/Institutions/Franciscan-Missionaries-of-Our-Lady-University/json/2023-2024/Academic-Catalog-local.json

/Institutions/Franciscan-Missionaries-of-Our-Lady-University/json/2023-2024/Academic-Catalog.json

FranU Academic Catalog > Financial Aid and Scholarships > Federal Aid Programs

Federal Aid Programs

Contact Information

The Office of Financial Aid is located on the first floor of the Student Services Building.

Address:
Office of Financial Aid
7525 Picardy Avenue,
Baton Rouge, LA 70808
Telephone: (225) 526-1714, Toll Free (877) 242-3509
Fax: (225) 526-1632
Email: Financial.Aid@ololcollege.edu
Office Hours: Monday - Friday 8:00 a.m. - 4:30 p.m.

 

Franciscan Missionaries of Our Lady University participates in the following Title IV programs:

• Federal Pell Grant
• Federal Supplemental Educational Opportunity Grant
•  Federal Work-Study
• Federal Direct Stafford Loans (Subsidized and Unsubsidized)
• Federal Direct Grad PLUS Loan
• Federal Direct Parent PLUS Loan

 

Federal Pell Grant: The Federal Pell Grant is awarded, based on exceptional financial need, to undergraduate students seeking their first baccalaureate degree. Grants are not required to be repaid. Award amounts range from $740 to $7,395 per academic year, depending on the student’s EFC and number of enrolled hours.

Federal Supplemental Educational Opportunity Grant (SEOG): SEOG is awarded to Federal Pell Grant eligible undergraduate students enrolled at least half-time who demonstrate exceptional financial need. Grant awards range between $100 and $14,000.

Federal Work-study (FWS): FWS provides part-time jobs on campus or in a community service agency. To be eligible for FWS, a student must demonstrate financial need. Students earn an hourly wage and are paid bi-weekly. A student may not earn more than the total award and may not work more than 20 hours per week during periods of enrollment.

Federal Direct Stafford Student Loans: Under the Federal Direct Stafford Loan Program, students enrolled at least half-time may borrow funds from the U.S. Department of Education. Although the FAFSA must be completed, students who do not qualify for a subsidized loan on the basis of need may receive an unsubsidized loan. The amount a student is eligible to receive depends upon the student's classification and dependency status. The subsidized loan is awarded on the basis of financial need and the student will not be charged interest before beginning repayment or during authorized periods of deferment. The federal government "subsidizes" the interest during these periods. An unsubsidized loan does not require a student to demonstrate financial need. Unsubsidized loans accrue interest from the time the loan is disbursed until they are paid in full. Students are required to begin repayment of principal and interest on Stafford Loans six months after they graduate, resign, or cease to be enrolled at least half-time. All students are required to complete an entrance and exit loan interview relative to their repayment obligations. Additional loan information may be secured from the Office of Financial Aid.

Federal Direct Stafford Loan Limits:

*Undergraduate Direct Stafford Loan Limits

Dependent Students	Subsidized	Additional unsubsidized
First Year (29 or fewer earned credit hours)	3,500	2,000
Second Year (30-59 earned credit hours)	4,500	2,000
Third Year & Beyond (60 or more earned credit hours)	5,500	2,000
Independent Undergraduate Students and Dependent Students Whose Parents Cannot Borrow a PLUS Loan	Subsidized	Additional unsubsidized
First Year (29 or fewer earned credit hours)	$3,500	$6,000
Second Year (30 - 59 earned credit hours)	$4,500	$6,000
Third Year & Beyond (60 or more earned credit hours)	$5,500	$7,000
Graduate and Professional Students	Subsidized	Additional unsubsidized
	N/A	$20,500

Aggregate Limits for Federal Direct Subsidized and Unsubsidized Stafford Loans:

Undergraduate Dependent Students: $31,000 (no more than $23,000 of which can be subsidized) Undergraduate Independent Students: $57,500 (no more than $23,000 of which can be subsidized) Graduate and Professional Students: $138,500 (no more than $65,500 of which can be subsidized)

Grad Direct PLUS Loans: Graduate or professional students participating in the Direct PLUS Loan Program are eligible to borrow up to their cost of attendance less other awarded financial aid. The terms and conditions applicable to Direct Parent PLUS Loans also apply to Graduate/Professional PLUS Loans. These requirements include 1) a determination that the applicant does not have an adverse credit history, and 2) repayment beginning on the date of the last disbursement of the loan. Applicants for the Grad Direct PLUS Loans are required to complete the Free Application for Federal Student Aid (FAFSA). Graduate or professional applicants must have applied for their annual loan maximum eligibility under the federal unsubsidized Direct Stafford Loan Program, before applying for a Graduate/Professional PLUS Loan.

Federal Direct Parent PLUS Loans: The Federal Parent PLUS Loan enables parents with a good credit history to borrow to help pay the educational expenses for a dependent undergraduate student enrolled at least half-time. The maximum amount that may be borrowed is equal to the cost of education less any estimated financial aid. This amount will be deducted proportionately from each disbursement. Parent loan proceeds are sent to the school made co-payable to Franciscan Missionaries of Our Lady University and the parent/student. Upon receipt of the funds, the University will retain any tuition and fees due and refund any remaining funds. Repayment begins 60 days after the final disbursement. There is no grace period for this loan.