Post on 13-Jan-2016
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8
Financial Aid Fundamenta
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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
Academic Year
Tuition & Fees
Room & Board
Books & Supplies
Trans-portation
Personal Expense
Total
2008-2009 $4,898 $9,587 $1,040 $992 $1,697 $18,214
2009-2010 $5,094 $9,970 $1,082 $1,032 $1,765 $18,943
2010-2011 $5,298 $10,369 $1,125 $1,073 $1,836 $19,701
2011-2012 $5,510 $10,784 $1,170 $1,116 $1,909 $20,489
Total $20,800 $40,710 $4,417 $4,213 $7,207 $77,347
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8Basis 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
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8Financial Need
COST OF ATTENDANCE
- EXPECTED FAMILY CONTRIBUTION
FINANCIAL NEED
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8Financial Need
Cost of Attendance (COA)Tuition and feesRoom and boardBooks and suppliesTransportationMiscellaneous personal expenses
Expected Family Contribution (EFC)IncomeAssets (excluding the family home)Family sizeNumber of family members attending college (excluding parents)Age of parents
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8Types of Financial Aid
ScholarshipsGift Aid – Based on Merit
GrantsGift Aid – Based on Need
Employment Opportunities
LoansMust be repaid – may be based on need
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8Sources of Financial Aid
State Tuition Opportunity Program for Students (TOPS)GO GrantLEAP GrantRockefeller State Wildlife ScholarshipLa. Guaranteed Student LoansSTART Saving Program
FederalPell GrantFSEOG GrantAcademic Competativeness Grant (ACG)SMART GrantPerkins LoansStafford Loans
InstitutionalPrivate
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8Institutional Aid
Each institution has its own merit-based scholarship programs
Many schools have their own need-based aid programs
Investigate aid opportunities earlyEach 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
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8Private 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.
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8 Go Grant
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8Go 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
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8Eligibility Requirements
Louisiana ResidentMust 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); or25 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
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8ECG
Regents approved full-time tuition and mandatory fees
+ $2000
- Federal Grant Aid
Education Cost Gap (ECG)
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8Grant Amounts
Maximum Annual Award: $2,000Full-time: $1,000 per semester
Half-time: $500 per semester
Less than Half-time: $250 per semester
Maximum Aggregate Award: $10,000
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8Retention 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
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8
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8TOPS Award Levels
Opportunity Award
Performance Award
Honors Award
Tech Award
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8General Eligibility Requirements
A student must be a U.S. citizen, or a permanent resident who is eligible to apply for citizenshipAny 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 convictionsExcludes misdemeanor traffic violations
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8“Alternate” Eligibility Requirements:
BESE Approved Home StudyAlternate 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
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8ACT
Highest composite score will be consideredTOPS does not consider the Essay portion of the ACT in calculating the composite score needed to qualify
ACT Registration TOPS Code 1595Social Security Number
ACT DeadlinesWithout penalty: April of graduating yearLoss 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
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8SAT
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 DeadlinesWithout Penalty: March of graduating yearLoss of 1 semester eligibility: May and June of graduating year
SAT Registration Scholarship Code 9019Social Security Number
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8Opportunity 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
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8Opportunity 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 degreeVocational or technical certificateNon-academic degree
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8Opportunity 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 majorCourses required for major only offered in summerGraduation during summerTechnical Programs
A TOPS award may be combined with other forms of financial aid up to the “Cost of Attendance” for the institution
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8Opportunity 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
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8TOPS Eligible Institutions:
LAICUCentenary 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
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8Performance Award
Eligibility RequirementsPerformance Award: ACT of 24
SAT of 1090
TOPS general eligibility requirements
Award BenefitsProvides the same benefits as the Opportunity award, plus
$400 annual stipend
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8Honors Award
Eligibility RequirementsHonors Award: ACT of 28
SAT of 1240
TOPS general eligibility requirements
Award BenefitsProvides the same benefits as the Opportunity award, plus
$800 annual stipend
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8Tech Award Eligibility Requirements
Tech Award: ACT of 19 SAT of 900
TOPS General Eligibility Requirements
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8Tech 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 pursuevocational or technical education certificate or diploma
or non-academic degree in skill or occupational training
May receive for two yearsSummer terms are covered
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8TOPS 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 aidIn the event of a budget shortfall, students completing the TOPS Online Application will be the first to lose their TOPS award
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8Application Deadlines for
2008 GraduatesInitial Application Receipt
DateReceives TOPS funding for:
Jan. 1 – July 1, 2008 8 semesters (12 quarters)
Beginning 2008-2009
July 2, 2008 – July 1, 2009 8 semesters (12 quarters)
Beginning 2009-2010
July 2, 2009 – Aug. 29, 2009 7 semesters (10 quarters)
Beginning 2009-2010
Aug. 30, 2009 – Oct. 29, 2009 6 semesters (9 quarters)
Beginning 2009-2010
Initial Applications Received After October 29, 2009
Ineligible for TOPS
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
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8TOPS 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 letterTOPS 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.gov after May 1st
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8Award Acceptance
Must enter an eligible institution as a full-time student by the fall semester following the first anniversary of high school graduation
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8TOPS 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
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8TOPS Retention Requirements:
Credit HoursMust 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
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8TOPS Retention
Requirements: GPAAt the end of each academic year (Spring term), the following cumulative college GPA must be maintained:
Opportunity Award2.30 first academic year2.50 all subsequent academic yearsOpportunity award recipients who fail to maintain the retention GPA will be suspended
Performance and Honors Awards: 3.00Performance 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
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8TOPS 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
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8TOPS Retention Requirements:
Award ReinstatementStudents 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
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8Contact LOSFA
www.osfa.la.gov
custserv@osfa.la.gov
(800) 259-5626 Ext. 1012
(225) 922-1012