Louisiana Department ofof Education Student Loans

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Louisiana Department ofof Education Student Loans

Louisiana Education Assistance Loan Program.

Louisiana’s Educational Loan Authority (EAA) administers loans to assist eligible students who attend Louisiana colleges and universities in obtaining postsecondary education financing. The EAA may issue federal direct Stafford Loans to borrowers attending college, university,university, or vocational school under certain conditions.

The loan program provides a range of funding options for both undergraduate and graduate tuition at any public institution of higher learning throughout the state of Louisiana. Eligible institutions of higher learning include two-year community colleges, four-year private nonsectarian colleges, four-year public colleges and universities, and four-year public technical institutes located in the state.

The educational loan authority issues loans directly to lenders and guaranty agencies,agencies, who then make these funds available to prospective students, parents, guardians, guarantors, and others eligible to borrow.

In order to qualify for an educational loan, applicants must meet the following criteria:

bebe enrolled in adegree or certificate degree or certificate program of study at an eligible institution;

Be financially needy—haveneedy—have insufficient financial resources to pay current expenses without borrowing;

be found academically qualified for admission to the institution where the student wishes to enroll; andbe found academically qualified for admission to the institution where the student wishes to enroll; and

havehave been accepted into the institution.

The maximum amount of loan assistance available each year is $30,000 per student for the first five years of enrollment. Students receiving institutional scholarships or grants are not subject to the maximum loan limit.

Students can apply for loans before they enroll in the institution, and can continue to borrow during their attendance at the institution. Loans are repayable over a period ranging from 10 years to 20 years,years, depending upon the type of loan received and the duration of the student’s enrollment. Interest accrues on outstanding loan balances until they are paid off. Interest rates vary according to the type of loan being taken out and the duration of time remaining on the loan.

Louisiana Department ofof Education Student Loans

The Office of State Superintendent of Education (OSSE) administers Louisiana’s student loan programs in order to help eligible students pay for postsecondary education. OSSE provides funds forfor three separate state-funded loan programs, each with its own set of requirements and rules. Students may qualify for loans under any of these programs depending on their particular circumstances. These programs also have different repayment options.

Louisiana Guaranteed Loan Program

The Guaranteed Loan Program helps students who meet certain income eligibility guidelines attend school at no cost. Eligibility is based primarily on family income and assets. In addition, borrowers must maintain grades of C or higher in courses taken at least half time while enrolled in an institution of higher learning. If a borrower defaults onhis or her his or her educational debt, the guarantor becomes liable for the unpaid portion of the loan plus interest charges accruing after default until paid. A guaranty fund insures the financial responsibility of the guarantors. Borrowers must repay their loans once they graduate or withdraw from college.

Louisiana First-TimeFirst-Time Student Loan Program

This program offers first-time student loans to undergraduate students attending institutions of higher learning, including community colleges. Borrowers must complete four years of full-time study at a participating institution and maintain a 2.0 grade point average throughout enrollment. To receive this type of loan, borrowers must not have a federal directdirect Stafford loanloan outstanding at the time of application. The maximum dollar amount offered is $15,000 per academic year, and the term of the loan cannot exceed 4 years. Repayment begins 6 months after graduation or withdrawal from school, whichever comes first. Lenders may charge a rate of interest ranging from 5% to 8%.

The LouisianaThe Louisiana Tuition Assistance Grant Program

The Tuition Assistance Grant program assists low-income students in obtaining educationaleducational degrees and certificates. Participating institutions must offer degree or certificate programs leading to a minimum two-year degree or certificate. Applicants must demonstrate financial need according to federal standards. Undergraduate applicants must have a cumulative grade point average of 2.50 or above. above. Graduate applicants must have either a cumulative GPA of 3.00 or greater or an ACT score of 18 or higher. Borrowers must make satisfactory progress toward completionof a of a degree or certificate program. All applicants must pass a background check administered by the department of public safety prior to receiving the grant. Repayment period varies depending upon the type of award received.

For more information about these programs, please visit www.ed.louisianatoday.com.

Louisiana Department ofof Education Student Loans

Louisiana student loans are issued by the Office of Student Financial Assistance (OFA) at the University System of Louisiana. Under state law, OFA administers certain financial aid programs for students attending public colleges and universities in Louisiana. These programs include the Federal Direct Subsidized Loan Program, the Federal Direct Unsubsidized Loan Program, and the State-Wide Tuition Grant program. State funds received under these programs are deposited into a separate account and then distributed according to federal regulations. 2.Eligibility2.Eligibility requirements and application deadlines vary depending on the loan program being applied for.For further details, contact For further details, contact the office providing the loan product you wish to apply for. In addition to eligibility requirements, application deadlines depend on the type of loan requested and whether the borrower isa first-time a first-time or returning student. You may request additional information online or via telephone.

Loan terms and conditions vary depending on which loan program is being applied for and how many applications have been submitted.For details, contact For details, contact the office providing thethe loan product you are interested in.

Loan amounts and repayment options also vary based on the type of loan being discussed. 5. If you are a new borrower, contact the loan provider directly for more information regarding payment schedules. Returning borrowers should refer to their prior documentation or contact the lender for current information.

6. Repayment plans are subject to change at any time without notice. Changes may occur due to legislative changes, changes in interest rates, or other factors. Students who do not comply with the agreed upon repayment plan are subject to default. Defaulted borrowers remain responsible for repaying any outstanding debt until they receive notification from the lender indicating that the loan is repaid in full. Borrowers who fail to repay their loans have no right to appeal the decision of the lending institution.

7. All federal student loans are serviced by Nelnet Services Corporation (NSC).

NSC only provides services for Stafford and PLUS loans.NSC only provides services for Stafford and PLUS loans.

9. NSC does not service private loans.

10. NSC is a federally chartered bank doing business under the authority granted by 12 U.S.C. Section 1464(d). NSC is licensed in all 50 states and the District of Columbia and is a member of the National Credit Union Administration (NCUA), a government entity chartered by Congress to regulate federally chartered credit unions. NSC’s principal place of business is Charlotte, NC.
11. NSC makes no commitment regarding employment opportunities, salaries, wages, hours of work, or similar benefits that may arise from participation in its programs.
12. Lenders cannot require or permit employees to become members of a trade union or to pay dues or fees to a labor organization.Any employee who is fired for failing to join or pay any portion of such obligations defaults on his or her loan obligation. Any employee who is fired for failing to join or pay any portion of such obligations defaults on his or her loan obligation.
13. NSC reserves the right to modify the terms and conditions of the loan program at any time.
14. NSC reserves the rights toto cancellation, nonrenewal, and termination. Please review the following statements in conjunction with your loan agreement.

Louisiana Department ofof Education Student Loans

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