Summer Financial Aid

The Office of Scholarships and Financial Aid will begin accepting applications for aid for summer 2013 tuition and fee expenses on April 8, 2013.  Your initial aid eligibility will be calculated based on your projected enrollment as noted on your summer application  AND the information on  your 2012-2013  Free Application for Federal Student Aid ("FAFSA") 

You must submit your  summer application  as soon as possible since federal aid must be processed before the end of your enrollment during the summer.

Institutional Scholarship / Grant Programs

Funds for institutional merit scholarship and need-based grant programs are generally earmarked for use during the academic year. No funds will be awarded for the 2013 summer semester.

The one exception will be for veterans who are utilizing  the "Yellow Ribbon GI Bill Education Enhancement Program" . We will also continue the tuition discount program for local law enforcement officers

Federal Aid Programs:

NOTE:   The United States Congress is currently debating how to fund federal programs for the remainder of the 2013 Fiscal Year AND the 2014 Fiscal Year. Learn about which federal aid programs MAY be impacted.

Key concepts and definitions

For purposes of federal financial aid programs at Loyola University New Orleans , an academic year is a period of time  (normally a minimum of 30 weeks or fall plus spring semester) during which a full -time undergraduate student is expected to complete a minimum of 24 credit hours.

Annual grant limits are tied to the completion of an academic year.

Award year refers to the specific enrollment period. The "normal" award year at Loyola is the fall and spring semesters ( currently the 2011-2012 year).  Award years  run from July 1 to June 30.

A "Cross -Over Payment Period" is any period that includes both June 30th and July 1 . For the purposes of federal financial aid programs, this period must be assigned to a specific financial aid award year. These years begin each July 1.

  • Loyola University New Orleans offers a number of summer sessions of differing lengths in an effort to be responsive to the needs of the student body. For the purposes of all federal aid programs, the separate sessions are combined into one  "Cross-over" Payment Period
  • The 2012-2013 Free Application for Federal Student Aid ("FAFSA") will  be used to determine eligibility for all federal aid programs for the 2013 summer semester. 
    • REMEMBBER, you have to complete the 2013- 2014 FAFSA to apply for federa. state, and institutional "need-based " funds for the academic year.
"Satisfactory Academic Progress" Requirements:

Students must be meeting the federal satisfactory academic progress guidelines at the end of the 2011 spring semester in order to continue to participate in federal aid programs for the summer.

Enrollment Requirements:

Eligibility for federal Stafford loans is limited to the difference between the amount borrowed during the previous Fall/ Spring semesters and the maximum loan limits for each specific grade level as set by the U.S. Department of Education.

You must be registered for and maintain at least six hours (undergraduate) or three hours (graduate) before we can award you summer financial assistance, and to remain eligible for it. All courses taken must apply towards your degree rquirements.

An exception to the half-time enrollment rule may apply to Pell Grant recipients.

ALL HOURS TAKEN MUST APPLY TOWARDS YOUR DEGREE PROGRAM.

Please remember that you must officially accept any federal loans that we offer to you. This gives us permission to forward your information to the lender of your choice.

Loan "Exit" Counseling for Summer Graduates

Students who have utilized the Federal Student Loan Prorams AND who will be completing their degree requirements  will need to complete an online "exit counseling" session. The point of this requirement is to make sure that you understand your rights and responsibilities as you enter repayment.

Louisiana TOPS Scholarship  Program Changes

The following is an important change to TOPS that you need to be aware of as you prepare for pre-registration for the  2013 summer and fall semesters:

  • TOPS will pay for summer sessions for TOPS recipients who have earned 60 or more credit hours prior to the beginning of the summer session. To utilize TOPS for a summer session you must complete the 2013 Summer Session Payment Request and Acknowledgment form and enroll full-time.
  • Your TOPS award is limited to eight (8) semesters (unless awarded with a penalty) and using TOPS for a summer session will count as one of your eligible term payments and will reduce your remaining TOPS semesters by one.
  • The 2013 Summer Session Payment Request and Acknowledgment form is available on the LOSFA Portal, www.osfa.la.gov.
    • The completed form must be submitted to your campus Financial Aid Office when requesting TOPS for the summer session.

If you have questions concerning this or other TOPS matters, please contact a LOSFA Public Information Representative at 1-800-259-5626, ext 1012 or at custserv@osfa.la.gov.
 

Additional Financing Options :

The following websites contain information on other alternatives for financing that can be used to supplement your financial aid award. Please be aware that if the parent of a dependent student applies for a federal Plus loan and it is denied we can offer the student an additional Unsubsidized Stafford loan, which must be requested by the student in writing. The maximum loan limits for each specific grade level are set by the United States Congress.

"When Will I Receive My Aid ?"

Please note that if your enrollment of 6 hours (undergraduate)/5 hours  is between two summer sessions, The loan can not be disbursed until the beginning of the second summer session. Please be aware of this when looking at your bill and remember that you will receive the full amount of your loan for the summer semester. If your loans cover your charges, the Student Finance Office will not charge you late fees.

Remember, you must annually complete a FAFSA if you want to apply for all federal and state financial aid programs (including the Louisiana TOPS scholarship program)

 

 

Updated April 17, 2013