Summer Financial Aid
How was my aid calculated?
Based on your scheduled courses at the time of filing the Summer Aid Application, your eligibility for federal aid was reviewed. Any remaining Federal Pell Grant and Federal Student Loan were offered, based on annual limits:
NOTE – If it appears that you may move up in grade level, it is noted on your award letter.
Dependent Undergraduate Student Annual Loan Limits:
|Grade Level||Loan Limit|
|$5,500 (up to $3,500 subsidized loan plus $2,000 unsubsidized loan)|
|$6,500 (up to $4,500 subsidized loan, $2,000 unsubsidized loan)|
|$7,500 (up to $5,500 subsidized loan plus $2,000 unsubsidized loan)|
What is considered full-time or half-time for summer?
-12 credits is considered full time for summer and 6 credits is half time. Students must be enrolled in a minimum of 6 credits to be eligible for all federal loans, including Parent Plus Loans. Students enrolled in less than 6 credits may take out Alternative Loans for the cost of tuition, fees, books and required supplies.
-Grant eligibility pro-rated for full time (12+), ¾ time (9-11 cr), ½ time (6-8 cr). If you attend less than half time, you are not eligible for most grants.
If federal aid was not offered, what aid is available?
-Alternative Loans may be available up to the cost of tuition, books and fees for summer. Alternative Loans are loans in the student’s name with a cosigner, usually a parent. For details about alternative loans, go to https://www.lssu.edu/financial-aid/types-of-aid/loans/alternative-loans/ for more information.
Are payment plans available?
–Yes. There is a $60 service fee. 1st payment is due 5/08/2020, 2nd payment due 05/29/2020, 3rd payment due 6/19/2020, 4th payment due 07/10/2020. Check with the Business Office for further details.
When is tuition due?
-May 08, 2020
What is the cost of tuition?
-$333 per credit hour up to 11 credits, $3,996 for 12-17 credits, plus fees.
What should I do if I need more money?
-If your federal aid is exhausted, you can apply for either an Alternative Loan (with a co-signer) or a Federal Parent Plus Loan (dependent students enrolled at least half time). If you need money for living expenses, these loans may be increased upon request. Please contact the Financial Aid Office for your maximum amount if you wish to borrow additional funds or submit a new Summer Aid Application.
Explanation of Summer Aid:
PARENT PLUS LOAN OPTION for Dependent Students – Six or more credits
A PLUS loan is a loan in one parent’s name for your educational expenses. Your parent or step-parent must pass a credit check to be eligible. If you are a dependent student and your parent wants to borrow a PLUS loan, one parent must complete a 2019-20 Federal Parent PLUS Application form. Your parent may apply for the PLUS loan on-line at www.studentloans.gov. A parent must sign-in under their own name and SSN, and use their own FSA ID. A Parent PLUS Master Promissory Note (MPN) must also be completed at this site, if this is the first PLUS loan for you. A paper loan application is available if needed.
NOTE: You must be enrolled for a minimum of six credits for federal loans.
Your maximum loan cannot exceed your summer costs. Costs for students attending 6 or more credits may include a living allowance. If you wish to borrow money to pay your living expenses, please contact the Financial Aid Office or submit a second Summer Aid Application and request maximum Cost of Attendance for loan purposes.
ALTERNATIVE LOAN OPTION:
An Alternative Loan is a loan that you apply for directly with an outside lender. Most lenders require students to have a good co-signer to secure the best interest rate for the loan. You can find a list of lenders that LSSU students have used at www.lssu.edu/finaid/alternativeloans.php. Alternative loans require school certification and cannot exceed your budget less any other financial aid. Please allow 3-4 weeks for processing after you initiate your loan with a lender.
FEDERAL NURSING LOAN:
If this if your first Federal Nursing Loan, you will be required to complete a Master Promissory Note, for the Nursing Loan only, before your loan will disburse.
When will aid apply?
Once you accept your aid and complete the required documents, your aid will show as Anticipated Credit on your e-bill. Federal loans will not disburse until you have started attending at least half-time. Excess aid refunds will be released on May 22, 2020 and June 30, 2020 (after you begin attendance in six or more credits).
If you cannot pay your full bill by the May 08, 2020 due date, you must drop your classes or enroll in a payment plan to avoid additional charges.