FINANCIAL AID & SCHOLARSHIPS
Our Lady of the Lake University understands the economic realities of financing a college education. It is part of the OLLU mission to provide resources and options that make a quality, private education affordable for all families. More than 90 percent of undergraduate students receive financial assistance in the form of merit-based scholarships and need-based financial aid.
OLLU remains committed to providing students with the tools needed to be successful in today’s highly competitive market place. OLLU’s doors are always open to students and their families. Students should contact the University with any questions or concerns about scholarships and financial aid.
Our Lady of the Lake University offers a competitive, merit-based scholarship program for incoming freshmen.
In addition to receiving merit-based scholarships from the Office of Undergraduate Admission, students must also complete the Free Application for Federal Student Aid (FAFSA) in order to be considered for need-based financial aid. Students are awarded financial aid based on financial need. Students are eligible for federal, state and institutional grants, work study and loans. When completing the FAFSA, use the following OLLU code: 003598
Below are a few helpful facts to assist students in the financial aid process.
How is financial aid awarded?
When awarding financial aid, the Expected Family Contribution (EFC) is subtracted from the Cost of Attendance in order to calculate financial need.
When do I apply for financial aid?
The FAFSA process begins on January 1st. Students are strongly encouraged to apply no later than February 28th, since awarding of financial aid is done on a first-come, first-served basis. Apply early!
How do I apply for financial aid?
Students are strongly encouraged to apply online at www.fafsa.ed.gov in order to expedite the financial aid process. Students and parents must apply for a personal identification number (PIN) in order to begin the online filing of a FAFSA application. When completing the online form, be sure to use the OLLU code: 003598
What types of need-based aid are available?
Grants are available from federal, state and University resources. These funds do not have to be repaid and are referred to as gift aid. Students receiving state funding must maintain a 2.5 semester grade point average to continue receiving state funds.
Loans are made available from the federal government at low interest rates and must be repaid. Repayment of loans can begin immediately if so desired by the student, however repayment is typically deferred until after the student graduates or is no longer enrolled on at least a half-time basis.
Work Study Awards are made through federal and state work study programs as well as through University resources. Students receiving this type of aid will work on campus several hours a week in a University office or department. OLLU awards twice as much work-study aid than other area universities.
For more information regarding the FAFSA, visit the Web site www.fafsa.ed.gov. Additional assistance can be obtained by contacting the OLLU Financial Aid Office at 1-800-324-4310 or by visiting online at www.ollusa.edu/FinancialAid.