The following information regarding sources of financial aid are only for citizens and eligible non-citizens. International students, as per federal regulations, are not eligible for Title IV funding.
In addition to federal and state government financial aid programs, students may be eligible for institutional funds. These funds are limited and therefore not guaranteed. For more information contact your school and financial aid advisor.
Be aware
During the course of the school year, a student may receive additional funding beyond the budgeted amount. If this occurs, the over award amount will be repaid to either the source or to the highest interest-bearing loan.
Loans
Federal subsidized Stafford loan
Requirements:
1. 2008-2009 renewal/FAFSA application
2. LLU online program of study data
3. Conditions of financial aid
4. Supplemental eligibility form
5. Signed master promissory note
6. No previous student loan default problems
7. Maintain half-time student status
8. Have not exceeded annual/aggregate limits
9. Enrolled in an accredited degree or certificate program
Amount: Between $4,500 and $8,500 per academic year depending on academic status.
Additional information: Interest is a fixed 6.80 percent and is deferred while the student attends school for at least half time. Repayment begins after a six-month grace period following graduation or a drop to less than half-time enrollment. Financial aid funds are disbursed on a quarterly basis in equal installments and will be credited to the student's account. This loan is interest free as long as you remain at least a half-time student in an accredited degree or certificate program.
Legislation allows a lender to deduct up to 4 percent origination fee from each subsidized disbursement. However, LLU partners with some lenders who have no fees deducted from their disbursements. Please contact the lender of your choice to verify orgination fees.
Graduation deferments for new borrowers as of 7/1/93 are limited to:
Perkins (formerly NDSL, National Direct Student Loan)
Requirements:
1. 2008-2009 renewal/FAFSA application
2. LLU online program of study data
3. Conditions of financial aid
4. Supplemental eligibility form
5. Signed master promissory note
6. No previous student loan default problems
7. Maintain half-time student status
8. Have not exceeded annual/aggregate limits
9. Enrolled in an accredited degree or certificate program
Amount: Determined by a computer calculation, based on need.
Additional information: These are long-term loans. There are separate lifetime and annual limits for graduate and undergraduate students. Interest on this loan for continuing borrowers is at a rate of 5 percent and is deferred while the student attends school. There is a nine-month grace period following graduation before repayment. Regardless of independent status, LLU requires that parents' income information be included on the FAFSA application.
As of 7/1/93, deferment provisions for a Perkins loan are the same as the deferment provisions for the federal subsidized Stafford loan.
Requirements:
1. 2008-2009 renewal/FAFSA application
2. LLU online Program of Study Data
3. Conditions of financial aid
4. Supplemental eligibility form
5. Signed promissory note
6. No previous student loan default problems
7. Maintain half-time student status
8. Have not exceeded annual/aggregate limits
9. Enrolled in an accredited degree or certificate program
Amount: Determined by computer calculation, based on need.
Additional information:
Unsubsidized federal Stafford loan
Requirements:
1. 2008-2009 renewal/FAFSA application
2. LLU online program of study data
3. Conditions of financial aid
4. Supplemental eligibility form
5. Signed master promissory note
6. No previous student loan default problems
7. Maintain half-time student status
8. Have not exceeded annual/aggregate limits
9. Enrolled in an accredited degree or certificate program
Amount: Depending on eligibility, a student may receive both subsidized and unsubsidized federal Stafford loans totaling the applicable Stafford loan limit set by Congress. However, if the student does not qualify for the full amount permitted under the subsidized Stafford loan program, that amount may be converted into an unsubsidized Stafford loan.
Additional Information: This loan has the same terms and conditions as subsidized Stafford loans, except interest will accrue while the student is in school and only when the money is disbursed. Accrued interest may be added to the principal amount of the loan.
Legislation allows a lender to deduct up to 4 percent origination fee from each unsubsidized loan disbursement. However, LLU partners with some lenders who have no fees deducted from their disbursements. Please contact the lender of your choice to verify orgination fees.
Annual combined maximum for subsidized and unsubsidized Stafford loans:
The annual limit is a combination of subsidized and unsubsidized Stafford loans.
Undergraduate limit
Graduate
Federal Pell Grant
Pell Grants are awarded solely on demonstrated financial need to every eligible undergraduate student who hasn't already earned a bachelor's or professional degree. Pell Grants don't need to be repaid. The funds can be used for tuition, fees, and living expenses. You can even receive a Pell Grant if you're attending college less than half time.
When you file the FAFSA, you're automatically considered for a Pell Grant. For the 2008-2009 award year, Pell Grants for full-time students ranged from $890 to $4,731. The amount of your Pell Grant will depend on your financial need, your college costs, and whether you're attending college full time or part time. You can receive only one Pell Grant a year, and you may not receive Pell Grant funds to attend more than one college at a time.
Check with the Office of Financial Aid to see if you qualify for a Pell Grant.
Federal supplemental educational opportunity grants (SEOG)
These grants range between $100 and $2,400 per year and are offered to undergraduate students who have exceptional financial need, with priority given to Pell Grant recipients. Unlike Pell Grants there's no guarantee every eligible student will receive one. In addition, funds are limited. These grants don't need to be paid back.
Cal Grant
The Cal Grant Program is a state-funded educational opportunity grant program to assist students in paying for a college education. It provides grant funds to help pay tuition/fees for California residents at qualifying institutions. If you didn't receive an Entitlement Cal Grant award you can apply for a competitive award using the 2008/2009 FAFSA and a GPA verification form (found at any college.) The deadline to submit both the FAFSA (all corrections need to be completed by the March deadline) and GPA verification form is March 2, 2008.
To be eligible for a Cal Grant you must:
Cal Grant income and asset ceilings 2008 to 2009
|
Income |
Cal Grants A & C |
Cal Grant B |
|
|
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|
Dependent and independent students with dependents* |
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|
Family size |
||
|
Six or more |
$88,300 |
$48,500 |
|
Five |
$81,900 |
$44,900 |
|
Four |
$76,400 |
$40,200 |
|
Three |
$70,300 |
$36,100 |
|
Two |
$68,700 |
$32,100 |
|
Independent |
||
|
Single, no dependents |
$28,000 |
$28,000 |
|
Married |
$32,100 |
$32,100 |
|
Assets |
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|
Dependent and independent students with dependents* |
||
|
$59,100 |
$59,100 |
|
|
Independent |
$28,100 |
$28,100 |
* Applies to independent students with dependents other than a spouse.
National medical fellowship (NMF)
To qualify, an applicant must be a US citizen from one of the following underrepresented minority groups as defined by NMF: American Black, Mexican American, American Indian, and mainland Puerto Rican. NMF is a nonprofit organization that provides grants-in-aid for first- and second-year students judged by NMF to be in need of financial assistance. Application may be obtained from the National Medical Fellowships Inc., 5 Hanover Square, 15th Floor, New York, New York 10004.
National public health scholarships
The federal government sponsors the national public health service scholarships. These very competitive awards carry a service commitment after a medical residency in an underserved area in the United States. The award covers full tuition, fees, books, and supplies plus a stipend for living expenses. Early submission is recommended.
Armed forces health professions scholarships
These scholarships are available to a limited number of applicants. The scholarship provides full payment of direct (tuition, fees, books, etc.,) educational costs and a stipend for living expenses. Each carries a service commitment. Students interested in applying for these programs are encouraged to discuss options at the Office of Financial Aid before making a commitment. You may obtain descriptive brochures and applications for these programs by contacting the respective armed forces recruiter.
Free scholarship search web sites
CollegeBoard.com--Paying for college
http://www.collegeboard.com/student/pay/index.html
Cost effective college
http://www.costeffectivecollege.com/frameset.htm
FastWeb--free scholarship searches
http://www.fastweb.com/
Scholarships.com--free scholarship searches
http://www.scholarships.com/
Mach25 database--free scholarship searches
http://mach25.com
Finaid--The Smart Student Guide to Financial Aid
http://finaid.org
The Debt Free Grad--The student's online source for financial advice
http://www.debtfreegrad.com/
The federal work study program is a federally-funded employment program.
Employment opportunities are available to students who have demonstrated financial need according to the renewal/FAFSA application. Awards are need-based and are part of the student's financial aid package. A student may inquire about employment after arriving on campus at the Office of Financial Aid.
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Last Revised: Thu, Jan 31, 2008