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Student Federal Financial Aid
Title IV of the Higher Education Act of 1965, as amended in 1998, (Title IV, HEA program) has established general rules that apply to student financial aid recipients and educational institutions administering the financial assistance program (it is not available for international students).
Lincoln University has approval to participate in the student financial aid programs that include:
· Federal Pell Grant
· Federal Supplemental Educational Opportunity Grant (FSEOG)
· Federal Family Education Loan
· Federal Direct Student Loan
· Federal Perkins Loan
· Federal Plus Loan
· Federal Work Study
Lincoln University financial aid program is geared to assist parents and students who cannot otherwise meet their educational expenses. In determining the eligibility for available financial aid a financial need is determined by a federal formula that takes into consideration several factors including:
· Student and Parent Income
· Family size
· Assets (both Parent/Student)
· Number of family members in institutions of higher education, not including parents
In addition to the key need factors, the availability of funds will also determine the amount of aid that a student can receive each academic year.
To meet the requirements of Federal Title IV Programs and state grants students must now comply with a set of: (1) Quantitative, (2) Qualitative, and (3) Time Frame academic measurement standards. These are defined as satisfactory academic progress policy (SAP) for student financial aid recipients.
The Quantitative Measurement requires that all students complete successfully (earn credit hours) at least two-thirds (2/3) of attempted credit hours and satisfy the standards of satisfactory academic progress described in details in the chart on page 20. The ratio of earned credit hours is calculated by dividing the number of earned semester credit hours by the attempted number of credit hours in the semester.
The Qualitative Measurement requires students to maintain the minimum acceptable level of academic achievement outlined in the Lincoln University catalogue on pages 19 - 21.
The Time Frame Measurement (Maximum Credit Hours) limits a student to be eligible to receive student financial aid for any attempted credits in his/her program of study so long as it does not exceed 150% of the published length of the academic educational program of study. For example, a student enrolled in a 124-semester units degree program may receive financial aid for a maximum of 186 attempted units, a student enrolled in a 56 units certificate program may receive the aid for a maximum of 86 attempted units.
Financial Aid Probation Period
If a student fails to meet the standards of satisfactory academic progress, he/she may be placed on Financial Aid Probation for a period of no longer than one year while still participating in the federal financial aid program. The probationary period begins the next semester of enrollment. A letter informing the student of the probationary status and the need to meet the standards to maintain financial aid eligibility will be issued.
Financial Aid Termination
If a student fails to meet the standards of satisfactory academic progress at the end of the one-year probationary period or the beginning of the second semester-year a dismissal letter from the financial aid program will be issued to the student. The termination status will include a letter informing the student of the Reinstatement and Appeal Process.
Academic Reinstatement Policy and Academic Appeal
At the time when the student meets the minimum satisfactory academic progress requirements the student financial aid eligibility will be automatically reinstated. Each student may appeal in writing the probation or termination status based on mitigating circumstances to the appropriate academic officers in the Dean and President’s offices, respectively. A review of the circumstances will be conducted by the Chief Academic Officer and a hearing committee will be convened to hear, advise, counsel, and resolve conflicting discrepancies following the grievance procedure described on page 21.
Application for Federal Student Aid (FAFSA)
All students qualifying for financial aid must file the FAFSA application by paper or, preferably, electronically online at the FAFSA website ( www.fafsa.ed.gov ) and make sure to list Lincoln University (institution number 00697500) as the appropriate college. A paper copy of the FAFSA application can be obtained in the Accounting or Admissions Offices. Every eligible student must reapply for Financial Aid each year. This will entail completing a new FAFSA and a new Lincoln University aid application at a minimum.
Return of Title IV Funds
When a student withdraws from Lincoln University, the Financial Aid Office must calculate the amount of financial aid that is earned by the student prior to withdrawing. If there is any excess aid received it is considered unearned, the unearned financial aid must be returned to the appropriate programs. The calculation of the earned financial aid is done on a calendar daily basis beginning with the first day of class. The earned aid is determined by calculating the number of days attended before withdrawing, divided by the total number of days in the semester, excluding breaks. In accordance with Federal Regulations, a student who does not come (no show case) in all enrolled classes with be treated as an Unofficial Withdrawal and 50% of their aid will be returned as required by law. Students who received grades of Failure (F), No Credit (NC), No Basis for Grade (Y), Audit (AU), or Incomplete (I) have completed their coursework and therefore have "earned" those grades. If they are not under Unofficial Withdrawal status, Lincoln University will not make adjustment to their financial aid.
School Return Portion
Lincoln University is required to return a portion of the unearned aid based upon a percentage of the institutional charges for the term. After the return portion is determined, it is compared to the total amount of all unearned aid. If the school portion is less than the total unearned aid, then the University must return the amount of the school portion. If the calculated school portion exceedsthe total unearned aid, then Lincoln must return the amount of the total unearned aid.
More options:
* Expense Diary and Budget(.pdf)
* EXPENSE DIARY AND BUDGET (.xls)
* DIRECT LOAN INFO
* FINANCE YOUR EDUCATION WITH CAMPUSDOOR
* FINANCE YOUR EDUCATION WITH WELLS FARGO BANK
* FINANCE YOUR EDUCATION WITH KEYBANK STUDENT LOANS
* FINANCE YOUR EDUCATION WITH SALLIE MAE
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