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LeTourneau University    
 
    
 
  Oct 22, 2017
 
2017-2018 Official University Catalog

Financial Aid



Financial Planning

The Financial Aid Office encourages inquiry and is available to assist with planning university expenses and ways to meet them. Various combinations of employment, grants, loans, and scholarships may be used to add to funds already available to cover the total cost of a college education. Students should carefully consider the costs of attending college and should apply for financial assistance if the costs exceed the available resources.

How Financial Aid is Determined

Financial aid includes any grant, loan, scholarship, or work-study employment offered to help students meet education-related expenses. Grants and scholarships are gift aid programs and do not need to be repaid, although special requirements for student participation are clearly outlined and must be followed. Loans are usually offered at low interest rates and can be repaid over an extended period after leaving school. When aid is offered in the form of a job, students are paid an hourly rate for work performed.

Financial aid is determined on the basis of financial need and other factors. This is the difference between the amount of money that the student and/or the student’s family can provide for an education, based upon a government formula, and the cost of attending LETU. The process of determining need takes into account income, assets, number of children in the family, number of children in college, and other factors. Total student costs include tuition, fees, room and board, books, transportation, and an allowance for personal expenses.

Apply for assistance as early in the year as possible. November 15 is the priority deadline. Students are notified regarding financial aid awards beginning in November. Students must be enrolled in at least a half time course of study and must pursue a degree in order to be eligible for assistance. A financial aid package of grants, loans, employment, and scholarships will be arranged according to individual need and availability of funds.

Application Procedure

Students interested in assistance must complete a FAFSA (Free Application for Federal Student Aid). The agency will transmit the information to all of the institutions of higher education indicated by the student when completing the FAFSA. The agency will also send the student a Student Aid Report by email.

Financial aid awards are determined after the Financial Aid Office has received the FAFSA data and after the student has been admitted to the University. New freshmen and transfer students who have both filed their FAFSA by February 15 and who have been admitted by March 1 will be given maximum consideration for financial assistance. If additional information is required, the LETU Financial Aid Office will ask the student to supply the additional information.

A FAFSA must be submitted each year that financial aid is needed. Returning students must have all completed forms filed in the Financial Aid Office by February 15 to be given maximum consideration for financial assistance for the following academic year. No student will be considered until the proper forms are completed and returned to the Financial Aid office.

Student Academic Progress Policy

Federal regulation requires that students must make satisfactory academic progress if they receive Title IV aid. Title IV aid includes financial assistance such as Pell Grants, Supplemental Educational Opportunity Grant (SEOG), Perkins Loans, Federal Direct Student Loans, PLUS Loans, and Work Study.

All students enrolled at LETU who receive financial aid through the University or the Federal Title IV Assistance Programs must meet the satisfactory academic progress (SAP) requirements as defined below in order to be eligible for further aid. Students’ SAP will be checked annually after each spring semester and will be based on achieving both qualitative and quantitative requirements.

At the end of an academic year, if qualitative and quantitative requirements are not met, the student will be notified and placed on financial aid suspension.

All students receiving financial aid should become familiar with the SAP requirements, which are:

  • Qualitative Requirements - Students must have a cumulative grade point average (CGPA) of 2.0 for undergraduate students or a 3.0 for graduate students and must continue to meet this academic standard through to degree completion.
  • Quantitative Requirements are:
    • Students must pass, as a minimum, 67% of attempted credits per academic year. This is calculated by credit hours earned divided by total hours attempted.
    • Students must also complete their program measured in credit hours in a maximum timeframe no longer than 150% of the published length of the program.
    • Transfer students may have earned credits at another school that will count toward the degree, but not grade point average, at LETU. Only transfer credits that apply to the student’s degree will count as part of the 150% maximum time frame. Non-credit or remedial coursework is not applicable at LETU.
    • Students pursuing a second degree will have a new maximum time frame.
    • Withdrawals are counted as an attempted class that was not successful.
    • Incompletes will be counted as an attempted class that was not successful.
    • Repeated courses are counted as attempted and successfully completed.

Appeal Process

Students on financial aid suspension have the option of submitting a letter of appeal written to the Director of Financial Aid. The appeal must address the reason the student failed to make satisfactory academic progress and what has changed in the student’s situation to enable the student to demonstrate satisfactory progress at the next evaluation point. Appeals are reviewed and decided on a case-by-case basis by the Financial Aid Appeals Committee. Students will be notified in writing regarding the outcome of the appeal. For students in residential campus programs, appeals must be submitted prior to August 1. Students in global campus programs should consult the Office of Financial Aid to discover the submission deadline for their situation.

If the appeal is approved, the student will be given the following semester to meet the eligibility requirements, or have an academic plan developed that will ensure the student is able to meet the requirements by a specific point in time. Academic plans are developed by the student’s faculty advisor (residential campus) or academic advisor (global campus) in collaboration with a representative from the Office of the Registrar.

If the appeal is denied and the student is still academically eligible, the student may continue to attend LETU without Title IV assistance. A student on Financial Aid Suspension may regain eligibility by meeting Satisfactory Academic Progress requirements.

At the end of the following payment period or the academic plan timeframe, if a student has not met the required standards, the student will be placed on financial suspension from LETU. A second appeal is permitted.

Examples of mitigating circumstances include:

  • Death in the family
  • Serious illness of a family member
  • Medical complications or prolonged illness of the student
  • Serious financial problems requiring excessive hours of employment.

Types of Financial Aid

Federal Financial Aid Programs

Students who are U.S. citizens or have permanent residence status in the United States are eligible to apply for assistance under various federal financial aid programs. Eligible students must complete and submit the FAFSA to be considered for all of the following federal and state programs:

  • Federal Pell Grant - After submitting the FAFSA, the student will receive a Student Aid Report (SAR) that includes the Expected Family Contribution (EFC). The lower the EFC, the higher the award the student will receive.
  • Federal Supplemental Educational Opportunity Grant (FSEOG) - Students selected for this award are among those with the lowest expected family contributions (EFC) and who will also receive a Federal Pell Grant for that year. At LETU, FSEOG funds are extremely limited, so this program requires an early application for federal aid because most of the money is appropriated to students early in the aid process. Students with a bachelor’s degree are not eligible for an FSEOG award.
  • Federal TEACH Grant - The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program, provides up to $4,000 a year in grant assistance to students who are completing or who plan to complete course work needed to begin a career in teaching. In exchange for the grant, a student must sign an “Agreement to Serve” as a full-time teacher at certain low-income schools and within certain high-need fields for at least four academic years within eight years after completing (or ceasing enrollment in) the course of study for which the candidate received the grant. TEACH Grant recipients must submit evidence of employment as certified by the chief administrative officer of the school upon completion of each year of teaching service. If the grant recipient fails or refuses to carry out the teaching obligation, the amounts of the TEACH Grants received are treated as an unsubsidized Direct Loan and must be repaid with interest.
  • Federal Perkins Loan - The Federal Perkins Loan program provides low interest loans to assist with meeting educational expenses. Perkins Loan funds are limited. Eligible students can borrow up to $5,500 per year. Repayment begins nine months after graduating or leaving school for other reasons. Students are charged 5% interest on the unpaid balance of the loan principal. Perkins Loans can be forgiven in some circumstances.
  • Federal Direct Student Loans - Federal Direct loans (subsidized and unsubsidized) are low interest loans to help eligible students pay for their education. This program enables students to borrow directly from the federal government. Students must be enrolled (or have been accepted) as a degree-seeking student for at least a half time course of study to apply for these loans and must show financial need as determined by the FAFSA to receive subsidized loans. Under this program students may borrow the amount of financial need or up to the maximum eligibility per year. Maximum eligibility for dependent undergraduates is $5,500 for their freshman year, $6,500 for their sophomore year, and $7,500 for the remaining years. Independent students may be eligible for an additional amount in an unsubsidized loan. Two fees may be deducted from the loan when the loan is funded: a guarantee fee and an origination fee. Maximum rates for both fees are set by Congress.
  • The Federal Direct Loan Program, Federal Parent Loan to Undergraduate Students (PLUS) - PLUS loans help the parents or legal guardians of dependent students pay for post-secondary education. These loans may be obtained in addition to or in place of Federal Direct Student loans. Like student loans, a guarantee and origination fee may be charged. PLUS borrowers may receive up to the student’s estimated cost of education less other financial aid, including loan assistance for which the dependent student is eligible. Borrowers will be subject to a credit evaluation. If a PLUS loan is denied, the dependent student may be eligible for an additional amount of unsubsidized loan. Repayment of the PLUS loan will begin within 60 days after the final disbursement, unless the borrower qualifies for deferment. Interest must be paid or capitalized (added to the principal) if payment is deferred.
  • Federal College Work-Study - For students who wish to earn a part of their educational expenses, this program provides students the opportunity to apply for jobs, most of which are on campus. Students are eligible to apply for work-study if enrolled in the University at least half-time. All students interested in work-study employment are encouraged to apply. Wages received under this program are at least equal to the current minimum wage. The University does not guarantee a job or that students will be able to earn the entire amount of the work-study award. Eligibility will be indicated on the financial aid award letter.
  • Texas Tuition Equalization Grant Program - Texas residents attending a private college such as LeTourneau University can be considered for a need-based Tuition Equalization Grant (TEG) from the State of Texas. Grants may be up to $3,500 per year. Students who have completed the regular financial aid application process will be nominated by the Financial Aid Office to the state agency.
  • Other State Programs - Some states send grants to their students who choose to study at an out of state institution. We advise all students to be sure their home state receives a copy of the completed FAFSA and the home state is informed about the desire to attend LETU.

LeTourneau University Financial Aid Programs

LETU financial aid programs are limited to students enrolled in residential programs on the Longview campus. LETU reserves the right to limit the number and amount of all grant and scholarship awards. Scholarships are awarded when admissions files are complete. Prospective scholarship recipients are encouraged to complete the admissions process as soon as possible.

Academic scholarships may be renewed for three additional years beyond the year of initial enrollment (for a total of eight semesters, fall and spring only). Students will receive the full amount of the scholarship, provided that they are enrolled full time and meet the cumulative GPA requirements. Students will not receive an increase beyond the amount of the initial scholarship if their cumulative GPA increases to the level required for a larger scholarship. Academic scholarships are awarded only at the time of entrance into the University.

Academic scholarships, which are awarded on the basis of standardized test scores (SAT Critical Reading + Math or ACT composite), will not be increased if the student retakes the test after a financial aid offer has been made. High school students are encouraged to retake standardized tests in the fall of their senior year.

Students whose academic scholarships are discontinued or reduced because their grade point average fell below the minimum required level for continuance may request to have the academic scholarship reinstated to their original or a lesser scholarship level based on their cumulative GPA at the end of the spring semester. The student is responsible for requesting the academic scholarship reinstatement in writing to the Financial Aid Office. Academic scholarships will not be reinstated at a level beyond the amount of the initial scholarship even if the cumulative GPA increases to the level required for the larger academic scholarship.

  • Presidential, Dean’s, and Founder’s Scholarships - The Presidential, Dean’s, and Founder’s Scholarships are awarded to entering first-time freshmen for academic excellence and achievement. The average recipients have high school GPAs that range from 3.00-4.00 and SAT composite scores in the range of 1150-1600. The scholarships are renewable for a total of four years (eight semesters). Presidential Scholarships are renewable for continuous enrollment and maintenance of a minimum 3.00 cumulative GPA at the end of each spring semester. The Dean’s Scholarship is renewable for continuous enrollment and maintenance of a minimum of 2.5 cumulative GPA at the end of each spring semester. The Founder’s Scholarship is renewable for continuous enrollment and maintenance of a minimum 2.5 cumulative GPA at the end of each spring semester. Scholarship applications are not required. Selection is based upon the application for admission. More information can be found on the financial aid web site.
  • LeTourneau University Awards for National Merit Scholars - National Merit Finalists who provide documentation from the National Merit Scholarship Corporation will receive a scholarship. Details and stipulations of the scholarship are available on the financial aid web site. The Award for National Merit Scholars is renewable for a total of four years (eight semesters, fall and spring only) for continuous enrollment and maintenance of a minimum 3.00 cumulative GPA at the end of each spring semester. Finalists must submit proof of their accomplishment in order to be considered for this award.
  • Grants for Dependents of Christian Workers - Grants are available to students who demonstrate financial need and are the dependents of full-time ministers or the dependents of missionaries serving under recognized mission boards. This grant ranges from $200 to $1,000 per year. Applicants must submit a letter on official letterhead describing the parent’s ministry and responsibility from a senior pastor, board of elders/deacons, supervisor, or mission board.
  • LeTourneau University Home Church Matching Grants - LETU has a program to match scholarship funds provided by an applicant’s home church. This matching grant will not exceed $1,000, and the church must make its financial commitment by submitting a Partnership Agreement form. Partnership Agreement forms are available online. This grant is only available to first-time students and must be applied for prior to enrolling at the University. Commitments made after the second week in August will be considered as an award from an outside source and will not be matched by the University.
  • LeTourneau Transfer Scholarships - Students who have completed one or more full-time terms from a regionally accredited two-year or four-year institution of higher education will be considered for awards. Students with a minimum CGPA of 2.5 may be eligible. Students who are members in good standing of Phi Theta Kappa are eligible for $3000 per academic year. Transfer scholarships are renewable for continuous enrollment and maintenance of a minimum 2.5 cumulative GPA at the end of each spring semester. More information can be found on the financial aid web site.
  • Employment Opportunities - Students interested in working to earn part of their school expenses should become familiar with Campus Jobs. Students are employed on campus in administrative and departmental offices, the library, laboratories, residence halls, and maintenance.
  • Study Abroad and Financial Aid -

If a student is participating in a Study Abroad Exchange Program with a partner school in which the student will pay regular tuition to LeTourneau University, federal and institutional aid can be applied. 

If a student is participating in a Study Abroad Program in which payment for tuition will be made to a third party, federal financial aid can be applied, but institutional aid cannot.

For additional information, please contact the Office of International Studies.