2009–2010 Catalog - Lourdes College

Student Finances45GrantsGrants are a type of gift-aid that does not have to be repaid. State and federalgrants are awarded to students who have not yet completed their first bachelor’sdegree.• Federal Pell Grant: The Pell Grant is a Federal, need-based award givento students who are U.S. citizens or permanent residents who have notearned a bachelor’s or professional degree. Eligibility is based on theExpected Family Contribution (EFC), as determined by the FAFSA, andthe student’s enrollment.• Federal Supplemental Educational Opportunity Grant (SEOG): TheSEOG is a Federal, need-based grant awarded to Pell-eligible students.Schools receive a limited amount of SEOG funds which are awarded whilefunds are available.ScholarshipsScholarships are a type of gift-aid that does not have to be repaid. LourdesCollege awards dozens of different scholarships each year. Please review availablescholarships at the Financial Aid section of www.lourdes.edu. Students are alsonotified through their Lourdes email address of outside scholarships as the office isinformed.LoansLoans are a type of self-help aid that must be repaid. Contact the Financial AidOffice for application, awarding, and repayment details.• Federal Stafford Loans: These loans are part of the Federal Direct LoanProgram, which helps students to pay part of their educational expensesby borrowing directly from a lending institution. Stafford Loans may beused for educational expenses only. Stafford Loans have low interest rates.It is important to remember that the amount borrowed will determine themonthly repayment amount once repayment begins. For moreinformation on these loans including interest and repayment go towww.direct.ed.gov\student.• Federal Stafford Subsidized Loan: The Subsidized Stafford Loan isawarded based on financial need. While a student is attending college atleast half time, the Federal government pays the loan interest. Repaymenton the loan begins six months after a student graduates, leaves school, ordrops below half-time enrollment.• Federal Unsubsidized Stafford Loan: The Unsubsidized Stafford Loandoes not require demonstrated financial need. Under this program,students are charged interest while attending college. Students may paythe interest or delay it until payment of the principle begins six monthsLourdes College Academic Catalog 2009-10