Louisiana Tech University - Financial Aid - FAQs: Awarding Financial Aid
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School Code:  002008

 

Frequently Asked Questions

FAQS

 

Financial Aid Glossary

Glossary

FAQs: Awarding Financial Aid

 

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In what cases does Pell Grant pay for summer?
If you attend full-time during Fall though Spring, you may receive additional Pell Grant for Summer. To receive the additional Pell you must be enrolled at least half time (4+ hours). If you attend less than full-time Fall through Spring, you may receive the unused portion of Pell for Summer based on your Summer enrollment.

If you begin school during Summer for the first time and haven’t received Pell from another school during the academic year, you may receive Pell based on your EFC and hours of enrollment.

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Why do I have more loans and less Pell?
Pell is based on your EFC figure and has a maximum each year as approved by the Congress. Loans are based on your year-in-school as well as your dependency status. Juniors and Seniors may receive more in loans than do Freshmen and Sophomores, and independent students may receive more than dependent students.

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How is the amount of a student loan determined?
Eligibility is based on grade level, major program, and financial need, as determined by the EFC on the SAR, and the Cost of Attendance. The federal government has established maximum annual amounts students can borrow depending on their grade level and dependency status.

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When will the promissory note be ready for me to complete online?
The Stafford and PLUS Master Promissory Notes (MPN) are usually available on-line the day after the Financial Aid Office transmits your loan to the guaranty agency for approval. The Perkins MPN cannot currently be completed on-line.

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Can I receive financial aid for a doctorate program?
Yes, a student working on their first doctorate program can receive Stafford Loans and Perkins Loans. Generally, if you’re a graduate student, you can borrow up to $20,500 each academic year in Stafford Loans. Only $8,500 of this amount may be in subsidized Stafford Loans. You can borrow $1,000 per quarter in Perkins Loan funds.

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Can I receive financial aid for a Masters + 30?
No, masters plus 30 is not considered an eligible degree program so you may not receive financial aid with that major.

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Where do I go to complete my Master Promissory Note (MPN) online?
The Direct Loan Program electronic Master Promissory Note (MPN) may be completed online for student Subsidized, Unsubsidized, and/or Graduate PLUS loans that you take out to pay for your own education, or for parent PLUS loans that you take out to pay for your child's education. If you do not want to complete the MPN electronically, you may complete it using the paper process. If you would like to complete a paper MPN, please contact the Financial Aid Office.

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