Liberty University Student Loans

6 ways to make the most of your summer internshipOver 100,000 students pursue higher education at Liberty University. The largest Christian university in the world, Liberty University is a non-profit, private, Christian university located in the Blue Ridge Mountains in Lynchburg, Virginia. Online and residential students have over 450 programs as options, ranging from certificate programs to doctoral degrees. Students under age 21 and unmarried are required to live on campus in one of the several residence halls to promote student unity and a total immersive college experience. With a wide range of student activities, recreational options, organizations and clubs, service, and volunteer opportunities, Liberty University is a close-knit, faith-based community.

Fees and Tuition Rates

Budgeting for college requires determining your total cost of attendance (COA) at your chosen school. The COA should take into account not only your tuition and school fees, but also your room and board costs, cost of books and supplies, transportation, personal expenses including food and groceries, and other incidentals. Annual tuition at Liberty University for the 2015-2016 academic year is $21,300 for full-time undergraduates, with part-time credits costing $730 an hour. There is an additional activity/student center fee of $700 and an optional auto registration fee of $270 per year. A Confirmation Deposit of $250 is also collected upon application to Liberty University to be used as a credit for your first semester’s tuition.

Tuition rates for graduate students for the 2015-2016 academic year are:

Liberty University also offers a discount on computers and computer software to help set you up for success. You can save money by choosing used books or e-books and even renting your textbooks in some cases. Liberty University provides a Net Price Calculator in order to help you estimate your total costs for attendance by providing some basic information about yourself. Keep in mind this is an estimate only and actual costs may vary somewhat.

Financial Check-In

Students at Liberty University are required to complete a Financial Check-In once each semester. This process enables students to maintain registered classes, secure housing arrangements, choose meal plans, and provide payment options, including financial aid packages. Be sure to be aware of any deadlines so as not to lose your housing, course schedule, or become responsible for late fees. To complete your Financial Check-In online, you will need to set up an ASIST account after you have been accepted to Liberty University and created your Liberty network account.

Scholarship Opportunities

Scholarship awards are free money that doesn’t have to be paid back, and students are encouraged to locate as many as possible in order to help offset college expenses. Students who apply to Liberty University and submit their Confirmation Deposit on time may be eligible for several different Confirmation Deposit Scholarships through the University, such as:

New students who apply to Liberty University and finish their Financial Check-In on time may also be eligible for up to $600 in New Student Book Dollars as well. Liberty University offers academic scholarships to students with high ACT/SAT test scores and GPAs. For more information on qualification criteria, you can reference the Academic Scholarship Award Amount chart online. Liberty University also offers a variety of institutional scholarships to eligible students. For a full list check here. You should also seek out scholarships from outside sources that may provide funding based on a variety of reasons such as gender, race, field of study, club membership, etc.

Applying for Financial Aid

Liberty University has streamlined the financial aid process into four convenient and easy-to-follow steps:

  1. Complete your Free Application for Federal Student Aid, or FAFSA, with the Liberty University school code.
  2. Apply for additional forms of aid.
  3. Apply for student loans.
  4. Complete your Financial Check-In.

In order to be considered for any type of financial aid, including institutional scholarships, grants, federal funding, and state funding as well as federal student loans, you must first complete your FAFSA.

Completing the FAFSA

You can complete and submit your FAFSA online by creating a FSA ID with your name, date of birth, and Social Security number. This is your digital signature and provides you access to your federal financial aid information. The FAFSA requires that you provide your current tax and income information as well as any other relevant financial information. If you are under age 24, unmarried, and don’t have any dependents of your own, you may be considered a dependent student, which means that you will also need your parents’ financial information and Social Security numbers as well.

In order to be eligible for federal student aid, you must be a U.S. citizen or eligible non-citizen, have a valid Social Security number, be registered for the U.S. Selective Service (males register between ages 18 and 25), not have any federal loans in default, have a high school diploma or its equivalent, and be enrolled or accepted in a certificate or degree program as a regular student. Additionally, students at Liberty University must maintain satisfactory academic progress (SAP) in order to qualify for financial aid. Liberty University’s Financial Aid Office determines a student’s SAP at the end of each term. You must also sign a statement indicating that any funds you are awarded or borrow will be used for educational purposes only.

Financial Aid Awards

cu student loansOnce you have submitted your completed FAFSA, it takes around one to two weeks to process. Your FAFSA is used to determine your expected family contribution (EFC), which is how your award package is calculated. If you qualify for aid, you will receive a letter detailing the type and amount as well as how to sign your Master Promissory Note (MPN) and accept your award. You only should borrow what you need and are not required to accept the full amount of aid you are eligible for. Your FAFSA and EFC will automatically determine your eligibility for certain federal, state, and institutional grants without having to fill out additional applications. Grant funding, like scholarships, is considered gift money that doesn’t have to be paid back.

Federal grants include the Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), and Teacher Education Assistance for College and Higher Education (TEACH) Grant. The Pell Grant is based on financial need and given to all students who qualify. Students may be eligible for as much as $5,775 for the 2015-2016 academic year. FSEOG funding, on the other hand, is more limited and disbursed through Liberty University in a first-come, first-served basis so be sure to apply early. The U.S. Department of Education awards participating schools a set amount of FSEOG funds to disburse to students demonstrating financial need. The TEACH Grant is not based on financial need but rather gives potential teachers, who are planning to teach in a high-need and low-income schools, up to $4,000 a year to complete the necessary coursework.

State agencies as well as Liberty University also offer grants and scholarships that include:

Funds are disbursed into your Liberty University account to pay for tuition, fees, and room and board. Any additional funds may be refunded to you to cover any other education-related expenses. Pay attention to FAFSA filing deadlines and remember you have to resubmit a FAFSA each academic year.

 

Types of Student Loans