Four Basic Types of Financial Aid Programs Available
federal or state gift assistance with no obligation for work or repayment
providing funding for school now, but with an obligation to repay the loan, with interest.
gift assistance with no obligation for work or repayment. There are a variety of scholarship qualifications!
Work-study involves working part-time while attending your institution
One main resource for financial aid information is the Office of Student Financial Assistance
Click on sub-topics across the top menu to explore information in a number of areas. These include: LOSFA Programs, LOSFA Outreach, Financial Aid 101, Louisiana Colleges, START Savings Program, Schools Homepage (listing TOPS information and standards) and a section for "Students and Parents" followed by a "Lending" section. Take the time to check out this website; you will find a wealth of resources for your search for college and financial aid information. A full list of LOFSA scholarships and grants is also available here.
Apply for federal financial aid (FAFSA) beginning January 1st; however, remember each college has its own financial aid network/package for which you would be eligible for consideration BEFORE January.
Helpful websites for completing the Free Application for Federal Student Aid (FAFSA)
January 1st opens for applying; deadline is July 1st of each year; best to apply by March for the purpose of first come, first serve.
Financial aid programs provide support for students to help meet the costs of obtaining a college education. Funding for such programs is provided by the federal and state governments, the individual colleges and universities, and a variety of other public and private sources.
Leveraging Educational Assistance Partnership (LEAP)
This program uses federal and state funds to provide need-based grants to academically qualified students. LOSFA allocates funds to post-secondary institutions, which include Louisiana colleges/universities, technical institutes and proprietary schools, based upon the school's prior fall enrollment.
Louisiana GO Grant Program
The purpose of this program is to provide a need-based component to the state's financial aid plan to support nontraditional and low to moderate-income students who need additional aid to afford the cost of attending college.
The Louisiana Education Loan Authority (LELA) is a non-profit, public trust established to bring financing assistance and advantages to the people of Louisiana. Lela, the student loan division of the LPFA, acts as a low cost source of student loan financing for higher education.
Financial aid is housed into two categories based on the reason the money is awarded:
Merit-based aid is awarded to students who have a special characteristic, skill, talent, or ability. Typically achievement-based aid is in the form of scholarships.
Need-based aid is provided to students who demonstrate financial need. Most financial aid, particularly public-funded aid, is awarded on the basis of financial need determined through the application process and in accordance with a prescribed federal formula.
Most often, financial aid will come to you in the form of a package consisting of a combination of the different types of aid available. The combination of aid offered depends on the availability of funds, your eligibility, the timeliness with which the application process is completed, and your year in school.