Navigating financial aid can be a daunting task, but the Lamar Financial Aid Office is here to empower students with the resources and support they need to achieve their academic goals.
Understanding Financial Aid at Lamar University
Lamar University offers a wide range of financial aid options, including:
- Scholarships: Merit- or need-based awards that do not have to be repaid.
- Grants: Need-based awards that do not have to be repaid.
- Loans: Federal or private loans that must be repaid with interest.
- Work-Study: Part-time employment opportunities that allow students to earn money while attending school.
- Military Benefits: Assistance for students who are current or former members of the military.
How to Apply for Financial Aid
Applying for financial aid is a straightforward process:
- Complete the Free Application for Federal Student Aid (FAFSA): This form is the primary means of applying for federal and state financial aid.
- Submit Required Documents: The Financial Aid Office may request additional documents, such as tax returns or proof of income.
- Check Your Financial Aid Status: Once your FAFSA has been processed, you will receive a financial aid award letter outlining the types and amounts of aid you have been offered.
- Accept or Decline Aid: You must accept or decline any financial aid you have been offered before it can be applied to your tuition and fees.
Types of Financial Aid Available
Scholarships
Lamar University offers over 1,000 scholarships to incoming and current students. Scholarships are typically awarded based on academic achievement, financial need, or other criteria.
Grants
Federal Pell Grants are available to undergraduate students who demonstrate the greatest financial need. The maximum Pell Grant award for the 2023-2024 academic year is $6,895.
Loans
Federal Direct Loans are offered to undergraduate and graduate students. There are two types of Direct Loans:
- Subsidized Loans: The federal government pays the interest on these loans while the student is enrolled in school at least half-time.
- Unsubsidized Loans: The student is responsible for paying all interest on these loans, regardless of their enrollment status.
Work-Study
The Federal Work-Study Program provides part-time employment opportunities for students with financial need. Students can work on campus or off campus at participating employers.
Military Benefits
Lamar University participates in the Yellow Ribbon Program, which provides tuition assistance to eligible veterans. The university also offers other benefits for military-affiliated students, including:
- Priority registration
- Dedicated support services
- Disabilities assistance
Importance of Financial Aid
Financial aid can make a significant difference in a student’s ability to attend college. According to the National Center for Education Statistics:
- 86% of college students receive some form of financial aid.
- The average financial aid package for students at four-year public universities is over $15,000.
- Financial aid helps reduce the cost of college by an average of 45%.
Conclusion
The Lamar Financial Aid Office is committed to providing students with the financial assistance they need to succeed in college. By understanding the different types of financial aid available and applying for aid early, students can increase their chances of receiving the financial support they need to reach their academic goals.