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very federal aid program has its own specific requirements, but all share the following general requirements.
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All financial aid applications will be processed and eligibility will be established based on the availability of funds. Also, some students are selected for a review process called Verification. Verification requires that students and parents provide tax transcripts and other important information prior to the review of their application. If students are selected, they will be notified by the school that they must provide the needed information. This information should be turned in or mailed to the DTE Energy One-Stop Center in the A. Alfred Taubman Student Services Center by April 1 for early consideration. All information provided after April 1 will be reviewed and processed but will be considered late. Students must provide accurate and timely information and documentation to make the application review and awarding processes as smooth as possible. Generally speaking, from the time the FAFSA is submitted to the time an award notice is prepared and sent, it can take between two to six weeks.
All initial awards are based on full-time enrollment. The Federal Pell Grant, Michigan Tuition Grant and Michigan Competitive Scholarship awards will be pro-rated down for enrollment less than full-time. Student loan eligibility will be reevaluated and may change due to changes in enrollment status. Award(s) are subject to change due to changes in enrollment status, changes to program eligibility, and/or funding levels at any time. LTU Merit and Athletic scholarships are awarded at full time enrollment. If less than 12 credits, recipient will forfeit scholarship eligibility.
If a student receiving Title IV funds completely withdraws from classes through 60% of the term, the university is required to determine how much of the financial aid was earned up to the time of withdrawal. Unearned Title IV funds must be returned by the University and/or the student to the federal government. This situation could result in the student owing aid funds to the University, the government or both.
All financial aid applications will be processed and eligibility will be established based on the availability of funds. Also, some students are selected for a review process called Verification. Verification requires that students and parents provide tax transcripts and other important information prior to the review of their application. If students are selected, they will be notified by the school that they must provide the needed information. This information should be turned in or mailed to the DTE Energy One-Stop Center in the A. Alfred Taubman Student Services Center by April 1 for early consideration. All information provided after April 1 will be reviewed and processed but will be considered late. Students must provide accurate and timely information and documentation to make the application review and awarding processes as smooth as possible. Generally speaking, from the time the FAFSA is submitted to the time an award notice is prepared and sent, it can take between two to six weeks.
The federal formula requires return of Title IV aid if the student received federal financial assistance in the form of a Pell Grant, Supplemental Educational Opportunity Grant, Federal Perkins Loan, Federal Direct Student Loans or PLUS Loan, Teach Grants or Iraq & Afghanistan Sv. Grants and withdraws on or before 60% of the term.
To determine the amount of aid the student has earned up to the time of withdrawal, divide the number of calendar days the student attended classes by the total number of calendar days in the term. Scheduled breaks of more than five days or more are excluded. The percentage derived is then multiplied by the total federal funds that were disbursed (either to the student’s account or to the student directly by check) for the term. This calculation determines the amount of aid earned by the student, which he/she may keep (for example, if the student attended 25% of the term, the student has earned 25% of the aid disbursed).
For financial aid purposes there are two types of withdrawals: Official and Unofficial.
Official – an official withdrawal occurs when the student has notified the OneStop of his/her intent to withdraw from LTU. For the policy and procedure of Official Withdrawals, review the LTU Catalog, Academic Policies section. Contact the OneStop for more information.
Unofficial – an unofficial withdrawal occurs when the student has not provided official notification of withdrawal to LTU.
Students who wish to drop or withdraw from a course or courses must do so online through Banner Web. The date of the drop or withdrawal will be the date that the student completes the process on Banner Web. Instructors notify Enrollment Services if a student stops attending or never attended a class. For online courses, non- attendance is lack of participation in the online courses. Enrollment Services contacts the student by email informing them “we have been notified of non-attendance”. The student has ten days to respond by either withdrawing from the course (if it is still within the withdrawal period) or by resolving the issue with the instructor. If the student does not take any action, a “WF” or “WN” grade is issued to the student. The last date of attendance as reported by the instructor is recorded as a requirement for Financial Aid processing of Return to Title IV. If it has been determined that a student has unofficially withdrawn, the Return to Title IV calculations will assume 50% of the term completed-unless documentation supporting the last date of academic activity can be provided by the student if it Lawrence Technological University 2 verifies a later date of attendance than determined by LTU. Documentation supporting the last date of academic activity should be brought to the OneStop. See below for examples of academically-related activities.
Examples of LTU academic-related activities include but are not limited to physically attending a class where there is an opportunity for direct interaction between the instructor and students.
Proof of participation:
The unearned amount (total aid disbursed less the earned amount) must be returned to the federal government as soon as possible but no later than 45 days from the determination of the withdrawal by the University.
A post withdrawal disbursement of funds will be made to the student if the amount disbursed to the student is less than the amount the student earned, and for which the student was otherwise eligible he/she is eligible to receive a post withdrawal disbursement of the earned aid that was not received. The University will notify the student if this situation exists within 30 days of the date of determination of the withdrawal.
ORDER OF RETURN OF TITLE IV FUNDS
Funds that are returned to the federal government are used to reduce the outstanding balances in individual federal programs. Financial aid returned (by the University and/or the student or parent) must be allocated in the following order:
Once a determination of earned Federal aid is made, the Office of Financial Aid will notify each affected withdrawn student of eligibility. Grants will be disbursed within 45 days of determining the post-withdrawn amount. Post-withdrawal loans will be offered to the student or parent before funds can be applied to the student’s account. The offer requires acceptance or denial in writing within 14 days of receipt of the notice. Loans must be disbursed within 30 days of the date the university determines that the student withdrew.
Eligibility for Michigan Competitive Scholarship/Michigan Tuition Grant funds are calculated based on a formula provided by the Michigan Office of Scholarships and Grants.
University funds are calculated using the same percentage used in the federal calculation for Title IV funds. University funds are applied only if there is a balance owed by the student to the University.
It is important to realize that a key component of satisfactory academic progress is course completion. A total withdrawal contributes no completed credits to an academic transcript. Absence of course completion during a term could be viewed negatively in positive progress towards degree completion.
Questions and concerns should be directed to the One Stop Center at (248) 204-2280 or enrollmentservices@ltu.edu . The Office of Financial Aid encourages all students to meet with their academic advisor and to take advantage of the resources offered in the Counseling and Support Services Office before withdrawing.
LAWRENCE TECHNOLOGICAL UNIVERSITY CONFLICT OF INTEREST POLICY AND CODE OF CONDUCT FOR FINANCIAL AID PROFESSIONALS
The purpose of this policy is to prohibit conflicts of interest in situations involving student financial aid and to establish standards of conduct for employees with responsibility for student financial aid.
This Policy applies to all employees who work in the Office of Financial Aid and all other University employees who have responsibilities related to education loans or other forms of student financial aid. Agents of the University with responsibility for education loans or other student financial aid are also expected to abide by the terms of this Policy.
A. Conflict of Interest: A conflict of interest exists when an employee’s financial interests or other opportunities for personal benefit may compromise, or reasonably appear to compromise, the independence of judgment with which the employee performs his/her responsibilities at the University.
B. Gift: Any gratuity, favor, discount, entertainment, hospitality, loan, or other item having a monetary value of more than a de minimus amount. The term includes a gift of services, transportation, lodging, or meals, whether provided in kind, by purchase of a ticket, payment in advance, or reimbursement after the expense has been incurred. The term “gift” does not include any of the following:
C. Opportunity pool loan: A private education loan made by a lender to a student attending the University or the family member of such a student that involves a payment, directly or indirectly, by the University of points, premiums, additional interest, or financial support to such lender for the purpose of such lender extending credit to the student or the family.
D. Revenue-sharing arrangement: An arrangement between the University and a lender under which (a) a lender provides or issues a loan to students attending the University or to their families; and (b) the University recommends the lender or the loan products of the lender and in exchange, the lender pays a fee or provides other materials benefits, including revenue or profit sharing, to the University or its employees.
A. Revenue-Sharing Arrangements
The University will not enter into any revenue-sharing arrangement with any lender.
B. Interaction with Borrowers
When participating in the Federal Family Education Loan Program (FFELP), the University will not assign a first-time borrower’s federal loan, through award packaging or other methods, to a particular lender. The University will not refuse to certify, or delay certification of, any federal loan based on the borrower’s selection or a particular lender or guaranty agency.
When participating in the Federal Direct Loan Program, the University may assign a first-time borrower’s federal loan to the Federal Government as the lender.
Under no circumstances will the University assign a student’s private student loan to a particular lender, or refuse to certify or delay certification of any private loan, based upon the borrower’s selection of lender or guaranty agency.
C. Private Loans
The University will not request or accept from any lender any offer of funds to be used for private education loans (as defined in the federal Truth in Lending Act, 15 UCSA §1631 et seq.), including funds for an opportunity pool loan, to students in exchange for the University providing concessions or promises regarding providing the lender with (i) a specified number of federal loans; (ii) a specified federal loan volume; or (iii) a preferred lender arrangement for federal loans.
D. Co-Branding
The University will not permit a private educational lender (as defined in the federal Truth in Lending Act, 15 UCSA §1631 et seq.) to use the University’s name, emblem, mascot, logo, or any other words, pictures, or symbols associated with the University to imply endorsement of private educational loans by that lender.
E. Staffing Assistance
The University will not request or accept from any lender any assistance with call center staffing or financial aid office staffing. Nothing in this section, however, prevents the University from accepting assistance from a lender related to (i) professional development training for its staff; (ii) providing educational counseling materials, financial literacy materials, or debt management materials to borrowers, provided that such materials disclose to borrowers the identification of any lender that assisted in preparing or providing such materials; or (iii) staffing services on a short-term, non¬recurring basis to assist the University with financial aid-related functions during emergencies, including State-declared or federally declared natural disasters, federally declared national disasters, and other localized disasters and emergencies identified by the Secretary of Education.
A. Conflicts of Interest
1. No employee shall have a conflict of interest with respect to any education loan or other student financial aid for which the employee has responsibility.
2. No employee may process any transaction related to his/her own personal financial aid eligibility or that of a relative. For the purposes of this Policy, a “relative” is defined as an individual with whom an employee has a relationship by blood, marriage, adoption, domestic partnership, or other personal relationship in which objectivity might be impaired.
B. Gifts
No employee may accept any gift from a lender, guarantor, or servicer of education loans. A gift to a family member of an employee or to any other individual based on that individual’s relationship with the employee shall be considered a gift to the employee if the gift is given with the knowledge and acquiescence of the employee and the employee has reason to believe the gift was given because of the employee’s position at the University.
Token awards from professional associations (state, regional, or national) that recognize professional milestones or extraordinary service to parents and students, or scholarships for conference attendance or other professional development opportunities, may be accepted.
C. Prohibited Contracting Arrangements
No employee shall accept from any lender or affiliate of any lender any fee, payment, or other financial benefit (including the opportunity to purchase stock) as compensation for any type of consulting arrangement or other contract to provide services to a lender or on behalf of a lender relating to education loans.
D. Advisory Board Compensation
No employee who serves on an advisory board, commission, or group established by a lender, guarantor, or group of lenders or guarantors may receive anything of value from the lender, guarantor, or group of lenders or guarantors in return for that service.
E. Reimbursement of Expenses
Expenses incurred while attending professional association meetings, conferences, or in connection with service on an advisory board, commission, or group described in Section
V.D. of this Policy must be paid by the University. Entertainment expenses such as concert or sports tickets or greens fees may not be accepted. Employees are expected to personally pay for such expenses or request reimbursement from the University in accordance with University policy.
F. Meals
Employees may occasionally need to share meals with employees of lenders, guaranty agencies, the State of Michigan, or other colleges or universities in the course of business. Meals offered as a part of meetings, conferences, or other events may be accepted if all participants in the meeting or event are offered the meals or if the meals are included as a part of a registration fee.
Violations of this Policy may result in disciplinary action, up to and including dismissal.
This Policy was issued by the Office of Financial Aid on September 3, 2009.
Gap Year Scholarship Policy [PDF]
Students must petition the Director of Admissions to be pre-approved to take a gap year after graduating high school to keep merit scholarships that they have earned.
Students who have not petitioned for approval for a gap year but never attended a post-secondary school after graduating from high school will be considered on a case-by-case basis for new student merit awards by the Director of Admissions. Students will not be allowed to retake ACT/SAT tests during the gap year for consideration of their merit scholarship. If a student identifies as a gap year student and enrolls in post-secondary courses, the merit scholarship will be removed from the student’s account.
Merit Scholarships are based on the availability of funds and some merit scholarships are only offered on a limited basis. LTU regulations restrict the total amount of institutional aid a student can receive; this includes merit scholarships, athletic scholarships, and any other combination of institutional scholarships or aid.
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Financial Aid counselors can answer any questions students may have regarding the FAFSA, the verification process, loans, and many other aid related topics. Our team has over 50 years of combined experience! Students are assigned to counselors by alphabetical order to ensure consistency while working with prospective or current students and families.
Phone: 248.204.2280
Fax: 248.204.2228
Email: financialaid@ltu.edu
Monday – Friday:
8 a.m. – 4:30 p.m.
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