Frequently Asked Questions About Financial Aid
Q. How do I apply for Financial Aid?
A. Financial assistance at Lawrence Tech is granted without regard to an applicant's race, sex, color, age, handicap, marital status, or national or ethnic origin. The financial aid application procedure for both new and enrolled students interested in state or federal programs is as follows:
• Contact the Office of Financial Aid for the FAFSA form to apply for the federal or state financial aid programs – or download the FAFSA application from www.fafsa.ed.gov.
• Complete the form and mail it as instructed before the published application deadlines. It’s simple to return the completed document on line.
• Processing generally takes six to eight weeks. New students are notified of their financial aid awards in April. Returning students are notified of their awards in July.
A. You can borrow directly from the federal government.
- Federal Direct Student Loan Program - click here to complete a Master Promissory Note on line.
A. Financial aid funds are awarded on the basis of need, unless otherwise indicated on fund applications. Students with the greatest need, as determined by a financial statement, receive the first chance at financial aid monies available. Students who apply by April 1 receive the maximum consideration for all funding available. Those who apply after April 1 have limited opportunities for receiving financial aid.
A. Personal expenses for room, board, clothing, recreation, laundry, travel, books and incidentals vary according to individual lifestyle. An estimate for total costs can be made by adding tuition and fees to these items. The Office of Financial Aid can assist students in arriving at these estimates.
A. No. Guest students are not eligible to receive financial aid.
A. All students receiving financial aid are expected to maintain satisfactory academic progress. Undergraduate students receiving any type of financial aid must maintain a grade point average of at least 2.0. If this is not met, students stand the chance of losing their financial aid for the next academic year.
Students are also expected to make normal progress toward graduation. Those who withdraw from more than one-third of their enrolled courses during the year (two semesters including summer school) do not meet standards of progress. Contact the Office of Financial Aid for information concerning the appeal and renewal procedure when standards of progress are not met.
Satisfactory Academic Progress Policy (SAP)
Q. Does Lawrence Tech verify financial statement information?
A. Lawrence Tech reserves the right to request from its students, Federal IRS 1040, 1040A or 1040EZ income tax information for the entire family for verification of financial information. Students refusing to provide family income tax information may be denied financial aid. For families not filing a federal tax form, other types of verification will be required.
Q. My FAFSA is selected for verification and I need IRS tax info-who do I contact?
A. Contact the IRS at 1-800-829-1040 and request a transcript by the automated system or you may complete Form4506-T, Request for transcript of tax return and mail it to the address indicted on the form or drop off at the One Stop Center and we will fax it for you. You should receive your transcript within 10-15 days or have it mailed directly to Lawrence Tech..
Q. Can I lose my financial aid?
A. Financial aid may be reduced or canceled if a student takes less than 12 credit hours per semester. Award amounts for need-based financial aid are based on the number of credit hours attempted and a student's demonstrated financial need. Students planning to drop all or part of their classes should contact Enrollmentservices@ltu.edu to discuss any effect on their financial aid awards.
A. You may be billed for a portion or all of your charges if you withdraw from the university. The bill calucated as a result of withdrawal will depend on the effective date of withdraw, the percentage and amount of institutional refund and/or the last date of class attendance. Always check with email@example.com prior to withdrawal for advice on the impact it will/or could have on your financial aid.
A. Student Loan borrowers have the right to cancel their loan disbursements within 14 days of the disbursement notice. Should you decide to cancel the disbursement of your Federal Stafford or Perkins Loan, you should contact the One Stop Center at Enrollmentservices@ltu.edu in writing within the specified time period. By canceling the disbursement, you will be responsible for any unpaid tuition and fees, as well as repayment of loan funds already paid to you..
A. PLUS Loan borrowers have the right to cancel their loan disbursements within 14 days of the disbursement notice. Should you decide to cancel the disbursement of your PLUS Loan, you should contact the One Stop Center at Enrollmentservices@ltu.edu in writing within the specified time period. By canceling the disbursement, you will be responsible for any unpaid tuition and fees, as well as repayment of loan funds already paid to you.
A. Students who have defaulted on student loans, owe a refund on a grant, or owe any college tuition will not be eligible for any financial aid until the obligation is fulfilled and monies are paid back to Lawrence Tech.
A. Before applying for an alternative loan you should exhaust all of your Stafford and or PLUS loan options. Contact The One Stop Center at firstname.lastname@example.org for more information.
A. Students can NOT receive financial aid for classes they are auditing. Learn more about auditing classes by visiting the Registrar’s web page.
A. Click on the link to find out more about loan forgiveness, if you qualify and how to obtain. http://studentaid.ed.gov/PORTALSWebApp/students/english/cancelstaff.jsp
A. Complete the Military Deferment Request form for use in the FFEL, Direct Loan, and Perkins Loan programs. The HERA included a provision establishing a new military deferment for borrowers. Under the new provision, a borrower may defer repayment on eligible loans for up to three years while he or she is serving on active duty during a war or other military operation or national emergency, or performing qualifying National Guard duty during a war or other military operation or national emergency. The new military deferment created by the HERA is available only for FFEL, Direct Loan, and Perkins Loan program loans that were first disbursed on or after July 1, 2001.