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Financial Assistance Programs Available

Financial Assistance Programs Available

GRANTS

Federal Pell Grants

The Federal Pell Grant is a need-based program which provides money to help undergraduates pay for their education after high school. For many students, these grants provide a foundation of financial aid, to which aid from other Federal and Non-Federal sources may be added. Unlike loans, grants DO NOT have to be paid back. Pell awards range from $200 to $2775 per semester. Students must maintain Satisfactory Academic Progress to participate in this program.

Federal Supplemental Educational Opportunity Grants (FSEOG

Federal Supplemental Educational Opportunity Grant (FSEOG) is a need-based program for undergraduate students only, and it DOES NOT have to be paid back. A student may get up to $2,000 a year, depending on need, enrollment status, the availability of FSEOG funds, and the amount of other aid received. A student must qualify for Federal Pell Grant in order to receive an FSEOG. The cumulative grade point average required is at least a 2.0 on a 4.0 system with the required number of earned hours based on the attempted hours each semester. Every year, the Department of Education gives McNeese a specific amount of funds for FSEOG's. These awards are made on a first come, first serve basis. When total funds are awarded, there are no more FSEOG's for that year; therefore, it is important to meet the school's financial aid application deadlines.

Leveraging Educational Assistance Partnership (LEAP)

Louisiana residents who enroll or who are accepted for enrollment as full-time students exhibiting a high need factor and having a 2.0 grade point average or better on a 4.0 system, are considered for the (LEAP). Recipients must maintain good academic standing (2.0 grade point average or better) to remain on this program. Maximum award cannot exceed $1,500. Like FSEOG, funding for this program is limited each year.

GO Grant

A need based state grant for Louisiana residents that are a Federal Pell Grant recipient. Also, students must be a first time freshman for Fall 2007 semester or 25 years of age or older and not have enrolled in credit bearing courses for at least one academic year.

PART-TIME JOBS

Work-On-Campus

This program is open to all students regardless of income. However, funds are limited and are awarded on a first come basis based on your eligibility.

LOANS

Federal Perkins Student Loan Program

This program is available to students from low-income families. The maximum amount that a student may borrow is $1500 per semester. These loans are based on evidence of a student’s ability to perform university work as well as economic need. Payment of these loans is at five percent interest with the first payment due 9 months after a student leaves the institution or graduates.

Federal Direct Stafford Loan Program

This program is available to students who are enrolled for at least 6 credit hours each semester at the time of awarding and disbursing of funds. Students borrow from the U.S. Department of Education and may apply for a maximum loan according to the following schedule:

  • $5,500 for students who have earned less than 30 hours (freshmen).
  • $6,500 for students who have earned at least 30 hours but less than 60 (sophomores).
  • $7,500 for students who have earned at least 60 hours, but have not completed the requirements for a baccalaureate degree (juniors, seniors and graduates not pursuing a graduate degree).
  • $8,500 for graduate students pursuing a graduate degree and enrolled in at least 6 hours of graduate-level courses. If a graduate student is not enrolled in at least 6 hours of graduate level courses, they could be considered ineligible or eligible for lower level loan amounts.

The total of a Federal Direct Stafford Loan award and a Federal Direct Unsubsidized Stafford Loan award may not exceed the above annual award limits. The U.S. Department of Education will deduct an origination fee of up to 3% and up to 1% default fee of the principal amount of the loan from each disbursement received by a student. These fees are used to offset the costs of default claims and special allowances.

Continuing and transfer students may apply if they have been making satisfactory progress by earning the required number of hours each year with a grade point average of at least 2.0. A first time Federal Direct Stafford borrower who has earned less than 30 hours cannot receive a Federal Direct Stafford Loan check until he/she has attended classes for 30 days.

Loans of this type are repaid over a period of 10 years, excluding periods of deferment and/or forbearance. Interest does not accrue while the student is enrolled at least half time (06-six hours). Repayment of principal and interest commences 6 months after the day on which the student ceases to be enrolled at least half-time (06-six hours). The interest rate is currently fixed at 5.6% effective July 1, 2009.

Federal Direct Unsubsidized Stafford Loan Program

This loan program is available to all students, regardless of family income, who are enrolled for at least 6 credit hours each semester at the time of awarding and disbursing of funds. Students borrow from the U.S. Department of Education and loan limits are the same as for the Federal Direct Stafford Loan Program. The total of a Federal Direct Stafford Loan award and a Federal Direct Unsubsidized Stafford Loan award may not exceed the above annual award limits. The U. S. Department of Education will deduct an origination fee of up to 3% and up to 1% default fee of the principal amount of the loan from each disbursement received by a student. These fees are used to offset the cost of default claims and special allowances.

Continuing and transfer students may apply if they have been making satisfactory progress by earning the required number of hours each academic year with a grade point average of at least 2.0 per academic year. A first time Federal Direct Unsubsidized Stafford borrower who has earned less than 30 hours cannot receive an Unsubsidized Stafford Loan check until he/she has attended classes for 30 days.

Loans of this type are repaid over a period of 10 years, excluding periods of deferment and/or forbearance. Students must pay interest during in-school, grace and deferments. These interest payments may be made monthly, quarterly, or be added to the principal amount of the loan (i.e. capitalized). Repayment of principal commences 6 months after the month in which the student ceases to be enrolled at least half-time (06-six hours). The interest rate is fixed at 6.8% effective July 1, 2006.

Parent Loans for Undergraduate Students (PLUS)

PLUS loans are for parents of dependent students. Parents who do not have adverse credit history may borrow from the U.S. Department of Education, and may borrow an amount equal to the cost of education minus estimated financial assistance for each dependent student who is enrolled at least half time. The interest rate is fixed at 7.9 % effective July 1, 2006. The U. S. Department of Education will deduct an origination fee of 3% and 1% default fee of the principal balance of each disbursement. These fees are used to offset the cost of default claims and special allowances. Repayment of PLUS loans begins immediately and are repaid over a period of 10 years, excluding periods of deferment/forbearance. Borrower should contact the U.S. Department of Education to obtain information regarding possible deferment/ forbearance options.