Concerns about financing your education should be the least of your worries during your college career. The Loan Replacement Grant (LRG) replaces need-based loans, which are normally awarded as part of financial aid, along with institutional grants. The LRG is available to eligible undergraduate students whose families' annual assessed incomes are $50,000 or less. Emory is committed to opening our doors to any qualified student who wants to pursue a world-class education and to use their talents to impact the world.

With the Loan Replacement Grant, institutional need-based loans are replaced by grants to cover expenses including tuition, room, board, and incidental costs estimated in the Cost of Attendance. Students who qualify for the LRG will receive a comprehensive financial aid award that could consist of government aid including state and federal programs. In addition to these government-sponsored programs, recipients of the Emory LRG also will receive a grant from Emory University to cover their remaining financial need.

Student and Family Contribution

Students awarded the Loan Replacement Grant are not expected to repay the grant. However, students receiving the LRG 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 Replacement Grant will be offered to students who meet need-based loan eligibility as determined through standard financial aid need analysis. The LRG is for dependent students of families who demonstrate financial need and have $50,000 or less in annual assessed income. A family's entire financial portfolio, including income, assets, and other earnings will be considered. Students earning a second undergraduate degree are not eligible to receive the LRG.

Schedule of Availability

The LRG is available starting in the 2007- 2008 academic year. The LRG is available to all eligible continuing and incoming undergraduate students who meet citizenship requirements, satisfy eligibility standards for institutional need-based financial aid programs, and are considered dependent for financial aid purposes and rely on their families for financial support.

How to Apply

There is no separate application for the Loan Replacement Grant. All students who apply for institutional need-based financial aid will be considered for this program. Continuing 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.