TYPES OF FINANCIAL AID

Grants are gifts of money which do not have to be repaid, under most circumstances. You must show a significant amount of financial need to qualify for grant programs. Because most grant funding is limited, early application is encouraged. The major grants awarded by SoLAcc are described below:

Federal PELL Grant

• Available to undergraduate students with financial need. Values range depending on degree of need, cost of education, enrollment status and congressional funding level.
• Year Round PELL is also available to students who enroll during the Fall, Spring, and Summer terms. Students must use 100% of initial Pell Grant to expand to 150% Pell Grant Eligibility.

Federal Supplemental Education Opportunity Grant (FSEOG)

• Federal funding available to undergraduate students attending at least half time with financial need. Funds are limited to students with the highest need who are eligible for a Federal Pell Grant. Values range from $300 to $600 annually, depending on funds available, enrollment status and degree of need.

Federal Title IV Loan Programs assist students with their educational expenses and are repaid when the student is no longer attending or enrolled in at least six credit hours. SoLAcc participates in two federal loan programs: Federal Direct Loan (subsidized and unsubsidized) and Federal Direct Parent Loan for Undergraduate Students (PLUS).

Go to StudentAid.gov for instructions and detailed information about borrowing student loan funds and repayment.

Generally, you must also be enrolled in a program that leads to a degree or certificate awarded by SoLAcc. Direct Subsidized Loans are available only to undergraduate students who have financial need. Direct Unsubsidized Loans are available to undergraduate students. You are not required to show financial need to receive a Direct Unsubsidized Loan.

How do I apply for a loan?

To apply for a Direct Loan, you first complete and submit the Free Application for Federal Student Aid (FAFSA®) form. SoLAcc will use the information from your FAFSA to determine how much student aid you are eligible to receive. Direct Loans are generally included as part of your financial aid package.

• Low interest rate loans with multiple repayment programs.
  • The interest rate for the 2023-24 school year is 5.50%.
• Subsidized Loans – need-based loan, government pays interest during enrollment and grace period.
• Unsubsidized Loans- non-need-based loan, student pays interest starting at disbursement.

Other than interest, is there a charge for this loan?

There is a loan fee on all Direct Subsidized Loans and Direct Unsubsidized Loans. The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. The percentage for Direct Subsidized and Unsubsidized loans first disbursed on or after Oct. 1, 2020, is 1.057%. Loans first disbursed before that date had different loan fees.

What additional steps must I take to receive my loan?

If your financial aid package includes federal student loans, your school will tell you how to accept the loan.

If it is your first time receiving a Direct Loan, you will be required to:

• complete entrance counseling, a tool to ensure you understand your obligation to repay the loan; and
• sign a loan contract called a Master Promissory Note, agreeing to the terms of the loan.

PARENT LOAN FOR UNDERGRADUATE STUDENTS (PLUS) APPLICATION

Go to StudentAid.gov for the application and instructions to apply. Parents can use this application to:

• request a Direct PLUS Loan;
• change the amount of a Direct PLUS Loan you previously requested;
• authorize how the school may use your Direct PLUS Loan funds to pay for educational expenses;
• designate who the school pays any credit balance to; and
• request deferment of repayment while the student is in school and for up to 6 months after.

It is the policy of South Louisiana Community College to initially offer federal aid, including direct loans, up to the maximum eligibility for the aid year. Should a student decline all, or part, of their federal direct loan, and later need to make changes, a Loan Request and Adjustment form must be submitted to the Office of Financial Aid before enrollment is ceased for the aid year. Mid-year, grade level increases are also permissible, by request, via the Loan Request and Adjustment form, however, the increase will not be effective until the following term in which a student meets all federal and institutional aid requirements and is enrolled in 6 or more credit hours. The Loan Request and Adjustment form may be found at https://solacc.jotform.com/212384742206149.

This federally funded program is available to students demonstrating financial need who are attending at least half time. Positions are currently available on campus or at local non-profit organizations. For more information, visit our Federal Work Study page. 

TOPS (Taylor Opportunity Program for Students) is a program of state scholarships for Louisiana residents. Eligibility requirements for TOPS awards are determined by the Louisiana Office of Student Financial Aid (LOSFA). LOSFA will notify SoLAcc of all students who are eligible for TOPS for the upcoming semesters, and we will automatically authorize TOPS awards on individual LoLA accounts. SoLAcc accepts all levels of TOPS awards, including TOPS Tech. 

Beginning with the graduating class of 2022, students must achieve a 3.25 TOPS core GPA to qualify for a TOPS Performance award or a 3.50 TOPS core GPA to qualify for a TOPS Honors award. 

TOPS Tech Eligible Programs:

• Application Software Development
• Automotive Technology
• Aviation Maintenance Technology
• Business
• Business Administration
• Business Office Administration
• Business Office Technology
• Civil Surveying and Mapping Technology
• Criminal Justice
• Commercial Diving
• Cosmetology
• Culinary Arts & Occupations
• Diesel-Powered Equipment Technology
• Digital Media
• Drafting and Design Technology
• Electrician
• Heating, Air Conditioning, & Refrigeration
• Industrial Agriculture Mechanics Technology
• Industrial Electronics
• Industrial Marine Electronics Technology
• Industrial Technology
• Information Technology
• Medical Assistant
• Medical Laboratory Science
• Non Destructive Testing Technology
• Nursing
• Oil and Gas Production Technology
• Practical Nursing
• Welding
• Welding, Advanced

The M.J. Foster Promise Program provides financial assistance to eligible students who enroll in a qualified program at a two-year public college or university, or an accredited proprietary school licensed by the Board of Regents to pursue an associate degree or a shorter-term postsecondary education credential required for certain high-demand, high-wage occupations aligned with Louisiana’s workforce needs.

Learn more on our M.J. Foster Program page.

Please click for more information on the Louisiana Go Grant.
 

The Chafee Educational and Training Voucher (ETV) Program awards up to $9,000 annually during the academic year to qualified students who have been in the foster care system so they can pursue an academic college education or technical and skill training in college to be prepared to enter the workforce. The actual award amount is determined by the student’s financial need, which is calculated in accordance with the Higher Education Act of 1965, as amended.

The Strategies to Empower People (STEP) Vocational Education Program, funded by the Louisiana Department of Children and Family Services (DCFS), awards payment of postsecondary tuition and up to $300 for books and fees each semester to eligible recipients of the Family Independence Temporary Assistance Program (FITAP).

The GO Youth Challenge Program is a program to encourage and assist those students who graduate from the Louisiana National Guard's Youth Challenge Program to continue their education and enhance their employment opportunities by providing tuition at an eligible Louisiana postsecondary institution.

The Chancellor’s HiSET Grant will be awarded to students who complete the high school equivalency diploma at  South Louisiana Community College. Each HiSET completer will receive a certificate of eligibility that can apply a one-time $500 grant towards their SoLAcc education. 

We understand that paying for college can be difficult. That’s why we offer thousands of dollars in student scholarships every year.

Visit our scholarships page to view scholarships available each semester.