Janice Lozano
La Salle University offers financial aid to its students, which can be in the form of scholarships, grants, work-study, or loans. The majority of students at La Salle University receive some sort of financial assistance, and the university boasts that its students get more financial aid and larger award sizes than at other schools. The total cost of attendance at La Salle University can be overwhelming, but financial aid can help students pay for their education. La Salle University offers federal loans to its students, and 65% of undergraduate students utilize federal loans to help pay for their education, averaging $6,741 per year. The university also offers the Direct Graduate PLUS Loan, which is a federal loan with a higher interest rate and loan fee that requires a credit check.
| Characteristics | Values |
|---|---|
| Federal student aid | La Salle University provides federal student aid in the form of Direct Unsubsidized Loans, Direct Graduate PLUS Loans, and the Pell Grant program. |
| Federal loans | The average federal loan amount is $6,237 per year, with 65% of undergraduate students utilizing federal loans. |
| Federal grant | 59% of first-year students received a federal grant, with an average amount of $3,799 per person. |
| Work-study | La Salle University offers Federal Work-Study programs as part of financial aid. |
| Scholarships | La Salle University offers scholarships to its students. |
| Private loans | La Salle University is more affordable when fewer students take private loans and the loan amounts are lower. |
| Perkins Loans | La Salle University previously offered Perkins Loans, but the authority to make new loans ended on September 30, 2017. |
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What You'll Learn
Federal Direct Unsubsidized Loans
To be eligible for a Federal Direct Unsubsidized Loan, you must meet the general eligibility requirements for federal aid, not have met your annual or lifetime borrowing limits, and not have exceeded your cost of attendance with other resources. The interest rate for Federal Direct Unsubsidized Loans is variable and changes annually on July 1. The interest on an Unsubsidized Loan is your responsibility from the time the loan funds are sent to the university until it is paid in full. You can opt to allow the interest to accumulate, but it will be added to the principal amount of the loan and increase the amount to be repaid. There is also an origination fee that will be deducted before the loan proceeds are sent to the school.
To apply for a Federal Direct Unsubsidized Loan, you must complete the Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA (for returning students) at StudentAid.gov. After you receive your financial aid award letter, you can work on completing the loan requirements. These include accepting the loan, completing a Master Promissory Note (MPN), and completing Entrance Loan Counseling.
At La Salle University, the median federal loan debt among borrowers who completed their undergraduate degree is $25,000. The university offers financial assistance in the form of scholarships, grants, work-study, and loans. Completing the FAFSA is the key to unlocking most financial aid at La Salle University.
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Direct Graduate PLUS Loans
La Salle University offers financial aid to its graduate students. The majority of students at La Salle University receive financial assistance, which could be in the form of scholarships, grants, work-study, or loans. The key to unlocking most financial aid is by completing the Free Application for Federal Student Aid (FAFSA).
The university offers federal Direct Unsubsidized Loans, which typically offer the best interest rate and repayment terms. To qualify, students must take at least three credit hours, make Satisfactory Academic Progress, and meet other eligibility requirements. The annual borrowing limit for the federal Direct Unsubsidized Loan is $20,500, or $40,500 for certain medical training.
The university also offers the Direct Graduate PLUS Loan. This loan is a federal student loan available to graduate and professional students attending school and is part of the federal Direct PLUS Loan program. The Direct Graduate PLUS Loan is ideal for students who have reached the borrowing limit for the federal Direct Unsubsidized Loan but still need funds to cover the cost of graduate school.
The benefits of the Direct Graduate PLUS Loan include a fixed interest rate that remains constant throughout the life of the loan. Loan payments can be postponed while the student is enrolled at least part-time in an accredited program, and for an additional six months after leaving the program or dropping below part-time status. There are multiple repayment plans available, including income-driven options, and the interest paid on the loan may be tax-deductible.
It is recommended to first explore federal direct loans, and then use Grad PLUS Loans or private loans to cover any remaining costs. To be eligible for a Graduate PLUS Loan, students must be enrolled at least part-time in an eligible school and working towards a graduate or professional degree or certificate. They must also meet the general eligibility requirements for federal student aid, including being a U.S. citizen or eligible non-citizen, having a Social Security number, and making satisfactory academic progress. Additionally, students must not have an adverse credit history, which includes no student loan defaults, long-term delinquencies, or bankruptcies on their credit report.
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Federal Work-Study
La Salle University offers financial aid to graduate students to help pay for their education. The majority of students at La Salle University receive some sort of financial assistance, which can come in the form of scholarships, grants, work-study, or loans.
To be considered for Federal Work-Study (FWS), you must submit the Free Application for Federal Student Aid (FAFSA) annually. Since FWS funds are limited, it is important to file the FAFSA before the deadline. You can calculate how far your FWS award will go by dividing the total award amount by the number of work weeks anticipated, and then dividing that result by the hourly rate. For example, if you have a $3,200 FWS award and you work 30 weeks at $12 per hour, then you can work up to 9 hours per week. Your gross earnings (before taxes) will be approximately $108 per week.
At La Salle University, the median federal loan debt among borrowers who completed their undergraduate degree is $25,000. The median monthly federal loan payment, if repaid over 10 years at 5.05% interest, is $265. You can get the best interest rate and repayment terms with a federal Direct Unsubsidized Loan. To qualify, you must take at least three credit hours, make Satisfactory Academic Progress, and meet other eligibility requirements. You can borrow up to $20,500 per year and up to $138,500 over your entire college career.
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Federal grants
La Salle University offers a range of federal grants to its students. The university's website states that almost all students receive grants, which are often referred to as "free money" because they don't need to be paid back. For the 2021-2022 school year, 97% of full-time freshmen received federal grants, averaging $5,772 per student. The biggest source of these grants is the Federal Pell Grant program, which provides funding for millions of undergraduate students each year, for up to 12 full-time semesters.
To be eligible for federal grants, students must complete the Free Application for Federal Student Aid (FAFSA) and demonstrate financial need. Pennsylvania residents may also qualify for a PA State Grant or the Fostering Independence Tuition Waiver Program, which has similar eligibility requirements to federal aid.
In addition to federal grants, La Salle University also offers institutional grants to students who exhibit financial need. The amount awarded is determined by the student's family's financial circumstances and aims to cover the difference between the cost of attendance and the family's capacity to pay.
The university's website provides information on the different types of financial aid available, including scholarships, work-study programs, and loans. It's important to note that the total amount of financial aid, including grants, cannot exceed the student's cost of attendance.
Federal Direct Unsubsidized Loans are also available to students who meet certain eligibility requirements, such as taking a minimum of three credit hours and making Satisfactory Academic Progress. These loans offer favourable interest rates and repayment terms, and students can borrow up to $20,500 per year.
Overall, La Salle University provides a range of federal grants and other financial aid options to support its students in covering the cost of their education.
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Federal loan debt
La Salle University offers financial aid for graduate students, which can help pay for your education. The majority of students at La Salle University receive some sort of financial assistance, which may include federal loans. The first step in unlocking most financial aid is to complete the Free Application for Federal Student Aid (FAFSA). This will determine your need-based aid, which is calculated based on your or your family's ability to pay for college. If your FAFSA does not show financial need, you can still get an on-campus job.
The median federal loan debt among borrowers who completed their undergraduate degree at La Salle University is $25,000. This would translate to a median monthly federal loan payment of $265 if repaid over 10 years at 5.05% interest. Federal loans typically offer the best interest rates and repayment terms, and you can borrow up to $20,500 per year and up to $138,500 over your college career. The federal government also offers the Direct Graduate PLUS Loan, though this is less attractive than the Direct Unsubsidized Loan because of higher interest rates and loan fees.
Federal student loans are financed by the American taxpayers, and the U.S. Department of Education has announced that its Office of Federal Student Aid (FSA) will resume collections of its defaulted federal student loan portfolio. As of their announcement, 42.7 million borrowers owe more than $1.6 trillion in student debt, with only 38% of borrowers currently in repayment and current on their loans.
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Frequently asked questions
Yes, La Salle University offers financial aid to students. The majority of students receive some sort of financial assistance.
La Salle University offers scholarships, grants, work-study, and loans.
The average annual federal loan amount for a student at La Salle University is $6,237. The median federal loan debt among borrowers who completed their undergraduate degree is $25,000.
To apply for financial aid, students must complete the Free Application for Federal Student Aid (FAFSA). The FAFSA must be filed by May 1 for eligibility.
Yes, La Salle University accepts Federal Student Aid PLUS Loans.
