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Financial Aid Fundamentals

Financial Aid Fundamentals. What does college cost?. Based on estimated expenses at Louisiana State University – Baton Rouge for a dependent student living on campus who graduates from high school in 2008 assuming a 4% annual increase. Basis of Aid.

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Financial Aid Fundamentals

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  1. Financial Aid Fundamentals

  2. What does college cost? Based on estimated expenses at Louisiana State University – Baton Rouge for a dependent student living on campus who graduates from high school in 2008 assuming a 4% annual increase

  3. Basis of Aid • Merit-Based aid is based on a student’s academic achievement, grades, ACT/SAT scores, talent, ability, athletic achievement, etc • Need-based aid is based on the student’s financial need

  4. Financial Need COST OF ATTENDANCE - EXPECTED FAMILY CONTRIBUTION FINANCIAL NEED

  5. Financial Need • Cost of Attendance (COA) • Tuition and fees • Room and board • Books and supplies • Transportation • Miscellaneous personal expenses • Expected Family Contribution (EFC) • Income • Assets (excluding the family home) • Family size • Number of family members attending college (excluding parents) • Age of parents

  6. Types of Financial Aid • Scholarships • Gift Aid – Based on Merit • Grants • Gift Aid – Based on Need • Employment Opportunities • Loans • Must be repaid – may be based on need

  7. Sources of Financial Aid • State • Tuition Opportunity Program for Students (TOPS) • GO Grant • LEAP Grant • Rockefeller State Wildlife Scholarship • La. Guaranteed Student Loans • START Saving Program • Federal • Pell Grant • FSEOG Grant • Academic Competativeness Grant (ACG) • SMART Grant • Perkins Loans • Stafford Loans • Institutional • Private

  8. Institutional Aid • Each institution has its own merit-based scholarship programs • Many schools have their own need-based aid programs • Investigate aid opportunities early • Each institution has its own aid application process and deadline • Upperclassmen should also check with their department for aid opportunities for students in a specific major

  9. Private Aid • The best source of information on private aid is the Internet. There are numerous free scholarship search services available • See LOSFA website Useful Internet Links page or Surfing the Web for a listing • Private aid can be based on merit or financial need • Providers of private aid include companies, civic organizations, religious organizations, clubs, etc.

  10. Go Grant

  11. Go Grant • The Go Grant provides need-based financial aid for Louisiana residents • Created in the Regular Session of the 2007 Louisiana Legislature • Program is administered by LOSFA on behalf of the Louisiana Board of Regents • The program became effective in the 2007 – 2008 academic year

  12. Eligibility Requirements • Louisiana Resident • Must be a resident as of the date the FAFSA is filed • Certificate or degree seeking undergraduate student at a Louisiana public or LAICU institution • First-time Freshman (any age); or • 25 years of age or older • Not having enrolled in a credit bearing course for at least one year • Pell Grant Eligible • Must have an Education Cost Gap (ECG) greater than zero

  13. ECG Regents approved full-time tuition and mandatory fees + $2000 • Federal Grant Aid Education Cost Gap (ECG)

  14. Grant Amounts • Maximum Annual Award: $2,000 • Full-time: $1,000 per semester • Half-time: $500 per semester • Less than Half-time: $250 per semester • Maximum Aggregate Award: $10,000

  15. Retention Requirements • Must apply annually by completing the FAFSA or Renewal FAFSA • Must be Pell Eligible • Must have an ECG > 0 • Must maintain Satisfactory Academic Progress (SAP) as defined by the institution

  16. TOPS Award Levels • Opportunity Award • Performance Award • Honors Award • Tech Award

  17. General Eligibility Requirements • A student must be a U.S. citizen, or a permanent resident who is eligible to apply for citizenship • Any student who graduates from a Louisiana approved high school meets the TOPS residency requirements if he/she actually resides in Louisiana for the his/her last two full years of high school • Or, a parent or custodian of a dependent student must have been a resident of the state of Louisiana for the 24 months prior to high school graduation • Have no criminal convictions • Excludes misdemeanor traffic violations

  18. “Alternate” Eligibility Requirements: BESE Approved Home Study • Alternate eligibility based on ACT in lieu of GPA and TOPS Core Curriculum • Opportunity Award: ACT score 2 points higher than prior year’s state average • 22 for 2008 graduates • SAT score of 1020 • Performance Award: ACT of 24 • SAT of 1090 • Honors Award: ACT of 28 • SAT of 1240 • Tech Award: ACT of 19 • SAT of 900

  19. ACT • Highest composite score will be considered • TOPS does not consider the Essay portion of the ACT in calculating the composite score needed to qualify • ACT Registration • TOPS Code 1595 • Social Security Number • ACT Deadlines • Without penalty: April of graduating year • Loss of one semester eligibility: June of graduating year • Special tests may be taken prior to July 1 • Students who fail to achieve a qualifying ACT score by July 1 of the graduating year shall not be considered for an award

  20. SAT • An equivalent SAT score may be substituted for the ACT score • TOPS does not consider the Essay portion of the SAT in calculating the composite score needed to qualify • SAT Test Deadlines • Without Penalty: March of graduating year • Loss of 1 semester eligibility: May and June of graduating year • SAT Registration • Scholarship Code 9019 • Social Security Number

  21. Opportunity Award: Eligibility Requirements • ACT score 2 points higher than prior year’s state average • 22 for 2008 graduates • SAT score of 1020 • TOPS general eligibility requirements

  22. Opportunity Award Benefits • Provides an amount equal to tuition at a Louisiana public institution • Or an amount equal to the weighted average public tuition at a private institution which is a LAICU member • $1338 per semester for Academic Year 2007-2008 • TOPS does not cover academic excellence fees, energy surcharges, technology fees, books, room & board, parking fees, lab fees or any other fee that was not in effect on January 1, 1998 • May be used to pursue: • Academic undergraduate degree • Vocational or technical certificate • Non-academic degree

  23. Opportunity Award Benefits • May be received for a maximum of eight semesters or 12 quarters • Not available for summer terms except for students enrolled in a Qualified Summer Session • Required to attend summer by major • Courses required for major only offered in summer • Graduation during summer • Technical Programs • A TOPS award may be combined with other forms of financial aid up to the “Cost of Attendance” for the institution

  24. Opportunity Award Benefits • Any recipient who successfully completes a Bachelor’s degree in less than 8 semesters or 12 quarters of award benefits, may receive any remaining terms of eligibility for graduate study • The amount of the award shall equal the amount of tuition charged for the graduate study, OR the amount charged for undergraduate full-time enrollment at the highest cost public institution (LSU-BR), whichever is less • Performance and Honors award recipients will receive their stipends

  25. TOPS Eligible Institutions: LAICU • Centenary College • Dillard University • Louisiana College • Loyola University New Orleans • New Orleans Baptist Theological Seminary • Our Lady of Holy Cross College • Our Lady of the Lake College • St. Joseph Seminary College • Tulane University • Xavier University

  26. Performance Award • Eligibility Requirements • Performance Award: ACT of 24 • SAT of 1090 • TOPS general eligibility requirements • Award Benefits • Provides the same benefits as the Opportunity award, plus • $400 annual stipend

  27. Honors Award • Eligibility Requirements • Honors Award: ACT of 28 • SAT of 1240 • TOPS general eligibility requirements • Award Benefits • Provides the same benefits as the Opportunity award, plus • $800 annual stipend

  28. Tech Award Eligibility Requirements • Tech Award: ACT of 19 • SAT of 900 • TOPS General Eligibility Requirements

  29. Tech Award Benefits • Provides an amount equal to tuition at a Louisiana public two-year institution • Or an amount equal to the average public 2-year tuition at a 4-year public or private institution which is a LAICU member • May be used to pursue • vocational or technical education certificate or diploma • or non-academic degree in skill or occupational training • May receive for two years • Summer terms are covered

  30. TOPS Application • There are two methods for applying for a TOPS scholarship • FAFSA (Free Application for Federal Student Aid) – www.fafsa.ed.gov • Must be completed if the student is eligible for federal grant aid (Pell Grant) • Must be completed if the student is seeking any other form of financial aid • TOPS Online Application – www.osfa.state.la.us • May only be completed by students who can certify that they do not qualify for federal grant aid • In the event of a budget shortfall, students completing the TOPS Online Application will be the first to lose their TOPS award

  31. Application Deadlines for 2008 Graduates Students who attended the 2008-2009 academic year who applied for TOPS between July 2, 2008 and October 29, 2009 must also have met the TOPS retention requirements to be eligible for TOPS funding the beginning in the 2009-2010 academic year

  32. TOPS Award Status • Eligibility for 2008 graduates will be determined after high school graduation • Most students should be notified of their status by mid-July • Students eligible for a TOPS award will be notified by means of an official award letter from LOSFA • TOPS recipients should familiarize themselves with the Rights and Responsibilities included with their award letter • TOPS recipients are personally responsible for knowing and complying with the TOPS continuation requirements • Students can check their TOPS award status online by creating a TOPS Portal Account at www.osfa.la.govafter May 1st

  33. Award Acceptance • Must enter an eligible institution as a full-time student by the fall semester following the first anniversary of high school graduation

  34. TOPS Retention Requirements • Should apply annually by July 1st by completing the Renewal FAFSA • Must be continuously enrolled on a full-time basis during the academic year • A student is considered full-time for the semester if they are carrying full-time hours through the 14th class day of the semester

  35. TOPS Retention Requirements: Credit Hours • Must earn 24 credit hours each academic year • Failure to earn 24 hours will result in permanent award cancellation • Hours earned in summer school or intersession may not be used • Hours earned in advanced placement may not be used • Hours earned in required remedial courses may be used • Exceptions to the continuous enrollment or 24 hour requirement may be granted by LOSFA for reasons beyond the student’s control

  36. TOPS Retention Requirements: GPA • At the end of each academic year (Spring term), the following cumulative college GPA must be maintained: • Opportunity Award • 2.30 first academic year • 2.50 all subsequent academic years • Opportunity award recipients who fail to maintain the retention GPA will be suspended • Performance and Honors Awards: 3.00 • Performance or Honors award recipients who fail to maintain a 3.00 cumulative GPA will revert to the Opportunity award (Students will be funded only if they meet the Opportunity Award retention requirements) • Once the recipient reverts to the Opportunity award, the Performance or Honors award may not be reinstated

  37. TOPS Retention Requirements: Steady Academic Progress • “Steady Academic Progress” is defined as a 2.00 cumulative GPA • Steady Academic Progress must be maintained at the end of all semesters or quarters • Failure to maintain Steady Academic Progress will result in award suspension

  38. TOPS Retention Requirements: Award Reinstatement • Students whose awards are suspended for failure to meet GPA or Steady Academic Progress requirements may be reinstated upon attainment of the required GPA • Period of ineligibility may not persist for more than two years

  39. Contact LOSFA www.osfa.la.gov custserv@osfa.la.gov (800) 259-5626 Ext. 1012 (225) 922-1012

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