Fin

anci

al A

id W

orks

hop

2007

-200

8

Financial Aid Fundamenta

ls

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

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

8Financial Need

COST OF ATTENDANCE

 

- EXPECTED FAMILY CONTRIBUTION

 

FINANCIAL NEED

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

8Types of Financial Aid

ScholarshipsGift Aid – Based on Merit

GrantsGift Aid – Based on Need

Employment Opportunities

LoansMust be repaid – may be based on need

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

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.

Fin

anci

al A

id W

orks

hop

2007

-200

8 Go Grant

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

8ECG

Regents approved full-time tuition and mandatory fees

+ $2000

- Federal Grant Aid

Education Cost Gap (ECG)

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

8

Fin

anci

al A

id W

orks

hop

2007

-200

8TOPS Award Levels

Opportunity Award

Performance Award

Honors Award

Tech Award

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

8Tech Award Eligibility Requirements

Tech Award: ACT of 19 SAT of 900

TOPS General Eligibility Requirements

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

8Award Acceptance

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

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

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

Fin

anci

al A

id W

orks

hop

2007

-200

8Contact LOSFA

www.osfa.la.gov

custserv@osfa.la.gov

(800) 259-5626 Ext. 1012

(225) 922-1012