Types of Aid Available and Determining Eligibility
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.
Types of aid may be divided into two categories:
- Gift Aid - scholarships and grants
- Self-help Aid - student loans and work-study
Gift aid does not require repayment. Scholarships generally are awarded on the basis of academic achievement or for services rendered, while grants are typically awarded based on financial need.
Self-help aid is not "free money" like gift aid. It comes in the form of loans and employment. A loan is money that must be repaid with interest. Work-study provides students the opportunity to work and earn money to assist with educational expenses.
Some types of gift aid and self-help require a student to demonstrate financial need. Most federal programs are considered need-based aid. Financial need is determined by the University using the following formula:
Cost of Attendance - EFC - Resources = Financial Need
Cost of attendance is an estimate of how much it will cost a student to attend an educational institution for an academic year. It includes tuition and fees, room and board, books and supplies, transportation and personal expenses. With the exception of tuition and fees, all of the cost of attendance components are based on averages and are not student specific. Resources include scholarships, tuition waivers and other types of non-federal aid (usually gift aid). The cost of attendance figure does represent a figure you will owe the University. Tuition and fees are the only costs paid directly to the University.