Types of Financial Aid
College is more affordable than you might think. There are multiple types of financial aid available to Louisiana students, and you may qualify for more than one. Here’s a breakdown of your options.
Federal Aid
Financial aid that is funded by the U.S. government. Students must complete the FAFSA (Free Application for Federal Student Aid) to be considered.
Grants
Grants are a type of aid that you don’t need to pay back if you meet all the terms and conditions. They’re usually given based on financial need, making it easier for those who qualify to get the support they need.
Federal Work-Study
Part-time job opportunities based on financial need for students enrolled in college.
Federal Student Loans
Money borrowed to pay for postsecondary education that must be repaid with interest. Federal loans generally offer more benefits to students than private loans, such as lower interest rates, flexible repayment options, and most do not require a credit check or a cosigner.
- Direct Subsidized: a loan for which the interest is paid by the government while enrolled in a postsecondary program.
- Direct Unsubsidized: a loan for which the interest is not paid by the government while enrolled in a postsecondary program.
- Direct PLUS Loans: a loan that allows parents to borrow funds for their dependent undergraduate students or for a graduate or professional student to borrow additional funds up to the cost of attendance.
How to Apply: Complete the FAFSA each year at studentaid.gov.
State Aid (Louisiana Scholarship and Grant Programs)
Financial assistance funded by the State of Louisiana for eligible residents. Louisiana offers several programs to support students:
TOPS (Taylor Opportunity Program for Students)
Merit-based scholarship for Louisiana high school graduates who meet academic requirements.
GO Grant
Merit-based scholarship for Louisiana high school graduates who meet academic requirements.
MJ Foster Promise Program
Merit-based scholarship for Louisiana high school graduates who meet academic requirements.
Additional State Programs
- TOPS Tech
- TOPS Tech Early Start
- Rockefeller State Wildlife Scholarship
- Patriot Scholarship Program
- Regional Contract Program
- GO Youth Challenge Program
- John R. Justice Student Loan Repay
- Strategies to Empower People (STEP) Vocational Education Program
- Chafee Educational Training Voucher
- BESE Tuition Program for Teachers
- Geaux Teach Scholarship Program
These programs help reduce tuition costs for residents attending approved institutions.Tip: Completing the FAFSA is required for most state aid programs.
Institutional Aid
Financial assistance offered directly by colleges and universities. Colleges may provide:
- Academic scholarships
- Need-based grants
- Talent-based awards (athletics, arts, leadership)
- Tuition waivers
- Department-specific scholarships
Institutional aid varies by school. Always check the financial aid office website for deadlines and requirements.
Military & Veteran Benefits
Education benefits are available for service members, veterans, and eligible dependents. Military-connected students may qualify for:
- GI Bill® benefits
- Tuition Assistance
- Louisiana National Guard education benefits
- Credentialing assistance
These benefits can help cover tuition, housing, books, and training costs.
Contact your military education office or school veterans’ services office for guidance.
Private Scholarships
Reminder: Scholarships are money you do not repay.
Scholarships funded by businesses, nonprofits, foundations, and community organizations. Private scholarships may be awarded based on:
- Academic achievement
- Community involvement
- Career goals
- Demographics or background
- Essay submissions
You can search for scholarships through:
- School counselors
- Community foundations
- Scholarship search engines
- Employers
How These Work Together
Understanding how these pieces fit together can really help you save money on out-of-pocket expenses. Most students can combine different types of financial aid up to the total cost of attendance.
For example, if your yearly cost of attendance is $25,000 and you’re eligible for the Pell Grant, state scholarships, private scholarships, and institutional scholarships, you can accept all these forms of aid until it reaches $25,000. It’s wise to check with the financial aid office if you are receiving various types of aid, especially since some forms, like tuition exemptions or waivers, might have rules about combining them.
Many students receive more than one type of aid. For example, a student might receive:
- Pell Grant
- TOPS Scholarship
- College-based scholarship
- Federal Work-Study