$5,450

Avg. Federal Grant

$5,698

Avg. Federal Loan

$22,042,289

Total Aid Awarded

Our Lady of the Lake University (OLLU) Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

92%

Total Aid Amount Average Total Aid Awarded per year.

$22.042M

Financial Aid Official Website

www.ollusa.edu/financialaid

Our Lady of the Lake University’s main objective behind offering scholarships and financial aid is to support students by making their education at OLLU affordable through quality, private education. With major consideration to economic realities and the competition in the market, it is committed to providing students with efficient tools and resources for shaping them.

The total financial aid awarded to students amounts to $22,042,289 which indicates that 92% of the students under OLLU are assisted with grants, loans, scholarships and work-study to finance their education. The students must complete the FAFSA for availing these facilities.

Scholarships

These are financial aid awarded to students with respect to their academic performance and leadership qualities. 

Undergraduate Scholarships: They are categorised into:

  • Academic Scholarships for Incoming Freshman: The award amount ranges from $7,000 - $17,000 depending upon the students’ grade point average (GPA) and SAT/ACT scores.

  • Academic Scholarships for Transfer Students: For students with a GPA within 2.00 to 3.75 are offered awards ranging from  $8,500 to $15,000.

  • Sister Rose Annelle McClung Scholarship: A $1,000 scholarship offered by the School of Business and Leadership.

  • Phi Theta Kappa: A $3,000 scholarship offered to incoming transfer students with a minimum GPA of 3.0 who need to be members of Phi Theta Kappa.

Graduate Scholarships and Assistantship: A list of graduate scholarship includes:

  • Health and Human Service Scholarships: The scholarship amount varies and is applicable to students enrolled for Communication Disorders, Psychology and Social Work programs.

  • PsyD Scholarship: A renewable scholarship for students pursuing a Doctor of Psychology program.

  • Graduate Assistantships: These are paid scholarships applicable for selective graduate programs.

External Scholarships: These are offered by other organizations apart from OLLU.

  • Stars Scholarship Fund: Students aiming to pursue degrees under accredited colleges and universities, may apply but they must ensure to be residents of South and West Texas.

  • Charles, Lela and Mary Slough Foundation Scholarships: A $5,000 scholarship awarded every year to students attending college in Texas.

Grants

Eligible students are open to apply for grants as they are need-based financial aid. Grants are of three categories:

Federal Grants

  • Pell Grants: Undergraduate students with exceptional financial needs are offered with Pell Grants. However, the amount varies with respect to the status of enrollment every year.

  • Supplemental Educational Opportunity Grant (SEOG): A campus-based federal program where the funding amount is limited. The eligibility criteria are similar to pell grants.

  • Teacher Education Assistance for College and Higher Education (TEACH) Grant: This applies for both undergraduates and graduates who have the intention to teach low-income family students admitted in public or private elementary and secondary schools.

State Grants

Texas Equalization Grant Program (TEG): Both undergraduate and graduate students are eligible with the intention to pursue programs at the private universities located in Texas.

Loans

Federal Direct Loans:  The loans are for students who are U.S. residents or eligible non-citizens who have satisfactory academic progress. They are of three types:

  • Federal Direct Subsidized Loans: The Federal Government is responsible to pay interests.

  • Federal Direct Unsubsidized Loans: The students are responsible to pay interest. Interests may be paid quarterly if such a situation arises.

  • Federal Parent Loan for Undergraduate Students (PLUS): In this case, the parents are responsible for repayment. However, they may choose to extend until the students complete their studies but the parents must not have any adverse credit check.

  • Graduate Direct PLUS Loans: The graduate students and professional scholars may apply but they must not have any adverse credit.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

65%

State Grant Aid

81%

Institution Grant Aid

99%

Pell Grant

65%

Average Aid Awarded

Federal Grant Aid

$5,450

State Grant Aid

$4,131

Institution Grant Aid

$14,336

Pell Grant

$4,933

The contribution of the federal, state and institutional grants with reasonable figures are denoted below:

  • Federal Grants: Around 65% of the students are served with an average aid of $5,450.

  • Pell Grants: This is offered to 65% of the students with the average aid amounting to $4,993.
  • State Grants: This serves 81% of the students with an average aid of $4,131.
  • Institutional Grants: This serves 99% of the students with an average aid of $14,336.

An average of $5,698 in the form of federal loans is offered by OLLU for financial support to the students.

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$22,974

$30,001 - $48,000

$22,867

$48,001 - $75,000

$20,689

$75,001 - $110,000

$19,705

Over $110,000

$15,964

The financial aid calculated is inversely related to the students’ family income. The lowest income group ranging from $0 to $30,000, receives financial aid of $22,974 and those falling under income range $30,001 to $48,000 receive financial aid of $22,867. Following these the next group is $48,001 to $75,000 with the median financial aid receiving $20,689.

The average aid received is $20,440 which caters to maximum candidates falling under the income group lying between $48,001 to $75,000

The last two groups receive aids amounting to $19,705 and $15,964 denoting groups with income range of $75,001 to $110,000 and above $110,000.

Student Loans for Our Lady of the Lake University (OLLU)

Average Loan Amount Average Loan Amount received per year.

$6,065/Year

Students Taking Out Loans

77%

Loan Default Rate

9.9%

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