Financial Aid. and TOPS

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2 Financial Aid and TOPS

3 Financial Aid

4 The Application Complete the FAFSA (By May 1) Receive copy of Student Aid Report (SAR) (electronic or paper depending on how you file) Institutions receive electronic copy of the SAR Receive letter from UL Financial Aid requesting documents

5 The Process Requested Documents Include: Data Form-completed on ULINK (required) Verification Worksheet (if needed) Signed copy of 2008 Federal Tax Returns for parent and student (if needed) Award Letter: Lists federal programs and amounts Must be signed and returned to Financial Aid

6 Grants Pell Grant Awards range from $976 - $5,350 per year for SEOG Grant Awards average $600/year Must be full Pell Grant eligible GO Grant (Louisiana) Full Time - $2,000

7 Grants ACG 1st Year Awards are a maximum of $750 per year 2 nd Year Awards are a maximum of $1,300 per year SMART Grant Awards are a maximum of $4,000/year Juniors/Seniors in a Science major

8 Federal Stafford Loans (Subsidized/Unsubsidized) $5,500 maximum per year for Freshmen No more than $3,500 Subsidized Fixed interest rate: 5.6% Sub. and 6.8% Unsub. Borrow from lending institution (no credit check) Repayment begins 6 months after graduation Online Entrance Counseling required Electronic Master Promissory Note signature required Student will be notified via UL .

9 Perkins Loans Need Based $5,500 maximum annual award 5.0% fixed interest rate Borrow from the University (Limited Funds) Entrance Counseling & MPN Required Cancellation Privileges Some Teachers Medical Careers-patient contact (Nurse, EMT) Police Officers Child and Family Service Careers

10 Federal PLUS Loans Parent Loan for student expenses Fixed interest rate: 8.5% Borrow from a lending institution Credit Check-if denied student can receive an Unsubsidized Stafford up to $4,000/year Repayment begins 60 days after loan is fully disbursed Amount is limited by cost of attendance less other resources

11 Federal Work Study Need Based Work a maximum of 15 hours per week On Campus Minimum wage $7.25/hr (effective 7/24/09) Off Campus Community Service Paid $8.55/hour for transportation costs (effective 7/24/09) Limited funding Once you receive award letter apply in Foster Hall Room 221

12 Satisfactory Academic Progress (SAPS) Classification Required GPA Semester Hours Earned Freshmen (1-29 hrs) Soph./Junior/Senior (30+ hours) hrs if full time % registered hours Probation-eligible for aid Suspension NOT eligible for aid

13 TOPS

14 The Application Complete FAFSA No-Penalty Deadline: July 1, 2009 Severe Penalties if you apply after July 1 Must wait 1 year to receive TOPS money Applications received after October 31, 2009 will NOT be considered

15 How much does TOPS pay per semester? Opportunity $1,341 Performance $1,541 Honors $1,741

16 UL Lafayette semester costs? Tuition & Fees $2,000 Room & Board (traditional dorms) $2,350 Books and Supplies $ 600 **estimated figures**

17 TOPS Rules A student must be full-time through the 14 th class day in order for the university to bill LOSFA for the funds. A student must earn 24 credit hours each academic year (Fall/Spring)

18 TOPS Rules Must earn 24 credit hours each academic year Hours earned in summer session courses do not count! Hours earned in advanced placement courses do not count! Hours earned in remedial courses required by the institution do count!

19 TOPS the Most Important 24 Hours of the Year! Tops Awards are cancelled if students do not have 24 earned hours by the end of the Spring semester. TOPS is lost forever!

20 TOPS Rules Must have a cumulative 2.0 GPA at the end of the Fall Semester to receive TOPS for the Spring Semester Should renew your FAFSA every year by July 1 (File taxes, file FAFSA)

21 TOPS Rules Meet the Required Cumulative GPA at the end of the Spring Semester: Opportunity 2.3 (1st academic year) 2.5 (all subsequent years) Performance 3.0 Honors 3.0

22 TOPS Students should report the following to the Financial Aid Office. Any grade changes made after the semester has ended Exceptions approved by LOSFA

23 When does TOPS pay? Tops awards are usually posted onto student accounts by: Mid-October in Fall semesters and Mid-March in Spring semesters

24 Tuition Deferments TOPS/Financial Aid TOPS recipients will have a TOPS Deferment automatically posted to their student account. Financial Aid recipients must request a tuition deferment via ULink. Students only need one deferment to reserve class schedule.

25 What about my bill? Financial Aid will not be posted onto ULink until August 15 th assuming loan funds are received from the lender. F.A. or TOPS Deferment on your statement of account means you have a tuition deferment. and Your Fall 2009 Class Schedule will be RESERVED FOREVER (unless students drop via ULink)! **Dollar amounts will not show on statement of account**

26 Who to Contact? LOSFA - TOPS Office ext FAFSA FED-AID ( ) UL Lafayette Financial Aid Office , option 0 finaid@louisiana.edu

27 Questions