Office of Financial Aid

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Let Us Make Your Education More Affordable!

The Office of Financial Aid at Franciscan Missionaries of Our Lady University realizes that choosing a college and financing your education is one of the most important decisions you will make. On this page, you’ll find information about the financial aid application process at FranU, aid application deadlines, and must–know information about the FAFSA, student loans and other types of available aid

The Office of Financial Aid is Here to Help You

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What Makes FranU Different?

Care and Respect

At FranU, we treat all students with respect and maintain the confidentiality of personal information about our students and their families at all times. We strive to demonstrate the highest level of care, ethical behavior and professionalism while assisting students and their families with finding the best options to pay for college, all while remaining good stewards of federal, state and institutional funds.

Affordable Catholic University

A large percentage of our student body receives some form of financial aid, making us one of the nation’s most affordable private Catholic universities. Many of our students receive financial aid through the form of grants, scholarships and loans. FranU also participates in the state’s TOPS program and the Louisiana Go Grant program.

Transparency

As a student, you have the right to understand what you’ll pay for your education, and at FranU, we believe our students should have a clear sense of their approximate tuition expenses. To better serve our students as they navigate their decision-making process and plan for their financial future, we’ve created a Tuition and Fee Calculator that can be used to determine the estimated cost of attendance.

TOPS, Work-Study and Scholarships

FranU offers aid in the form of the Taylor Opportunity Program for Students (TOPS), Federal Work-Study, scholarships and more. With so many options and opportunities for students of many backgrounds, we’re confident that our team in the Office of Financial Aid can connect you with the right aid for where you’re at in life.


FranU’s Financial Aid Application Process

The goal of the Office of Financial Aid is to provide you with high-quality service and equitable resources to help meet your educational goals. You may apply for federal student aid, including grants, loans and work-study, by completing the following steps.

Step 1:

Go to Studentaid.gov to create an FSA ID. If you are required to include parent information on the Free Application for Federal Student Aid (FAFSA), your parents need to create an FSA ID also. If you already have an FSA ID, proceed to Step 2.

Step 2:

Once you’ve created your FSA ID, complete and submit the FAFSA on the Studentaid.gov site. Be sure to list FranU’s school code, 031062. The Department of Education (DOE) provides an electronic copy of your FAFSA to the Office of Financial Aid at FranU.

Step 3:

Submit the Financial Aid Data Form to the Office of Financial Aid. If you have been selected by the DOE for a process called verification, you will be required to submit additional documentation. The Office of Financial Aid will notify you via email of all documentation you must provide.

Step 4:

Your financial aid eligibility is determined after the Office of Financial Aid has received your FAFSA and all required documents, provided you are:

  • Admitted into the University and/or Program;

  • Meeting Satisfactory Academic Progress (SAP) policy requirements; and

  • Meeting all other federal eligibility requirements.

If you are a first-time Direct Stafford Loan borrower and/or new to the University, you must complete a Direct Stafford Entrance Loan Counseling session. A link to the online session is available on the Federal Student Aid website.

If you are a first-time Direct Stafford Loan borrower and/or new to the University, you must also complete a Master Promissory Note (MPN). You may complete an MPN by logging onto the Federal Student Aid website.

Step 5:

The Office of Financial Aid will email you an award letter detailing the aid you are eligible to receive. Please allow one to two weeks (three to four weeks during peak processing months of July and August) for receipt of your award letter once you have submitted all required documentation.

Step 6:

Accept/Reject any aid offers via Wolf Tracks.

Parent or Graduate PLUS Loan Borrowers

You must complete a credit pre-approval and Master Promissory Note (if you have not already completed a Direct PLUS MPN). You may access the PLUS application at Studentaid.gov after May 1.

Federal Financial Aid Deadlines

The FAFSA becomes available each year on October 1. You may apply for financial aid any time after October 1 to use for the upcoming fall, spring and summer semesters. We recommend that your application be submitted no later than March 2 for priority consideration.

It is important that you complete the financial aid application process early enough each year so that your award will be in place prior to fee bill deadlines; otherwise, you will be responsible for payment of your fees by the due date.


Important FAFSA and Student Loan Information

In addition to the information below, FranU has created a guide to help you navigate financially preparing for college that includes a breakdown of the differences between federal and private loans, how to decipher your financial aid award letter and more.

FAQ

Filing as an Independent vs. Dependent

A student is independent if they meet any one of the following criteria from HEA Sec. 480(d):

  • Is at least 24 years old.

  • Is married as of the date they apply.

  • Will be a graduate or professional student at the start of the award year.

  • Is currently serving on active duty for purposes other than training.

  • Is a veteran of the U.S. Armed Forces.

  • Has dependents other than a spouse.

  • Was an orphan, foster child or ward/dependent of the court at any time since the age of 13.

  • Is an emancipated minor.

  • Is in legal guardianship or was determined at any time since July 1, 2008, to be an unaccompanied youth who was homeless or was self-supporting and at risk of being homeless.

More About Dependents

If you are the student applying and you have a child and one or both of your parents are directly or indirectly providing more than 50% support in cash or other assistance to the child/grandchild, then you would answer “no” to the FAFSA question about legal dependents. “Indirect support” to the child includes support that a parent gives to you on behalf of your child. If you are living with a parent who is paying for most of the household expenses, your parent would usually be considered the primary source of support to your child, and you would answer “no” to the question about legal dependents.

Need to change your status? Only in extreme circumstances does the school have the authority to change your status. The Higher Education Act allows a financial aid administrator (FAA) to make dependency overrides on a case-by-case basis for stu­dents with unusual circumstances.

However, none of the conditions listed below, singly or in combination, qualify as unusual circumstances meriting a depen­dency override: parents refuse to contribute to the student’s education; parents are unwilling to provide information on the FAFSA or for verification; parents do not claim the student as a dependent for income tax purposes; or the student demonstrates total self-sufficiency.

If you have questions about changing your dependency status, you can reach our office at (225) 526-1714 to discuss your family circumstances with a counselor. Should you have a valid case for a dependency override, your counselor will give you all appropriate forms to complete the process.

Note: It has no bearing on being able to be considered as “independent” whether or not your parents claimed you on their tax return. The Higher Education Act of 1992 established requirements for establishing independence. More information can be found on the FAFSA website Dependency Status page.


Selecting the Correct Marital Status

Understanding Loan Deferment, Forbearance and Discharge Deferment

Loan Consolidation

Default of a Loan

FAQ

Is financial aid available?

Many of our students receive financial aid in the forms of grants, scholarships, and loans. Franciscan Missionaries of Our Lady University participates in the TOPS and the Louisiana GoGrant programs.

What is FAFSA? When should I submit it?

What does it cost to attend?

Do I need to be admitted to the University before I can apply for financial aid?

What programs am I actually applying for?

Is there a deadline for applying?

Do I need to apply each year?

What is the FSA ID?

What happens after I complete my FAFSA?

How can I obtain assistance if I’m experiencing problems through the process of my FA application?

How will I know if I’ve been awarded aid and how do I accept or decline it?

Once I have accepted my award package is there anything that could change or affect my award?

What happens to my financial aid if I resign from the University?

Is there anything else that could affect my award/eligibility?

Do veteran’s benefits affect my financial aid eligibility?

How is my “financial need” determined?

What is the Cost of Attendance?

What if I do not qualify for enough student financial aid to cover my tuition and fees?

What if I am not eligible for aid based on need. Is anything else available?

If my parents are divorced or separated, whose financial data should be used when I’m completing the FAFSA?

My parents got divorced but filed a joint Federal tax return. How do I complete the FAFSA?

Why does my step-parent have to provide financial information on the FAFSA?

My parents don’t claim me on their tax return. Can I file as “Independent”?

Will I be considered dependent or independent?

Will I automatically be considered independent if I have a child?

Does the school have the authority to change a student’s status from dependent to independent?

What if I feel I have a compelling and unique reason warranting a dependency override?

Can I file my FAFSA with my grandparent’s or legal guardian’s information?

I’m getting married during the school year, can I complete my FAFSA as “married”?

What if I have other unusual circumstances?

If I take a leave of absence, do I have to start repaying my loans?

How much is available for students to borrow?

What is the total aggregate loan limits?

Am I required to enroll in a certain amount of hours to get student loans?

What is a private or alternative loan?

Why are federal student loans a better option for paying for college?

What is deferment?

What is forbearance?

Are there circumstances when I must be granted a mandatory forbearance?

What is loan consolidation?

Are there any disadvantages to getting a consolidation loan?

Is it ever possible to have my federal student loan discharged or canceled?

What qualifies my loan for discharge?

What qualifies my loan for cancellation?

What is being in default of a loan mean?

How can I obtain information regarding my federal loan history?

What if my aid exceeds my tuition and fees?

If I receive loans, a Pell Grant, and TOPS, will I receive more than one refund check?

How much does TOPS pay at Franciscan Missionaries of Our Lady University?

What is considered full time for TOPS purposes at Franciscan Missionaries of Our Lady University?

I’m in clinicals. Will I still get TOPS if I’m enrolled in less than 12 hours?

What do transfer students need to do to have TOPS funds sent to Franciscan Missionaries of Our Lady University?

How is TOPS applied to the balance I owe to the Bursar’s Office?

What are the retention requirements for TOPS?

Why is my Franciscan Missionaries of Our Lady University GPA different than the GPA calculated by the state TOPS office?

How can I get more information?

I’m enrolling in less than the number of hours required to be full time for TOPS ...

What is a Direct Loan?