Overview

The Loan Cap Program (LCP) is designed to reduce education-related debt for a significant proportion of the Emory undergraduate population, easing financial burden. The LCP is available to families with annual assessed incomes of $50,000 to $100,000 who demonstrate need for financial aid. The program caps total need-based loans at $15,000, assuming on-time progression toward graduation with up to eight semesters of study.

With the Loan Cap Program, students receive a standard financial aid award for freshman and sophomore years. This award could include federal or state aid, institutional loans or grants, and Work-Study. After a student has accrued a total of $15,000 in need-based loans, Emory will provide grants to cover any remaining need-based funding incurred until degree completion.

Student and Family Contribution

Expected Family Contribution will be determined by institutional methodology standards and will differ based on each family's financial circumstances.

Students receiving the LCP will have a reasonable amount of Federal Work-Study in their financial aid award. A work component is considered part of the student's self-help expectation. In addition to Work-Study, the 2007- 2008 minimum student contribution for first-year students is $1,550; sophomores, juniors, and seniors are expected to contribute $2,150 per year toward education expenses. Students may take a loan, if needed, to satisfy these minimum contributions.

Eligibility

The Loan Cap Program will be offered to dependent students who meet need-based loan eligibility as determined through standard financial aid need analysis. The LCP is for students of families with annual income ranging from $50,000 to $100,000 who demonstrate need for financial aid. A family's entire financial portfolio, including income, assets, and other earnings will be considered.

A family's assessed income is based upon an institutional methodology standard. The upper limits for program eligibility were determined by an analysis of national income distribution and the average debt incurred by Emory undergraduate students. The Loan Cap Program is designed to minimize debt upon graduation and to help families anticipate a targeted total loan amount. The program is capped at a $100,000 annual income with a goal of providing assistance to as many families as possible in a fair and equitable manner while meeting demonstrated need.

Students earning a second undergraduate degree are not eligible to receive the LCP.

Schedule of Availability

The Loan Cap Program is available to incoming dependent undergraduate students starting in the 2007 -2008 academic year. Students enrolled at Emory prior to fall 2007 are not eligible for the Loan Cap Program.

How to Apply

There is no separate application for the Loan Cap Program. All students who apply for institutional need-based financial aid will be considered for this program. Emory students must submit an application for financial aid each year to assess current eligibility. Students are expected to make satisfactory academic progress in order to receive aid.