FINANCIAL AID Key Points to Remember about Scholarships, Grants and Loans
The FAFSA (Free Application for Federal Student Aid) must be filed every year. • Website is www.fafsa.ed.gov • Can’t get a federal loan or grant without it • Application for the Tennessee HOPE (lottery) • Recommend filing in January • Remember both parent and student PIN numbers for use each year
Verification • The DOE may select you to “prove” your FAFSA answers • No federal aid can be processed or paid until verification is complete. • Can be selected every year
The FAFSA makes your student eligible for a loan. The student must accept the loan on myLipscomb for the funds to pay into the account. • Student must also complete Entrance Counseling and a Master Promissory Note at www.studentloans.gov (link on our website). These requirements will not show as satisfied until after we begin processing loans in July. • Complete instructions for loan process at financialaid.lipscomb.edu . Everything is electronic – no paper applications.
Student loans are processed after the student has registered for classes and paid after the drop/add date. • Six hours per semester for a Stafford loan • If selected, must complete verification before Stafford loans can be processed • See catalog for drop/add dates: • Mid-February in the Spring, Mid-September in the Fall
Stafford Loans • Limited to $5,500 for freshmen, $6,500 for sophomores, $7,500 for juniors and seniors • Parent loans (PLUS) and Alternative loans also available • Students can qualify for additional funds if parent is denied PLUS • $4,000 for freshmen and sophomores • $5,000 for juniors and seniors
Institutional scholarships (memorial, academic, athletic, departmental, international, etc) require a 12-hour load. • Summer load requirements may differ • Usually a graduated schedule • Exception – seniors in their last semester • Requires Scholarship Special Request Form • Scholarships prorated
For most areas of study, institutional scholarships are renewable to a maximumof 132 attempted hours. • Double majors or minors not reason for extension • Exception made for some majors – Music Teaching and Engineering • Requires Scholarship Special Request Form • Maximum based on attemptedhours, not earned hours
Students who did not qualify for an academic scholarship upon entry to Lipscomb can qualify after attempting 24 hours with at least a 3.0 GPA. • Awarded depending on cumulative GPA level • Must fill out application to request scholarship, online or in Financial Aid Office
For academic scholarships, students must maintain a 3.0 GPA. • This is a cumulative GPA and is not rounded • Students are offered one semester of grace during the freshman year (not checked after fall) • Can get scholarship back once cumulative GPA is 3.0, BUT ONLY BY REQUEST • Reinstatement applications available online • Other institutional scholarships require a 2.0 GPA
Students placed on any type of probation while at Lipscomb will forfeit ALL institutional scholarships, usually in the next semester. • Four types of probation: Chapel, Bible, Academic and Disciplinary • Can get scholarships back when probation is removed, BUT ONLY BY REQUEST • Reinstatement applications available online
For students with the Tennessee lottery (HOPE) scholarship, a GPA of 2.75 is required for renewal through 48 attempted hours. • Student must have a 3.0 at 72 hours • Can be regained if lost, but only at benchmarks (48, 72, 96 hours) • Student eligible for 5 years • Strong caution on dropping classes • All rules and requirements at www.CollegePaysTN.com
Lipscomb follows a Direct Cost Policy regarding gift aid on a student’s account. • The total amount of gift aid, from all sources, that a student may receive is limited to the actual costs billed to them for the term. Examples of gift aid are PELL grants, HOPE scholarships, state grants, Lipscomb institutional scholarships, outside scholarships, etc. • Gift aid that includes any Lipscomb scholarships that exceeds direct costs on an account cannot be refunded to the student • When deciding to move off-campus, a student should carefully review the impact to the financial aid award • Meal plans for off-campus students cannot be covered with institutional aid
What About Next Year? • All information about a student’s account is on myLipscomb (online) • Get your student to share his Username and Password with you • Read the “Financial Aid” section of the current Undergraduate Catalog (available online) • Go to www.Lipscomb.edu —Current Students— Financial Aid Home—for information and all financial aid applications • Students have received “Conditions of Award” in their packet detailing these policies – MAKE SURE THEY READ IT!
Bottom Line • Call or email us if you have a question • There are no dumb questions! • Moving off campus, dropping classes, going part-time, changing majors, etc. can affect Financial Aid. Call us first! • This PowerPoint is on our website for future reference. http://financialaid.lipscomb.edu • Resource Fair from 9:00 – 12:00 tomorrow in the Bennett Campus Center
Office Directory • Karita Waters, Director (966-1791) • Maggie Kersten, Assistant Director (966-6207) • Tamera Spivey, Scholarship Counselor (966-6202) • Tiffany Summers, Senior Loan Counselor (966-6205) • Melanie Britton, HOPE and Pharmacy Counselor (966-6203) • Kristin Blankenship, Loan Counselor (966-6201) • Donna Taylor, Receptionist (966-6200) • Email any of us at firstname.lastname@example.org