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FINANCIAL AID AND SCHOLARSHIPS The Office of Financial Aid at Our Lady of the Lake College administers and coordinates student financial assistance from federal, state, institutional and private sources. Resources are available to augment what a student and/or a student's family is able to contribute to educational costs. The goal of the Office of Financial Aid is to attempt to meet the student’s documented financial need, within funding limitations, for all students who have completed required application processes. Our Lady of the Lake College offers several scholarships and participates in Federal Title IV programs including grants, loans and student employment. Counseling is also available for new and returning students to assist them with understanding cost of attendance, financial aid opportunities, money management and packaging procedures. The Office of Financial Aid is located on the first floor of the Administration Building.
Address: Office of Financial Aid, 5414 Brittany Drive, Baton Rouge, LA
70808 Institutional ScholarshipsOnly students who have been admitted to Our Lady of the Lake College will be considered for scholarships. An application process is required for scholarship consideration, but does not guarantee that an award will be granted. Incoming Freshman ScholarshipsBoard of Trustees Honors Scholarship: The Board of Trustees Honors Scholarship is automatically awarded to incoming first-time, full-time freshman who meet the following criteria: · High school graduates with honors defined as a cumulative high school grade point average of 3.5 or higher · ACT score of 20 or higher The Board of Trustees Honors Scholarship is $500 per fall/spring semester for a maximum of eight semesters. Board of Trustees Opportunity Scholarship: The Board of Trustees Opportunity Scholarship was established by the Board of Trustees of Our Lady of the Lake College as a scholarship for high school seniors who are admitted to the College upon recommendation of their high school principal or guidance counselor for their potential academic achievement and interest in pursuing a career in the health sciences. In addition to being recommended by their high school principal or counselor, students must meet the following criteria: · High school grade point average of 3.0 or higher · Candidates must complete a Free Application for Federal Student Aid (FAFSA) and demonstrate financial need The Opportunity Scholarship is $500 per fall/spring semester for a maximum of eight semesters. Franciscan Assistance Award: The Franciscan Assistance Award has limited funding and, therefore, is awarded on a first-come, first-served basis to students meeting the following criteria: · High school grade point average of 3.0 or higher · Candidates must complete a Free Application for Federal Student Aid (FAFSA) and demonstrate financial need The Franciscan Assistance Award is $1,000 per fall/spring semester for a maximum of eight semesters. Franciscan Scholars Scholarship: The Franciscan Scholars Scholarship is awarded to five outstanding entering freshmen who have demonstrated leadership skills, who are among the top few in their class in academic performance, and who show promise of continuing performance in college and beyond. Students meeting the following criteria must submit the Franciscan Scholarship Application and an essay to be considered. · High school grade point average of 3.5 or higher · Competitive ACT score · Record of leadership The award amount is equal to the difference between full tuition/fee costs and TOPS. Students may receive the award for a maximum of eight semesters. Foundation ScholarshipsAll financial aid applicants will be considered for Lettie Pate Whitehead and UPS Scholarships. Generally, these scholarships are awarded to continuing students. Lettie Pate Whitehead Scholarship: Qualifications: · Candidates must be female · Candidates must be Christian · Candidates must be seeking a degree in nursing or allied health · 2.5 cumulative GPA The award is up to$1,000 per semester for two semesters. UPS Scholarship: The UPS Scholarship is awarded upon recommendation of the Office of Financial Aid to students who demonstrate financial need as determined by the Free Application for Federal Student Aid (FAFSA). Ambassador Scholarship: To apply for the Ambassador Scholarship, students must complete and submit the Ambassador Scholarship Application to the Office of Student Services. The Ambassador Scholarship is awarded to selected students based on nomination by faculty or staff. Retention of the award is dependent on 30 hours of service to the College community during each semester of award. This service includes recruitment activities, tele-counseling to prospective students, and participation in College functions and ceremonies. Qualifications: · Cumulative 3.0 GPA · Candidates must possess leadership potential and be a positive representative of Our Lady of the Lake College to the community The Ambassador Scholarship is $300 per semester. Free Application for Federal Student AidThe Free Application for Federal Student Aid (FAFSA) is a need analysis form a student must complete in order to determine eligibility for federal, state and some institutional aid. Specifically, it is the application for federal grants, loans and student employment programs. The FAFSA collects information such as income, assets, number of household members, etc., from the student and family, if applicable, to determine the student's Expected Family Contribution (EFC). The EFC is an estimate of the amount the student and/or the student's family can contribute to the student's education for an academic year. The EFC is used by OLOL College to determine the student's financial need, which is an indicator for the types of aid the student is eligible to receive. Types of Aid Available and Determining EligibilityTypes of aid may be divided into two categories:
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, as the name implies, 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. Employment provides students the opportunity to work and earn money to assist with educational expenses. Some types of gift aid and self-help aid are considered "need-based" aid. These types of aid require the student to demonstrate financial need. Most federal programs are considered need-based aid. Financial need is determined by the College using the following formula: Cost of Attendance - EFC - Resources = Financial NeedCost 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 cost of attendance components are based averages and are not student specific. Resources include scholarships, tuition waivers and other types of non-federal aid (usually gift aid). Tuition and fees are the only direct costs. Eligibility Requirements for Federal Aid ProgramsStudents must meet the following criteria in order to receive a federal student aid:
Note: A conviction of drug distribution or possession may make a student ineligible for federal financial aid. All federal student aid programs have specific eligibility requirements that a student must meet in addition to those stated above. More information detailing specific criteria may be found in the Federal Programs section of this catalog.
Federal regulations require that students maintain Satisfactory Academic Progress (SAP) in their course of study to continue receiving federal student aid. Failure to maintain SAP results in the cancellation of a student's federal student aid, but does not prohibit the student from continuing enrollment with his/her own resources or non-federal aid. SAP is defined as passing a required number of hours and achieving a required cumulative grade point average during a specified semester or academic year. The minimum progress standards will be reviewed once per academic year, usually at the end of the spring semester. All specified semesters attended will be considered in making a satisfactory progress determination, without regard to whether the student received aid in a given semester. The three components of the Our Lady of the Lake College policy are described below: Component 1: Qualitative StandardUndergraduate Criteria– Each student must meet a 2.0 OLOL College cumulative grade point average to remain eligible for federal student aid. Graduate Criteria– Each student must meet a 3.0 OLOL College cumulative grade point average to remain eligible for federal student aid. Component 2: Quantitative StandardEach student must successfully pass a minimum of 75% (rounded to the next highest number) of their cumulative credit hours attempted during the preceding semesters at OLOL College. Withdrawals, incompletes, repeated and non-credit remedial course work will be counted toward the hours attempted. Transfer Students– Transfer credits are calculated into the credits attempted, but are not factored into the cumulative grade point average for Our Lady of the Lake College. Component 3: Maximum Time FrameTo establish a quantitative measure, a time frame is set for students to finish a program of study. For any program, regulations require that the maximum time frame may not exceed 150% of the published length of the program, measured in the required academic credit hours. SAP Appeal ProcessA student who fails to establish good academic standing or who fails to maintain SAP standards becomes ineligible for federal student aid. If the student has mitigating circumstances beyond his/her control that affected his/her ability to maintain SAP standards, the student may appeal the loss of his/her eligibility. Approved appeals will result in the student regaining federal aid eligibility for the specified year. Sufficient documentation of mitigating circumstances must be submitted to the Office of Financial Aid via the SAP Appeal Form Applying for Financial AidStep 1: Go to www.pin.ed.gov to apply for a Personal Identification Number (PIN). If you are required to include parent information on the Free Application for Federal Student Aid (FAFSA), your parent should also apply for a PIN. If you already have a PIN, proceed to step 2. Step 2: Go to www.fafsa.ed.gov to complete the FAFSA. Be sure to list the OLOL College school code, 031062. The FAFSA is available January 1 of each year for the upcoming academic year. File as early as possible, because some programs have limited funding. Note: The FAFSA also serves as the application for Louisiana's Tuition Opportunity Program for Students (TOPS). Any student who wishes to be considered for need-based scholarships must complete the FAFSA. Step 3: After submitting your FAFSA, a copy is provided electronically to the OLOL College Financial Aid Office (FAO). If you have been selected by the U.S. Department of Education for a process called verification, you will be required to submit additional documentation to the FAO. All students will be required to submit the OLOL College Financial Aid Application. The FAO will notify you of the documentation you are required to provide. Step 4: Your financial aid eligibility is determined after the FAO has received your FAFSA and all required documents, provided you are:
Step 5: The FAO will send you an award letter detailing the awards you are eligible to receive. Step 6: You must accept or decline any financial aid offers. Step 7: Stafford Loan Borrowers - If you are a first time borrower or a new student at OLOL College, you must complete an Entrance Loan Interview. A link to the online session is available on the FAO website at www.ololcollege.edu by clicking Financial Aid, then Loan Counseling. A first time borrower must also complete a Master Promissory Note (MPN) with his/her lender* in order for his/her loan(s) to disburse. The lender will notify the borrower to complete the MPN once a loan certification has been received from the FAO. Parent or Graduate PLUS Loan Borrowers - You must complete annually a credit pre-approval and MPN (if you have not already completed a PLUS MPN) on your lender's* Web site on an annual basis. *A lender comparison tool is available on the FAO website at www.ololcollege.edu by clicking Financial Aid, Lending Partners. VerificationStudents may be selected by the Department of Education (DOE) for a process called verification. If a student is selected, OLOL College is required to obtain from the student documentation verifying the accuracy of the information reported on the FAFSA. Verification must be completed before the student is offered a federal aid award. If a student's FAFSA is selected for verification and the student is eligible for a Federal Pell Grant, verification must be completed by the earlier of 60 days from the last day of enrollment or August 30 in order to receive Federal Pell Grant proceeds. A valid Expected Family Contribution (FAFSA processed and accepted) must be received within this time limit.
Our Lady of the Lake College participates in the following Title IV
programs:
Federal Pell Grant:
The Federal Pell Grant is based on exceptional financial need to
undergraduate students seeking their first baccalaureate degree.
Grants are not required to be repaid. Award amounts range from $609
to $5,350 per academic year, depending the number of hours enrolled. Federal Academic Competitiveness Grant (ACG): The Federal Academic Competitiveness Grant is a need based award to first and second year Federal Pell Grant eligible undergraduate students. The amount of the ACG ranges from $750 to $1,300 per academic year, depending on at least half-time enrollment and classification. A second-year student must have at least a cumulative 3.0 grade point average on a 4.0 scale. Federal Science and Mathematics Access to Retain Talent Grant (SMART): The National SMART Grant is awarded to Federal Pell Grant eligible undergraduates during their third and fourth years of a degree program. It is available to students enrolled in an eligible program at least half-time, with a 3.0 grade point average. Only students pursuing a Bachelor of Science degree in Biology may receive the SMART grant at OLOL College. The award amount is up to $4,000 each year for the student's third and fourth academic years. Federal Supplemental Educational Opportunity Grant (SEOG): The SEOG is awarded to Federal Pell Grant eligible undergraduate students enrolled at least half-time who demonstrate exceptional financial need. Grant awards range between $200 and $2,000. Federal Work-study (FWS): FWS provides for students 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 Stafford Student Loans: Under the Federal Stafford Loan Program, a student may borrow funds from a bank or other financial institution. 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. 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 at 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 OLOL College Office of Financial Aid.
Federal
Stafford
Loan Limits:
Aggregate Limits for
Federal Subsidized and Unsubsidized Stafford Loans:
Grad PLUS Loans: Graduate or professional students participating in the PLUS Loan Program are eligible to borrow up to their cost of attendance less other estimated financial aid. The terms and conditions applicable to 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, 2) repayment beginning on the date of the last disbursement of the loan, and 3) a fixed interest rate of 8.5%. Applicants for these loans are required to complete the Free Application for Federal Student Aid. They also must have applied for their annual loan maximum eligibility under the federal subsidized and unsubsidized Stafford Loan Program, before applying for a Graduate/Professional PLUS Loan. Federal 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. Parents will pay an origination fee of 3% of the loan principal. This amount will be deducted proportionately from each disbursement. The lender may collect an insurance premium of up to 1% of the loan principal. Parent loan proceeds are sent to the school either by electronic funds transfer or by check made co-payable to OLOL College and the parent. Upon receipt of the funds, the College will retain any tuition and fees due and refund any remaining funds to the parent. Repayment begins 60 days after the final disbursement. There is no grace period for this loan.
Louisiana’s Tuition Opportunity Program for Students (TOPS): TOPS provides Louisiana high school graduates a merit-based scholarship to apply to tuition costs most colleges and universities in Louisiana. Students are required to meet deadlines and requirements made by the Louisiana Office of Student Financial Assistance (LOSFA) in order to receive the award. A summary of the criteria for eligibility and retention of a TOPS scholarship is available on LOSFA Web site at http://www.losfa.state.la.us/. TOPS funding at OLOL College will be the weighted average tuition at comparable public schools. Louisiana’s Tuition Opportunity Program for Students Tech (TOPS-Tech): The TOPS-Tech Award is a merit-based scholarship program for Louisiana residents pursuing skill, occupational or technical training at eligible colleges and universities offering a vocational or technical education certificates or diplomas, or nonacademic undergraduate degrees. Students are required to meet deadlines or requirements made by the Louisiana Office of Student Financial Assistance (LOSFA) in order to receive these awards. A summary of the criteria for eligibility and retention of a TOPS-Tech scholarship is available on LOSFA Web site at http://www.losfa.state.la.us/. TOPS scholarship funding will be the weighted average tuition at comparable public technical and vocational schools. Leveraging Educational Assistance Partnership Program (LEAP): The LEAP is funded equally by the federal government and the State of Louisiana. All full-time students who are Louisiana residents and demonstrate financial need as determined from the FAFSA are considered for participation in this program. The grant of up to $1,000 is awarded for the academic year. LEAP funding is limited and varies each academic year. Vocational Rehabilitation (VR) Benefits: VR helps persons with disabilities obtain skills and other resources needed to obtain a job, maintain it and develop a lifetime career. Students are encouraged to apply if they have a disability which causes them difficulty in preparing for, finding or sustaining employment. Applications for services are accepted at the time an individual with a disability reaches or nears the minimum age of legal employability. To be eligible for vocational rehabilitation services, the individual must:
Applications for VR Benefits must be made directly with the Baton Rouge Vocational Rehabilitation Office at (225) 295-8900. Workforce Investment Act (WIA)WIA of 1998 created an integrated "one-stop" system of workforce investment and education services for adults, dislocated workers and youth. WIA benefits will be determined based on a student's financial status and degree program. WIA pays after Federal Pell Grants, FSEOG, and TOPS awards. Federal Stafford Loans are not taken into consideration. WIA will pay tuition, fees and books up to $10,000 for an entire program. Funds are disbursed by the Louisiana Department of Labor. In order to qualify, a student must complete the following process:
For additional information, please contact:
Louisiana Department of Labor Return of Title IV Funds Students who need to withdraw from the College must do so officially. An official Withdrawal form must be completed by the student and authorized officials, and presented to the Office of the Registrar. Failure to adhere to this procedure will result in the letter grade "F" for the semester and possible financial obligations to the College. Federal regulations require schools participating in Title IV programs to use specific refund policies when a student who receives Title IV aid ceases enrollment. When an official withdrawal occurs, federal aid awards (except Federal Work-study) may be prorated as follows: the number of calendar days completed during the semester divided by the number of days in the semester. An adjustment will not be made for a student that withdraws after 60% of the semester has passed. If funds are released to a student because of a credit balance on the student's account and the student later withdraws, then he/she may be required to repay some of the federal aid released. Order of Return:
Terms of Awards Terms and conditions of all awards are expressed in award letters and/or on the Our Lady of the Lake College Web site. All financial aid awards are contingent upon the student being enrolled or accepted for enrollment at the College. Questions regarding award terms and conditions should be directed to the Office of Financial Aid. Use of Financial Aid Funds in Payment of FeesMost financial aid (scholarships, loans and grants) is disbursed at the beginning of each semester. The OLOL College Bursar applies financial aid as a direct credit to a student's account. If a student's financial aid is reduced or eliminated due to ineligibility determined after registration, the student will be responsible for paying the financial obligation. Credit Balances All debts must be satisfied with OLOL College prior to disbursement of a refund. All refunds payable to a student or parent will be processed through the student's account. Funds that exceed tuition, fees and other authorized charges will be refunded to the student or parent in accordance with Title IV federal regulations. Priority DatesTo ensure timely processing and consideration for programs with limited funding, a student should submit her/his FAFSA by the dates listed below.
Financial Aid PackagingFederal aid packages may consist of a combination of grants, loans and student employment. Financial aid recipients must reapply each year to be considered for aid the following year. Timely submission of the FAFSA and all information requested is required to receive the largest award possible. Our Lady of the Lake College reserves the right to reduce or rescind award packages to remain in compliance with federal, state and/or institutional rules and regulations. Total financial aid awards, including scholarships, federal aid and other resources may not exceed the cost of attendance. Statement of RightsStudents may review their financial aid records at any time. Financial aid records are protected in accordance with the Family Education Rights and Privacy Act (FERPA) of 1974, as amended. Students also have the following rights:
Note: The information contained in this section is subject to change, without notice, in order to comply with federal, state or institutional requirements. Other InformationEmployment Projections: Information regarding employment projections may be reviewed in the Office of Planning and Institutional Effectiveness. Campus Security and Crime Statistics: Information regarding campus security policies and campus crime statistics is available in the Office of Campus Health and Safety. Completion and Graduation Rate: Information regarding completion and graduation rates is available in the Office of Planning and Institutional Effectiveness. Drug and Alcohol Abuse Prevention: Information concerning prevention of drug and alcohol abuse is available in the Office of Campus Health and Safety. |