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Available Types of Financial Aid

Grants and Scholarships

Federal Pell Grant

Created as the cornerstone of federal aid for needy undergraduate students, the Federal Pell grant program provides funding for undergraduates demonstrating high levels of need (students who already have their first degree of bachelors or higher are not eligible for Federal Pell). Through the Academic Competitiveness Grant, additional funding is available to freshman and sophomore Federal Pell recipients who meet certain academic criteria.

Federal Supplemental Educational Opportunity Grant (SEOG)

Federal SEOG provides additional grant funding for undergraduates, primarily to supplement the grants of Federal Pell recipients.

Louisiana's Tuition Opportunity Program for Students (TOPS)

Louisiana's TOPS is a comprehensive program of state scholarships with three levels: the Opportunity Award; the Performance Award; and the Honors Award. Each award has specific eligibility and selection criteria, including, ACT score, and completion of a specified high school college preparatory core curriculum, and grade point average of the core courses. Click here for more information.

Institutional Scholarships and Grants

LSUHSC schools award scholarships and grants funded through institutional sources, the LSUHSC Foundation, and generous donations. See the school specific sections of the LSUHSC-NO Catalog/Bulletin for details.

LSUHSC Hardship Waiver

This is a need based grant program meeting a State legislative mandate to set aside a portion of funds from tuition increases to alleviate the impact of those increases for needy students. Funds are awarded to Louisiana residents demonstrating significant financial need; this is defined as an official Expected Family Contribution (EFC) Free Application for Federal Student Aid result in the Federal Pell-Eligible range. Due to limited available funds, the school may consider for funding only applicants with Zero EFC and no other significant gift assistance. Awards are made on a first come first served basis. Award amounts vary.

Louisiana Go Grant

Louisiana Go Grant is a state aid program designed to supplement grant assistance for Louisiana resident Federal Pell Grant recipients, with a target goal of funding 60% of recipients’ calculated financial need (Cost of Attendance – Expected Family Contribution) with gift (scholarship & grant) assistance.

Eligibility

Only Louisiana residents, and in some cases students who may not be Louisiana residents but whose non-custodial parents are Louisiana residents, are eligible for consideration.  Go Grant is available only during semesters in which recipients are enrolled at least half time and concurrently receiving Federal Pell Grant funding.  Students 25 and older by the first calendar year of the award year receive priority consideration.  Due to limited funding some eligible students may not be funded.

Amounts

State regulations limit Go Grant funding to $1500 per semester, $3000 per academic year.  LSUHSC New Orleans awards funding based on the maximum level for recipients assessed the maximum University Fee for the semester, and half of the maximum level for students assessed less than the maximum University Fee for the semester (due to reduced course load).  Students taking less than six hours in a semester are ineligible for Go Grant funding for the semester.

Selected candidates receive the lesser of the amounts discussed above or an amount that brings total grant funding up to 60% of calculated financial need for the semester at the time the candidate is selected for funding.  Students already receiving 60% of calculated financial need form other gift assistance (at the time of Go Grant award) do not receive Go Grant funding.

Award Procedure

LSUHSC New Orleans selects Go Grant Recipients on a semester by semester basis shortly after the 14th class day of each semester.  If available funding is insufficient to fund all eligible candidates for the semester, candidates are funded in Free Application for Federal Student Aid (FAFSA) process date order, with students meeting both the age priority criteria discussed above and the LSUHSC priority FAFSA process deadline for the academic year funded first.  New and continuing students as well as first time and prior Go Grant recipients are considered on an equal basis.  Due to limited available funding, some students receiving Go Grants in the Fall semester may not be funded in the Spring semester.

For more information regarding Louisiana Go Grant please visit http://www.osfa.state.la.us/.    Click “LOSFA Programs”, then “Go Grant”.

Fee Waivers and Stipends

Fee waivers and stipends are available to qualified students. Contact the program in which you are interested for further information on this type of aid.

Federal Loans

The Student Financial Aid Office offers assistance to students through the following Federal long-term loan programs. Repayment of these loans is deferred as long as the borrower is enrolled for at least a half-time course load. In school deferment for Nursing Student Loans and the Dental Health Professions Student Loans is limited to study in the respective heath care discipline. Specific qualifications for the loan programs are listed below.

Federal Perkins Loan

This loan requires evidence of financial need for eligibility. The interest rate is 5% and does not accrue while the student is enrolled on at least a half-time basis. There are provisions for cancellation for designated public service in some health professions.

Federal Direct Subsidized/Unsubsidized Loan Program

These federal loans feature a subsidized need based component and an unsubsidized non-need based component. The government does not charge interest on the subsidized component during qualifying in-school, grace and deferment periods. The interest rate is fixed for loans borrowed each academic year based on a 10 year Treasury Note rate plus an add-on percentage (2.05% for undergraduate, 3.6% for graduate/professional). For details regarding Federal Direct Stafford loan interest rates see http://ifap.ed.gov/eannouncements/080913DirectLoanInterestRate2013t2014Eff070113.html.

► Federal Direct Subsidized/Unsubsidized Loan Academic Year Limits ◄

Medical and Dental students can generally borrow up to $40,500 for a nine month academic year, with some adjustment for longer and shorter academic years.  Public Health students can borrow up to $32,500 per nine month academic year, with some adjustment for longer and shorter borrowing periods.

Academic year loan limits for other students are as follows.

Dependent sophomore – $6,500   Independent sophomore – $10,500

Dependent junior/senior – $7,500   Independent junior/senior – $12,500

Graduate/professional (other than Medicine Dentistry and Public Health) – $20,500

These amounts may be reduced based on the applicable Student Standard Budget and other aid received. The Subsidized component is limited to the lesser of the Student Standard Budget minus the Expected Family Contribution and other aid received, or as follows.

Sophomore – $4,500 Junior/Senior – $5,500

Federal Direct PLUS Loans

Through the Federal Direct PLUS program, graduate level students and the parents of undergraduate dependent students can borrow additional funds for educational expenses. The interest rate is fixed for loans borrowed each academic year based on a 10 year Treasury Note rate plus 4.6%. Total funding including PLUS must not exceed the student budget established by the school.  For details regarding Federal Direct PLUS loan interest rates see http://ifap.ed.gov/eannouncements/080913DirectLoanInterestRate2013t2014Eff070113.html.

Federal Direct Loan Origination Fees

The federal government retains origination fees form direct loans, reducing the net disbursements.  The standard origination fee for Federal Direct Stafford loans is 1%; the standard origination fee for PLUS loans is 4%.  Federal budget sequester has resulted in fractional and increases to these fees.  For loans with first disbursements between 12/1/13 and 9/30/14 the fees will be 1.072% for Federal Direct Stafford and 4.288% for Federal Direct PLUS.

Nursing Student Loan

Masters degree seeking graduate Nursing students demonstrating financial need are candidates for the Nursing Student Loan. The loans are interest free during qualifying in-school, grace and deferment periods, and 5% interest rate during repayment.

Health Professions Student Loan

Dental students demonstrating financial need after assessment of both student and parent resources may receive funding through this program. These loans are also interest free during qualifying in-school, grace and deferment periods, and 5% interest rate during repayment.

►►Note Eligibility for federal loans is determined based on the results of the Free Application for Federal Student Aid (FAFSA); however, loan applicants must also file promissory notes and complete loan entrance counseling.

Employment

Federal College Work-Study Program (FWSP) provides part-time employment opportunities for college students who are in need of earnings. This program enables students to earn money during the academic year and/or Summer to help defray expenses. The Office is responsible for determining the eligibility of all students who apply for work under this program.

Veterans Benefits

The Veterans Administration officer for the Health Sciences Center is the Registrar, who certifies enrollment and academic load of veterans. The Veterans Administration determines the amount.

Social Security

Students eligible for these benefits should contact their local Social Security Administration office for details.

Emergency Loans

Short-term loans for use in emergency situations relating to education are available through the Office of Student Affairs of each school in the Health Sciences Center. Processing time for checks is two working days following loan approval.

Other Aid Programs

The Health Sciences Center recognizes and administers other programs over which it has no authority to determine qualifications or amounts. Students are required to notify the Student Financial Aid Office promptly of any aid received from outside sources.

Scholarships offered by persons or organizations who determine the recipient and amount but require the funds to be handled through the Health Sciences Center are welcome.