More than 97% of LeTourneau students receive some form of financial aid. That aid comes from all sorts of different sources -- everything from the federal and state governments to local organizations. We even provide some of our own assistance to qualifying students. Here's an overview of the different kinds of funding that might make up your aid package:
Also called "gift aid," grants and scholarships are money that doesn't have to be paid back. Grants generally come from a government source -- either national or state -- and are awarded primarily based on your financial need, calculated based on the results of your Free Application for Federal Student Aid (FAFSA). Scholarships may take financial need into account when establishing the amount you'll get, but they're awarded based on other factors like academic performance, participation in particular activities or membership in an organization. LeTourneau funds over 20 different scholarships, and there are tons of scholarships offered by companies, service organizations and other entities that can also help reduce the amount you'll pay for your LeTourneau education.
Unlike grants and scholarships, loans must be repaid, with interest, after your education is completed (although some programs do offer opportunities to have your loan forgiven). Again, federal and state governments are a primary source of loan funding. You can also secure a private loan from your bank, credit union or other lender of your choice. However, the federal loans do usually have some advantages -- better interest rates, flexible repayment options, etc.
Students at our main campus in Longview may also be awarded "work study" as part of their aid package. Work study allows students to earn money by working part-time on campus or at selected local nonprofit or government organizations.