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Types of Financial Aid

Federal Pell Grant (Undergraduate only)

A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are considered a foundation of federal financial aid, to which aid from other federal and nonfederal sources might be added. The maximum first Scheduled Pell Grant award for the 2012-2013 award year is $5,550. The maximum can change each award year and depends on program funding. The amount a student is awarded is based on financial need, enrollment status and program costs. The Student Aid Report will show if you are eligible for a Pell Grant based on the Expected Family Contribution (EFC).

Other items to take into consideration:

• Pell grant amounts are based on a student's enrollment: full-time, three-quarter time, half time and less-than-half time.
• The maximum Pell Grant amount is awarded to a student who takes 12 hours per semester. Students who take more than 12 hours per semester will increase costs, but Pell Grant funds will remain the same. Students who take less than 12 hours a semester will receive a smaller Pell grant amount.

If your enrollment changes during the semester by adding or dropping courses, all financial aid funds will be reviewed and adjusted accordingly.

Federal Supplemental Educational Opportunity Grant (FSEOG)

This program is designed to assist undergraduate students with exceptional financial need (based on the EFC) and gives priority to students who receive Federal Pell Grants. Students may be awarded $100-$1,000 annually based on the availability of funds and need. Funds are limited.

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 a 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 his or her teaching obligation, the amounts of the TEACH Grants received are treated as an unsubsidized Direct Loan and must be repaid with interest.

Texas Tuition Equalization Grant Program (TEG)

Texas residents attending a private institution such as LeTourneau University may be considered for a Tuition Equalization Grant (TEG) from the State of Texas. Students who have completed the regular financial aid application process and have established financial need will be considered for this grant by the Financial Aid Office. Undergraduate students must be enrolled at least three-quarter-time (9 credit hours per semester), complete at least 24 credit hours during the academic year and maintain a cumulative grade point average of 2.50. Funds are offered on a first come first served basis and are limited. Funds will only be disbursed during the Fall and Spring semesters. Graduate students must be enrolled at least three-quarter-time (6 credit hours per semester), complete at least 18 credit hours during the academic year and maintain a cumulative grade point average of 3.0. Funds are offered on a first come first served basis and are limited. Funds will only be disbursed during the Fall and Spring semesters.

William D. Ford Federal Direct Loan (Direct Loan) Program

Direct Stafford Loans

Direct Stafford Loans (subsidized and unsubsidized) are low-interest loans available to assist eligible students. First-time borrowers at LeTourneau University must complete Direct Stafford Loan Entrance Counseling and a Direct Master Promissory Note (MPN) to complete the loan process. These are generally completed on the web. A student must be enrolled as a degree seeking student or in an eligible certificate program to be offered a Direct Stafford Loan.

https://www.studentloans.gov site for first-time borrowers to complete entrance counseling and Subsidized/Unsubsidized Master Promissory Note (MPN)

Direct Plus Loans for Graduate and Professional Degree Students (Direct Grad Plus)

Graduate and professional degree students are eligible to borrow under the Direct PLUS Loan Program up to their cost of attendance minus other aid. Students must have applied for their annual loan maximum eligibility under the Direct Subsidized and Unsubsidized Stafford Loan Program before applying for a Direct Grad PLUS loan. The terms and conditions applicable to Direct PLUS Loans also apply to Direct Grad PLUS loans. Loan qualifications are based on the student’s (borrower) acceptable credit history. Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA).

https://www.studentloans.gov site for first-time borrowers to complete entrance counseling and Graduate PLUS Master Promissory Note (MPN)

Federal Direct Loan Program Fixed Rates for Loans

Graduate and professional degree students are eligible to borrow under the Direct PLUS Loan Program up to their cost of attendance minus other aid. Students must have applied for their annual loan maximum eligibility under the Direct Subsidized and Unsubsidized Stafford Loan Program before applying for a Direct Grad PLUS loan. The terms and conditions applicable to Direct PLUS Loans also apply to Direct Grad PLUS loans. Loan qualifications are based on the student's (borrower) acceptable credit history. Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA).

Loan limits

The maximum amount you can borrow each year in Direct Subsidized and Unsubsidized Loans depends on your grade level and on whether you are a dependent student or an independent student. The following table shows the maximum amount of money you may borrow each academic year in Direct Subsidized and Unsubsidized Loans:

1 Except those whose parents are unable to borrow a PLUS loan.

2 These limits also apply to dependent students whose parents are unable to borrow a PLUS loan.

3 The numbers in parentheses represent the maximum amount that may be subsidized.

The actual loan amount you are eligible to receive for an academic year is determined by your school and may be less than the maximum annual amounts shown in the chart above.

Below are the aggregate (total) limits for Direct Subsidized and Unsubsidized Loans:

• $31,000 for dependent undergraduate students excluding those whose parents are unable to borrow a PLUS Loan (no more than $23,000 may be subsidized)
• $57,500 for independent undergraduate students and dependent undergraduates whose parents are unable to borrow a PLUS loan (no more than $23,000 may be subsidized)
• $138,500 for graduate or professional students (no more than $65,500 may be subsidized; includes loans for undergraduate study)

These aggregate limits include both Direct Subsidized and Unsubsidized Loans and any subsidized and unsubsidized Federal Stafford Loans received through the Federal Family Education Loan (FFEL) Program.

With a Direct PLUS Loan, a graduate/professional student or the parent of a dependent student can borrow up to the cost of the student's attendance minus other financial aid the student receives.

Private Loans

If you are in need of additional funding beyond your Title IV Federal Aid funding, you may want to apply for a private loan.

Remember to utilize all Federal Direct Loan options first before applying for a private loan. We suggest you research the lender and their loan products before making a choice for your private loan.

CLICK HERE to view a list of private loan lenders.

Please note: This list was chosen based on historical borrowing practices of LeTourneau University students. LeTourneau University does not receive any benefits in exchange for placing a lender on the lender list. As a student borrower, you are not restricted to the lenders presented on this list; you may use any lender of your choice. Eligibility for private loans depends on your credit score and often require a co-signer.

Feel free to contact our office if you have any questions regarding the private loan process.

For questions regarding the costs of your academic year, contact the Student Accounts Office at 1-800-759-8811 ext. 4140, 903-233-4140 or emailing at SGPS-StudentAccounts@letu.edu.