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Louisiana Office of Student Financial Assistance

P.O. Box 91202
Baton Rouge, LA 70821-9202
Phone: (225) 922-1012
Toll-Free: (800) 259-5626 x1012
Fax: (225) 922-0790
Website: http://www.osfa.la.gov

The Louisiana Office of Student Financial Assistance (LOSFA) is the state agency which the U.S. Department of Education accepts as the guarantor of loans for Louisiana's Federal Family Education Loan Program (FFELP).

Stafford Loans (subsidized and unsubsidized), Parent Loans for Undergraduate Students (PLUS) and Consolidation Loans are offered.

In 2006, the Higher Education Reconciliation Act (HERA) demanded that guarantors collect a mandatory federal default fee of 1 %. The state of Louisiana pays this default fee instead of passing it on to student borrowers.

Louisiana offers some awards that turn into loans if students do not meet their obligations: These awards are a teacher student loan forgiveness program. Awards have been given at the rate of 90 per year to students who promise to teach in Louisiana. Some features are:

$6,000 per year for mathematics and chemistry majors; $4,000 per year for other education majors

maximum of 4 years of funding

can be combined with other awards and federal aid

loans are forgiven in the ratio of 1 year of forgiveness for each year of teaching, or 2 years of forgiveness for each year of teaching in a school located in an economically disadvantaged region

The award will turn into a loan if the teaching obligation is not met within 6 years after graduation. The terms are:

an 8 % interest rate

yearly payments will total the amount necessary to pay it off within 10 years or $1,200 per year- whichever is less

A similar program is:

The Rockefeller State Wildlife Scholarship Program

These awards are given to students who major in forestry, wildlife, or marine science. The only requirement is that they maintain eligibility and graduate with an appropriate degree.

The annual award is $1,000 for up to 5 years undergrad + 2 years graduate for a total of $7,000.

If the requirements are not met, the award must be paid back at 8 % interest.

Payments will equal the amount necessary to pay the loans back within 7 years or $1,200- whichever is less

For graduate students, Louisiana has:

The Tuition Payment Program for Medical School Students

These awards are given to 15 students each year who commit to practicing as primary care physicians, for at least five consecutive years in a rural or medically disadvantaged area in Louisiana.

The awards are equal to tuition + room and board for two years at medical school.

If the student does not fulfill his obligation, he is required to pay the loan back.

Interest will be at whatever the state wants to charge as long as it is under the legal maximum.

Student must pay double the amount dispersed

The amount per year will be whatever it takes to pay off the loan in 5 years or $ 5,000- whichever is less

The Louisiana Office of Student Financial Assistance manages extensive grants and aid programs, but not a separate state loan program.

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