A federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded only to students who have not earned a bachelor’s degree. Pell Grant eligibility is determined by the results of the Free Application for Federal Student Aid (FAFSA), or Expected Family Contribution (EFC). The amount awarded will depend on your enrollment status as a full-time or part-time student.
Supplemental Educational Opportunity Grant
The Federal Supplemental Educational Opportunity Grant (SEOG) program is for undergraduates with exceptional financial need. Pell Grant recipients with the lowest EFC will be considered first for a SEOG. Just like the federal Pell Grant, the SEOG does not have to be repaid. Funds for this program are limited.
The Federal Work Study Program (FWSP) allows undergraduate students who show financial need to earn money to assist with their educational expenses. Students interested in FWSP must file a FAFSA each year. This program has limited funding.
Employment through FWSP allows students the flexibility of participating in either on-campus employment or in a community service, family literacy or tutoring capacity. Inquiries may be made in the Financial Aid Office as to the procedures for filling work study positions. For additional information, please refer to LSU Eunice Policy Statement No. 24.
Federal Direct Subsidized Stafford Loan
Awarded on the basis of the student's financial need. The federal government does not charge interest on these loans while borrowers are enrolled at least half-time, during a six-month grace period, or during authorized periods of deferment. Payments are not required while borrowers are enrolled at least half-time, during a six-month grace period, or during authorized periods of deferment.
Federal Direct Unsubsidized Stafford Loan
This loan is not based on the student's financial need. Interest is charged throughout the life of the loan. The borrower may choose to pay the interest charged on the loan or allow the interest to be capitalized (added to the loan principal). Payments are not required on the principal of the loan while borrowers are enrolled at least half-time, during a six-month grace period, or during authorized periods of deferment
The current interest rate on Direct Subsidized/Unsubsidized Loans certified prior to July 1, 2017 is 3.76%. The current fee rate on these loans is 1.069%.
Direct PLUS Loan - Parent Loans for Undergraduate Students
Parents of a dependent undergraduate student may apply for the PLUS Loan to assist with the student's educational expenses. The loan amount awarded is a calculation based on the student’s educational expenses up to their cost of attendance minus all other financial assistance received. The current interest rate on a Direct PLUS Loan certified prior to July 1, 2017 is 6.31% and is fixed for the life of the loan. The current fee rate on this loan is 4.276%.