What is Federal Financial Aid?
Federal financial aid at Louisiana Tech University is composed of the following: These are grant programs:
- Pell Grant – are usually awarded to undergraduate students who display an exceptional financial need and have not earned a bachelor’s, graduate, or professional degree.
- Federal Supplemental Education Opportunity Grant (SEOG) – are awarded by the institution’s Office of Financial Aid to students who display an exceptional financial need.
- Federal Work-Study (FWSP) – The work-study program requires that the student earn the money allocated on the offer before it is paid. It cannot be used to cover initial charges for enrollment.
- Direct Stafford Loans
- Stafford subsidized (US Gov pays interest while in school)
- Stafford unsubsidized (Student pays interest while in school)
- Parents Loan for Undergraduate Students (PLUS)
(The above loan programs should be used responsibly. Funds borrowed from these programs must be repaid.)
Financial aid recipients must be aware of both their rights and responsibilities relating to financial aid. It’s important to know both your rights and responsibilities of receiving financial aid. It’s important to know both your rights and responsibilities or receiving financial aid. Please read through both the rights and responsibilities to make sure you are getting the most from your financial aid.
Rights and Responsibilities of Receiving Financial Aid
As a student receiving financial aid at Louisiana Tech University:
- You have the right to know that the information you give to the Office of Financial Aid will be treated confidentially as mandated by the Family Educational Rights and Privacy Act (FERPA).
- You have the right to seek financial aid counseling.
- You have the right to know what financial assistance is available, including all federal, state, and institutional programs.
- You have the right to know the procedures and deadlines for submitting applications for each financial aid program (including federal, state, and institutional aid programs).
- You have the right to know how your financial aid awards were calculated, the criteria to receive each award, and how the funds will be distributed or disbursed.
- You have the right to accept or decline any of your financial aid award(s).
- You have the right to know the terms of any employment program you participate in.
- If you are offered an educational loan, you have the right to know the lender, interest rate, the total amount to be repaid, deferment options, repayment options, repayment procedures, the length of time you have to repay the loan, and when repayment begins. Also, as a borrower, you have the right to cancel all or part of an educational loan within 14 days of the date of disbursement.
- You have the right to submit a Request of Special Circumstances, an application to request a reconsideration of your financial aid eligibility if you or your family’s circumstances change.
- You have the right to submit a Satisfactory Academic Progress Appeal if you do not maintain the requirements for Satisfactory Academic Progress.
- You have the right to know Louisiana Tech University’s refund policy and the federal Return to Title IV policy.
- You have the right to file a written complaint by following the Student Complaint/Grievance Process noted below.
As a student receiving financial aid at Louisiana Tech University:
– You are responsible for providing accurate information to the Office of Financial Aid.
– You are responsible for reapplying for financial aid each and every year.
– You are responsible for completing applications correctly and on time.
– You are responsible for updating the Office of Financial Aid of any planned enrollment changes.
– You are responsible for reading and understanding all materials sent to you from the Office of Financial Aid and all forms you are asked to submit or sign.
– You are responsible for requesting personal assistance if you have questions or do not understand the information provided to you.
– You are responsible for submitting documentation and information requested by the Office of Financial Aid in a timely manner and keeping copies for your own records.
– You are responsible for checking your Net Partner Account and Tech Email regularly.
– You are responsible for notifying the University of any name or address changes.
– You are responsible for knowing and complying with the rules governing your financial aid awards.
– You are responsible for attending classes and completing the requirements for each course in which you enroll.
– You are responsible for compliance with Louisiana Tech University’s refund policy and Federal Return to Title IV Aid policy, should you withdraw from the University (either officially or unofficially).
– You are responsible for notifying the Office of Financial Aid of any financial awards you receive from outside resources (including scholarships, grants, veteran benefits, tuition waivers, or other educational/tuition assistance) not already listed on your Financial Aid Offer.
– If you borrow a student loan, you are responsible for completing loan entrance and exit counseling on studentaid.gov.
– You are responsible for the repayment of all loans in accordance with the terms of your promissory note. You are responsible for notifying your lender if any of the following occurs before your loan is repaid: change of address, graduation, withdrawal from Louisiana Tech University or less than half-time enrollment, name change, or transfer to another institution.
– You are responsible for maintaining Satisfactory Academic Progress.
– You are responsible for using financial aid for educational expenses incurred while attending Louisiana Tech University.
– You are responsible for the repayment of any over award of financial aid.