Member Institutions Paying for College Statistics LAICF About LAICU

PAYING FOR COLLEGE

Going to any college or university costs money. A small independent college or university may seem too expensive when compared to a large public university but what is often forgotten is that a quality education is a guaranteed investment in your future. Independent colleges and universities try to assist every student who needs financial aid.

On the average, 90 percent of all first time, full time undergraduates at our institutions receive financial aid. At several private colleges 99% of undergraduates receive financial aid.

THE FACTS:
The key point to remember concerning financial aid is that the amount a family will be expected to contribute for college costs and the resulting eligibility for federal financial aid is determined by national standards. Also, it's important to keep in mind that the amount of federal financial aid eligibility and financial need changes according to the estimated expenses at each college, not by the amount a family is expected to pay. Therefore, more financial aid may be available for higher-cost colleges and universities.

AID OPPORTUNITIES
Grants, scholarships, loans and work- study programs are available to cover the difference between what a family will be expected to contribute and the actual college costs.

The largest source of scholarship money at our private institutions is the funding that the institutions provide themselves. Federal and state financial aid programs are also available to students attending a Louisiana private college. In some cases, you may be able to obtain additional loans to meet the family contribution.

We encourage you to contact your institution’s financial aid office and request information on what is available.
Below are brief descriptions of the different types of aid:

Scholarships and Grants:

Louisiana

TOPS (The Tuition Opportunity Program for Students)  www.osfa.state.la.us

  • Louisiana residents only
  • eligibility determined by state requirements for ACT (20) , GPA (2.5 in required core courses) and filing the FAFSA
  • amount awarded to eligible student attending a Louisiana private college for 2006-2007:  $2,658

Go Grant (Louisiana's new need-based award)  goformorela.org

  • Louisiana residents only
  • first time freshman or 25 years of older out of higher education for at least three years
  • awarded federal Pell Grant
  • Education Cost Gap greater than $0
  • $2000 for full-time student;$1000 for part-time student

Federal Grants http://studentaid.ed.gov

Federal Pell grants -maximum award -$4,050. These are federally funded, entirely need-based and determined on the basis of a formula developed annually by U.S. Department of Education and reviewed by Congress.

Federal Supplemental Education Opportunity Grants (SEOG) –maximum award - $4,000. These federal funds enable a college’s financial aid office to award additional grants to students with demonstrated financial need.

Loans

Federal: http://studentaid.ed.gov
Federal Perkins
Federal Stafford Student Loans (formerly guaranteed student loans)
Federal Parent Loans for Undergraduate Students (PLUS)

Institutional loans: contact your institution’s financial aid office

Federal Education Credits

The Hope and Lifetime Learning tax credits benefit students or parents who pay tuition and related expenses for attendance at least half-time in a degree-granting program. These credits are subtracted directly from the total federal tax on a return.