Financial Aid
Student Eligibility for Financial Aid
Who qualifies for aid, how the process works, and what happens after you apply.
Eligibility
Student eligibility for financial aid
To qualify for financial aid, you must:
- Be admitted to Louisburg College as a degree-seeking student.
- Be a U.S. citizen or an eligible non-citizen.
- Have a valid Social Security Number (with limited exceptions).
- Possess a high school diploma or a recognized equivalent (such as a GED).
- Maintain Satisfactory Academic Progress (SAP): a minimum GPA and a required percentage of attempted credit hours completed, to remain eligible for aid.
- Complete the FAFSA every year.
How to Pay for College
Free money first, then self-help aid
Financial aid is designed to reduce your out-of-pocket costs. Most Louisburg students use a combination of “free money” (scholarships and grants) and “self-help aid” (work-study and loans).
1. Apply
Complete the FAFSA at studentaid.gov.
2. Review
Receive and review your Financial Aid Offer from Louisburg College.
3. Accept
Formally accept the specific scholarships, grants, or loans you need.
4. Settle
Cover any remaining balance through a tuition payment plan or private financing.
Types of Financial Aid
Three kinds of aid
1. Free money (no repayment required)
Scholarships are awarded for academic merit, athletic talent, or specific donor criteria; Louisburg offers Merit, Endowed, and Athletic Scholarships. The Lettie Pate Whitehead Scholarship supports eligible female Christian students pursuing health-related fields, who take part in academic, service, and professional development programs. Grants are typically awarded by federal or state governments based on financial need (FAFSA required).
2. Earn while you learn
Federal Work-Study provides part-time employment for students with financial need. Earnings are paid directly to you by paycheck for personal or educational expenses; they are not applied to your tuition bill.
3. Loans (must be repaid with interest)
Federal Direct Subsidized Loans for students with need (the government pays the interest while you are in school at least half-time); Direct Unsubsidized Loans for most students, with interest accruing from disbursement; Parent PLUS Loans for parents of dependent students; and private loans from banks, which often need a co-signer and come after every federal option.
State-Specific Aid
North Carolina residents
To qualify for the North Carolina Need-Based Scholarship, students must:
- Complete the RDS: the Residency Determination Service, to prove North Carolina residency.
- Enrollment: be enrolled in at least 9 credit hours (12+ hours for the full award amount).
- Need: meet federal Pell Grant eligibility criteria.
Start Here
The FAFSA, and what happens after you apply
The Free Application for Federal Student Aid (FAFSA) is the single most important document in the process. It determines your eligibility for federal, state, and Louisburg institutional aid.
- School code: 002943
- Priority deadlines: Fall, July 1 · Spring, December 1 · Summer, May 1
- Note: some students are selected for Verification, which requires submitting additional tax documents to the Financial Aid office before aid can be finalized.
Once your aid is finalized and you have started classes
- Tuition credit: financial aid (except Work-Study) is applied directly to your student account to cover tuition and fees.
- Disbursement: funds are processed through the federal disbursement system after attendance is verified.
- Refunds: if your financial aid exceeds your total charges, the remaining balance is issued to you—for new students, typically about 30 days after the start of the term.
- Repayment: for loans, you work with a loan servicer; repayment typically begins six months after you graduate or drop below half-time enrollment.
Complete the FAFSA FAFSA Information
The full policy from the financial aid office
For many students, finding ways to fund college other than out of pocket is essential. There are different types of financial aid, or funding for college including scholarships, work-study jobs, grants, and loans.
- Scholarships are “free money” offered to help students pay for college. Scholarships can be based on academics, athletics, or the criterion specified by the scholarship donor. Students should apply for as many scholarships as they are eligible for. In addition, scholarships do not have to be repaid.
- At Louisburg College, we offer many scholarships such as Merit Scholarships, Endowed Scholarships, and some Athletic scholarships.
- The Lettie Pate Whitehead Scholars program annually provides scholarship support to deserving female Christian students in the South with financial need and an interest in the health professions. Lettie Pate Whitehead scholarships are included in the recipients’ total financial aid package, and the scholarship follows scholars through their course of study. Lettie Pate Whitehead had a keen sense of duty to those in need, as well as a gracious and generous spirit. Lettie Pate Whitehead Scholars honor these attributes and responsibilities by participating annually in annual academic lectures, service projects, and professional development programs.
- Federal Work-Study provides part-time jobs for students in financial need to help pay for expenses.
- Grants are also considered “free money” that do not have to be repaid as long as eligibility requirements are met. Most grants are federal money and are awarded based on financial need. Students must complete the FAFSA to become eligible for federal and state grants.
- Students who are acknowledged as North Carolina residents may be eligible for the North Carolina Need-Based Scholarship. The North Carolina Need-Based Scholarship for Private College Students aids many Louisburg College students in funding of their college journey. The award amount varies and carries a rolling deadline. Requirements to receive this award include:
- Be a North Carolina resident as well as a North Carolina resident student for tuition purposes, as defined by the North Carolina Residency Manual
- Be enrolled as an undergraduate student in at least 9 credit hours at a qualifying private North Carolina campus
- Meet requirements for the Federal Pell Grant (except the Expected Family Contribution (EFC) range used for Federal Pell Grant awards)
- In order to receive the full award amount allotted as a North Carolina Need-Based Scholarship recipient, students must be enrolled in 12 credit hours per semester classified as a “Full Time Plus” student.
- Loans are a form of aid that must be repaid. This is money you borrow and pay back with interest. Loans are offered by the federal government and private organizations.
Federal vs. Private Student Loans
Federal student loans are provided by the government and often include fixed interest rates that are generally lower than private loans. Federal loans offer more flexible repayment options. Private loans are provided by banks or state-affiliated agencies and often require a co-signer. Private student loans should be the last resort option to cover college costs.
Subsidized and Unsubsidized Loans
Subsidized and unsubsidized loans are the primary loans offered by the federal government. Subsidized loans are only offered to undergraduate students in financial need. Need is determined by the federal government with the FAFSA application. Unsubsidized loans are available to all students and are not based on financial need.
Direct PLUS Loans
Direct PLUS loans are offered to parents of undergraduate students and can be useful if subsidized and unsubsidized loans or other forms of financial aid do not cover all cost of attendance. These should be a last resort next to private student loans.
Completing a FAFSA
Students wishing to receive federal financial aid such as grants, loans, or work-study must complete the Free Application for Federal Student Aid (FAFSA). FAFSA information is also used to determine eligibility for certain state and school financial aid. Completing the FAFSA does not obligate you to accept any financial aid offered, you will be able to review and decide what aid you need and want to accept. Please make sure to list our school code: 002943.
FAFSA Completion Priority Dates
- Fall - July 1
- Spring - December 1
- Summer - May 1
Method and Frequency of Title IV Disbursements, Loan Terms, and Loan Information
All federal student aid will be disbursed to continuing (students previously enrolled at Louisburg College) students' accounts sometime after the first day of classes. New student's federal student aid will be disbursed 30 calendar days after the first day of classes. The financial aid office will disburse the student's aid via the Common Origination and Disbursement System (COD) and will be reflected on the student's account.
Federal Direct Loans can be subsidized, unsubsidized or the optional Parent PLUS for parents of dependent students. All Federal Direct Loans charge an origination fee. View more information on fees and interest rates.
Although you may be assigned a repayment plan when you first begin repaying your student loan, you can change your repayment plans at any time- for free. View more information on repayment plans.