FINANCIAL AID

A BRIEF INTRODUCTION TO FINANCIAL AID

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.

Financial aid is split up into two categories based on the reason the money is
awarded:

    Achievement-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.

4 BASIC TYPES OF FINANCIAL AID PROGRAMS AVAILABLE

GRANTS: Federal or state gift assistance with no obligation for work or repayment.

LOANS: Providing funds now, but with a future repayment obligation.

SCHOLARSHIPS:  Gift assistance with no obligation for work or repayment.

WORK-STUDY:  Part-time work while attending the institution.

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.

 T.O.P.S.
Louisiana ’s Tuition Opportunity Program for Students
For any TOPS information, plus much more.
http://www.osfa.state.la.us

FAFSA – FREE APPLICATION for FEDERAL STUDENT AID
Complete and file the FAFSA and find links to the federal financial programs
and PIN registration. www.fafsa.ed.gov

COMPLETING THE FAFSA
Explains how to complete the Free Application for Federal Student Aid (FAFSA).
It explains the purpose of the FAFSA questions. This site also contains a
section that provides answers to several frequently asked questions (FAQs).
http://www.studentaid.ed.gov/completefafsa

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 postsecondary
institutions, which include Louisiana colleges/universities, technical
institutes and proprietary schools, based upon the school's prior fall
enrollment.
http://www.osfa.state.la.us/schgrt3.htm

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.
http://www.osfa.state.la.us/go_grant.htm

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.
Louisiana Education Loan Authority

ESTIMATED FAMILY CONTRIBUTION CALCULATOR
Multiple calculators (college cost, expected family contribution and financial
aid, and loan).
http://www.finaid.org/calculators

FAFSA4CASTER
Instantly calculates a student's eligibility for federal student aid,
including grants. Reduces the time it will take to complete the FAFSA — the
new tool will pre-populate 51 out of the 102 questions on the FAFSA.
Simplifies the financial aid process for students and their families.
http://www.fafsa4caster.ed.gov/

FIN AID
This site brings together a good deal of information on financial aid and how
to apply for it, including calculators to estimate their EFC (Expected Family
Contribution).
http://www.finaid.org

FIN AID - CALCULATORS
Dozens of tools for calculating college costs, loan payments, savings, and the
expected family contribution (EFC).
http://www.finaid.org/calculators/

FINANCIAL AID RESOURCE CENTER - CALCULATORS
Calculators to determine dependency status, college cost, loan payments and
total payments.
http://www.theoldschool.org/calcs/

FINANCIAL AID RESOURCE CENTER
Links to: Student Loans and Lenders; Scholarship and Scholarship Search;
Education Resource Directory; Compare Student Loans; Federal School Codes;
College Cost Calculator; Applying for Financial Aid and more.
http://www.theoldschool.org

WILLIAM D. FORD FEDERAL DIRECT LOAN PROGRAM
Go to the student’s page to learn more about Direct Loans, how to apply, where
to go for online loan counseling, what free publications are available, and
how to avoid default.
http://www.ed.gov/DirectLoan

NATIONAL ASSOCIATION OF STUDENT FINANCIAL AID ADMINISTRATORS
www.NASFAA.org
N.A.S.F.A.A. is an association of over 3,000 colleges, universities, career
schools, and others with an interest in the effective administration of
student financial aid. This web site provides information on the financial aid
process and directs you to some of the more important and helpful financial
aid guidance on the web.
http://www.studentaid.org/

NELLIE MAE
Nellie Mae helps you be brilliant by providing intelligent student loan
programs to help families pay for college. We work in partnership with the
brightest school administrators to make student loans accessible and offer
timely guidance about borrowing wisely.
http://www.nelliemae.com/

NELLIE MAE - CALCULATORS
Some useful calculators that can help you make informed decisions about award
letter comparison, budget worksheet, education loan comparison and evaluating
repayment options.
http://www.nelliemae.com/calculators/

PLATO LOAN
Resources and information on alternative student loan and student loan.
http://www.platoloan.com

STUDENT GUIDE TO FEDERAL AID PUBLICATION
A comprehensive resource on student financial aid from the U.S. Department of
Education. Grants, loans, and work-study are the three major forms of aid
available through the Department's Federal Student Aid office.
http://studentaid.ed.gov/students/publications/student_guide/index.html

 STUDENT LOAN NET
Contains a free online scholarship search and offers useful financial aid
information, difference between federal and private education loans.
http://www.StudentLoanNet.com

TYPES OF STUDENT FINANCIAL AID
Pell Grants, Campus Based Programs, Federal Supplemental Educational
Opportunity Grant, Federal Work Study, Federal Perkins Loan; FFEL & Direct
Loan Programs, Stafford Loan and PLUS Loan, Consolidation Loan.
http://studentaid.ed.gov/students/publications/student_guide/2004_2005/english/types.htm

U.S. NEWS: FINANCIAL AID AWARD COMPARISONS
Compare financial aid packages/ awards . Financial aid awards often vary
greatly, and comparing them can be difficult. This work sheet helps you
calculate your out-of-pocket costs for each college.
http://www.usnews.com/usnews/edu/college/tools/brief/awards_brief.php

COST OF COLLEGE CALCULATOR
Estimate the cost of a college education.
http://www.collegetoolkit.com/College-Calculators/resCalcCost.aspx

COLLEGE SAVINGS CALCULATOR
Find out how much you need to save every month so that you are financially
prepared for college.
http://www.collegetoolkit.com/College-Calculators/resCalcSave.aspx

EXPECTED FAMILY CONTRIBUTION CALCULATOR
Get a ballpark estimate of your expected family contribution (EFC), an
important factor in determining federal financial aid.
http://www.collegetoolkit.com/College-Calculators/resCalcEFC.aspx

ED FUND
Financial aid and college planning tools for parents and students, plus career
exploration link.
http://www.edfund.org/students/studentsmenu.html

FINANCIAL AID AWARD EVALUATOR
Compare financial aid award packages from various schools side by side.
http://www.collegetoolkit.com/College-Calculators/resCalcEval.aspx

FINANCIAL AID GLOSSARY
Wondering what FAFSA, EFC, and COA stand for? Check out our glossary to get
some answers about commonly used financial aid, scholarship, and college terms.
http://www.collegetoolkit.com/Guides/Financial-Aid/resGlossary.aspx

GUIDE TO FEDERAL FINANCIAL AID
The federal government is the #1 source of financial aid for college-bound
students. Learn more about which programs you may qualify for and how you can
take advantage of these opportunities.
http://www.collegetoolkit.com/Guides/Financial-Aid/resFedFinAid.aspx

LOAN REPAYMENT CALCULATOR
Determine the monthly payments needed to pay off your student loans.
http://www.collegetoolkit.com/College-Calculators/resCalcLoan.aspx

BORROWER BENEFITS CALCULATOR
Estimate how much you can save by taking advantage of a bank's borrower
benefit programs.
http://www.collegetoolkit.com/College-Calculators/resCalcBenefitsGeneral.aspx

LOAN CONSOLIDATION CALCULATOR
Find out how consolidating your loans may impact your repayment terms.
http://www.collegetoolkit.com/College-Calculators/resCalcConsolidationLoan.aspx

VALUE OF COLLEGE CALCULATOR
Get a sense for how valuable a college education really is by comparing
earnings with and without a college degree.
http://www.collegetoolkit.com/College-Calculators/resCalcVal.aspx

WHEN THE NUMBERS DON'T ADD UP
Feel like your financial aid award package isn't enough to make college
affordable? Don't lose hope. Learn about some steps that you may be able to
take as part of the appeals process to financial aid offices. While college is
expensive, it shouldn't leave you bankrupt.
http://www.collegetoolkit.com/Articles/resAward.aspx

COLLEGE EXPENSE WORKSHEET
Develop a budget of all your college living expenses.
http://www.collegetoolkit.com/College-Calculators/resCalcExp.aspx

YOUR FINANCIAL AID AWARD EXPLAINED
http://www.collegeboard.com/student/pay/ways-to-pay/412.html

SELECTING A FINANCIAL AID PACKAGE
Now come the letters you've been waiting for: financial aid award letters. It
is your task to sit down with your family and determine which aid award best
meets your needs.
http://www.collegeboard.com/student/apply/letters-are-in/413.html

HOW TO COMPARE FINANCIAL AID AWARDS
http://www.collegeboard.com/student/pay/ways-to-pay/480.html

DEALING WITH THE FINANCIAL AID OFFICE: SHOULD YOU APPEAL YOUR AID AWARD?
http://www.collegeboard.com/student/pay/ways-to-pay/485.html

FEDERAL STUDENT AID on the WEB
A portal of information on: Applying for College; Applying for Financial Aid;
Federal Student Aid.; Wizards and Searches; and Publications.
https://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp