Types of Financial Aid
Financial aid comes in one of the following four forms: grants, scholarships, work-study, and loans. Grants and scholarships are considered “gift help” because they represent money that is given to students. Work-study and loans are considered “self-help” because they provide money that must either be earned or repaid.
- Grant: money that is usually given to an undergraduate student, because of financial need.
- Scholarship: money that is awarded because of exceptional academic achievement, an outstanding talent, and/or financial need.
- Work-Study: money a student earns by working at a job, usually 15-20 hours a week.
- Loan: borrowed money that must be repaid with interest.
Need-Based Financial Aid
Need-based financial aid is awarded to students whose families do not have sufficient financial resources to pay for college. In other words, need-based financial aid goes to students who need help paying for college. When determining eligibility for need-based aid, the family’s financial situation is the only thing that’s considered; the student’s academic record is not a factor. Loans, grants, and work-study are all examples of need-based financial aid.
Merit-Based Financial Aid
Merit–based financial aid is given to students who have outstanding abilities, talents, and/or achievements. When awarding merit-based aid such as scholarships, the family’s financial situation is not taken into consideration. The award is based entirely on the student’s merit.
LSU Alexandria gives merit-based awards in order to encourage outstanding students to attend our institution. Organizations and corporations award merit-based aid as a way to recognize and reward outstanding students.
Regular Semester
All scholarships, grants and exemptions will be adjusted after the fourteenth day of class during each full semester and after the seventh day of class during A and B terms. If a student resigns before the fifteenth day of class or the seventh class day of A and B term, the award will be cancelled.
Summer Semester
All scholarships, grants and exemptions will be adjusted after the 7th day of class during the full semester and after the 4th class day of A and B term. If a student resigns before the 7th class day (full semester) or the fourth class day of A and B term, the award will be cancelled.