Overview

The Loan Cap Program (LCP) eases financial burdens by reducing education-related debt for qualified students. The LCP is available to families with annual total incomes of $50,000 to $100,000 who demonstrate need for financial aid. The program caps Federal Subsidized Stafford Loans at $15,000.

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 Federal Subsidized Stafford 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 2011-2012 minimum student contribution for freshman, sophomore, junior, and senior students is $2,500 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 total 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 was first available to incoming dependent undergraduate students starting during the 2009- 2010 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.