-time (6 hours); must be Pell eligible.

Louisiana's Leveraging Educational Assistance Partnership Program (formerly SSIG)

Students must be Louisiana residents.
Awards are based on the availability of funds, and average approximately $600 per academic year.
Available only to eligible undergraduates enrolled full-time at the point of disbursement and have an overall grade point average of 2.00 or higher.

Academic Competitiveness Grant/Freshman (ACG)

Students must be a first-time freshman.
Maximum amount is $750 for the academic year.
Students must be full-time, a U.S. Citizen and must be eligible for a Pell Grant.
Students must meet TOPS core or other approved curriculum.

Academic Competitiveness Grant/Sophomore (ACG)

Students must meet ACG/Freshman requirements and must have a 3.0 gpa.
Maximum amount is $1,300 for the academic year.

Science and Math Access to Retain Talent/Junior (SMART)

Students must have earned between 48-72 credit hours.
Students must have a 3.0 gpa, be in Upper Division, and must be Pell Grant eligible.
Students must be in select majors in Math and Science (health care excluded).
Maximum amount is $4,000 for the academic year.

Science and Math Access to Retain Talent/Senior (SMART)

Students must meet SMART Grant/Junior requirements.
Must have earned between 73-120 credit hours.

Federal Work Study Program

Provides jobs on or off campus to eligible undergraduate, and graduate students.
Students are assigned to a university department or a community service agency for an average of ten hours per week and paid the federal minimum wage.

Federal Student Loan Programs

Federal Perkins Loan
- Long term loan at 5% interest, with awards ranging from $200-$5,000 per academic year.
- Repayment begins nine months after graduation or last date of half-time enrollment.
- Available to eligible students pursuing a degree or certificate.
- First-time borrowers must attend an initial borrowers meeting and students graduating, leaving school or ceasing at least half-time enrollment must attend an exit meeting.

Federal Stafford Student Loan
- Long term loan with a fixed interest rate of 6% for the 2008-2009 school year (interest rates change each year
- Repayment begins six months after graduation or last date of at least half-time enrollment.
- Available to eligible students pursuing a degree or certificate.
- Must be enrolled at least half-time at the point of loan certification and disbursement to receive loan proceeds (half-time is 3 hours for undergraduates and graduates during summer, and 6 hours for undergraduates and 5 for graduates for fall and spring semesters).
- Stafford loans are disbursed in at least two disbursements (one per semester) to students who are enrolled at least half time.

Listed below are yearly program maximums; students may be eligible for less than the maximum, depending on financial need. The maximum amount students may be considered for per academic year are:

First year undergraduate (less than 30 credit hours) - $3,500 maximum.
Second year undergraduate (30-59 credit hours) - $4,500 maximum.
Third year and beyond undergraduate (at least 60 credit hours) - $5,500 maximum.
Graduate student - $8,500 maximum.
All first-time borrowers must complete a Stafford Entrance interview before receiving loan proceeds and borrowers graduating, leaving school, or ceasing half-time enrollment must complete a Stafford exit interview.

Unsubsidized Federal Stafford Student Loan
- Available to eligible students, regardless of income.
- Long term loan with a fixed interest rate of 6.8% for the 2008-2009 year. Loan limits, enrollment status, and initial and exit meeting requirements are the same as for the Federal Subsidized Stafford Student Loan.
- The total amount of Federal Stafford Student Loan and Unsubsidized Federal Stafford Student Loan cannot exceed the annual loan limits as stated above.
- The student is responsible for the payment of interest while in school. Interest may be paid monthly, quarterly, or may be capitalized (addition of unpaid interest to the principal of your loan, thereby increasing both your total debt and monthly payments).
- If you are an independent student and have remaining financial need, you may be considered for additional funds under the Unsubsidized Program. Also, dependent students may be eligible for additional unsubsidized loans of up to $2000 per year in addition to the yearly amounts. If interested, schedule an appointment to see a Financial Aid Counselor for more information.

Federal PLUS Loan
- Students must complete the Free Application for Federal Student Aid (FAFSA) to be considered for the Federal PLUS Loan.
- PLUS Loans are available to parent borrowers for dependent students.
- PLUS Loans are not based on financial need; however, a credit check is required by the lender and loans may not be approved for applicants who have adverse credit history.
- The annual loan limit is the student's cost of education, minus any other financial aid award and/or resources.
- To receive PLUS Loan proceeds, the student must be enrolled at least half-time at the point of certification and disbursement.
- 8.50% fixed interest rate.
- PLUS proceeds are disbursed to the school in at least two discursements (one per semester) for each semester students are enrolled at least half time..
- Repayment on the PLUS usually begins 60 days after the first disbursement. Check lender websites in order to see the lender's repayment policy.

Financial Aid Calculators

To get an estimate of how much school will cost, how much you will need to save, how much aid you'll need or a Free Scholarship Search, visit the FinAid website.

Enrollment Management | Admissions/Enrollment Services | Registrar | Scholarships

Document last revised Thursday, March 12, 2009 12:01 PM