There are four types of financial aid that students may be offered: merit scholarships, grants, federal work study and loans. When creating the award package students are automatically considered for all types of aid.
Merit scholarships are not based on need. Admission's determines whether a student is eligible for a merit scholarship based on the student's academic performance (for example, GPA).
Grants are considered gift aid. The amount of gift aid a student can receive depends on her/his financial need and enrollment status as well as a variety of other factors. If a student is eligible for gift aid, it will be included as part of their financial aid award package.
Federal work study is a form of need-based, self-help aid. The award is not credited to the student account. The student applies for an on-campus job and earns the award based on the number of hours s/he works for her/his Federal Work Study Employer.
Loans are considered self-help aid. Students who accept loans must agree to the repayment and enrollment status terms specified for the loan.
Students are automatically considered for all types of financial aid. Student Financial Services will determine what aid students are eligible for and award accordingly. Regardless of the type of financial aid included in the award package, the total amount of financial aid cannot exceed the student's Cost of Attendance. Any outside resources (ex: outside scholarships, employer tuition reimbursement, and private/alternative educational loans) that a student receives must be included in the financial aid calculation.
| Merit Scholarship Name | Required Cumulative GPA for Renewal |
| President's Scholarship | 3.75 GPA |
| Leadership Scholarship | 3.5 GPA |
| Luther Scholarship | 3.2 GPA |
| Walther Grant | 2.75 GPA |
| Lutheran Servant Leadership | 3.0 GPA |
Please remember, to satisfy merit requirements:
Please note that scholarship amounts may vary and are based on the award given at the time of initial enrollment.
Up to $5,550 per year
Students must meet all of the following requirements:
Up to $3,518 per year
Limited funding
Students must meet all of the following requirements:
Up to $4,000 per year
$16,000 aggregate limit
Students must meet all of the following requirements:
Special note: If a student fails to meet or maintain all eligibility requirements for the TEACH Grant, the Department of Education will convert the TEACH Grant to a direct unsubsidized loan and will calculate the interest based on the date the TEACH Grant was disbursed to the student.
Dependent students:
| Number of Hours to Date | Yearly Loan Limit |
| 0 to 29 hours | $5,500* |
| 30 to 59 hours | $6,500* |
| 60+ hours | $7,500* |
$31,000 aggregate limit, no more than $23,000 of this may be Subsidized*
*Independent students may be eligible for additional loan money.
Loans cannot exceed COA.
The direct subsidized loan is a need-based loan. Interest does not accrue while the student is enrolled at least half-time and it does not accrue during their six-month grace period. However, it does accrue once the student enters repayment. The interest rate is 6.8% and the lender is the Department of Education.
The direct unsubsidized loan is not a need-based loan. Interest does accrue while students are enrolled, during the six-month grace period and during repayment. The interest rate is 6.8% and the lender is the Department of Education.
Federal Direct Parent Loan for Undergraduate Students (Federal Direct PLUS Loan)
If a dependent student's financial aid award does not cover all of her/his educational expenses, the parent may apply for a PLUS loan. Eligibility for a PLUS Loan is based on the parent's credit score and along with several other factors.
Upon approval, parents may borrow enough to compensate for cost of attendance expenses not covered by other financial aid awards.
If the PLUS Loan is denied due to adverse credit, the parent may be able to receive alternative loans through an endorser. Otherwise, the student may be eligible for additional direct unsubsidized loans.
Students may not receive financial aid amounts exceeding COA, no matter what type of award is accepted.