A college education is costly and financing options may seem overwhelming. The U.S. Department of Education’s endorsement of Free Application for Federal Student Aid (FAFSA) helps students apply for the most appropriate student aid program while attending LSU Shreveport.
LSU Shreveport is classified under Title IV of the Higher Education Act of 1965. This gives students the option to utilize FAFSA through their academic career at LSUS. While state (private) loan options are available, there are key differences between state and federal student aid programs.
State programs involve private lenders that can adjust interest rates on a student loan. This requires certain eligibility criteria to be met such as credit history and other personal financial background information. Payment options through state programs are fewer and can be less accommodating when change or stoppage is needed.
Financing options in state and federal student aid programs are sharp in contrast.
Federal programs are able to fix an interest rate, ensuring continuity in payment through the course of a loan. This measure is complimented by structured payment options based on the student’s income. Debt forgiveness also becomes an option after 10 years. However, federal programs reserve the right to withhold outstanding balances from paychecks and tax refunds in the event of a default.
The application deadline for FAFSA in Louisiana is June 30, 2016. Students may apply directly through www.fafsa.ed.gov. The LSUS Title IV code is 002013 and will be required to complete an online application. For more information on student loan options and eligibility, visit the LSUS Financial Aid Department in Room 202 of the Administration Building.