Financial Aid
Frequently Asked Questions
- When will I receive my financial aid award notification?
Current students that submit all documents by the required deadline date of April 1,
2008 can expect to receive their award online through Voyager during the last week of
May or early June. An email will be sent to students to notify them when their
award is available. Notification of new or revised awards will be emailed on a
weekly basis following the initial notification.
- How will an outside scholarship/resource affect my financial aid award?
Federal regulations (34 CFR 673.5(b)) require colleges to take into account any resources they know about or can anticipate a student receiving when awarding and disbursing aid. At Lawrence, the first $1000 of outside scholarship/resource aid is subtracted from the need-based self-help portion of the financial aid package (i.e., student loan or work-study). Beyond $1000, the remainder will be divided 50/50, reducing LU grant and the student's need-based self-help portion equally. Outside scholarships/resources will not reduce LU merit-based scholarships unless the total of the outside aid and merit aid exceed our cost of attendance.
- Why is my private scholarship on my award notification, but not crediting on my bill?
Private scholarship funds are not applied as a credit to a student's bill until LU has received the check from the donor.
- I have been awarded both a Perkins Loan and a Stafford Loan, but do not need all the funds. Can I decline part of either loan?
LU policy requires a student accept a maximum Stafford Loan before a Perkins Loan may be accepted. Therefore, you can decline as much of the loan funds as you wish, but you must decline the entire Perkins Loan before declining any of the Stafford Loan funding.
- I will be going on an off-campus program during the 2008-09 academic
year. How will this affect my financial aid?
As noted in the Catalog, Lawrence allows students to apply most of their
need-based financial aid to Lawrence sponsored or affiliated off-campus
programs. Merit scholarships, music scholarships, and tuition remission
will not be applied to off-campus programs, but need-based grants and loans
are applicable to all Lawrence sponsored and Lawrence affiliated off-campus
programs. The maximum LU grant that can be applied to off-campus study is $5600
per term/semester or $11,200 for a full year.
In addition, Lawrence will adjust your budget to take the cost of the program into consideration. Thus, if the cost of the off-campus program increases your expenses for the year, the increased budget will allow more eligibility for loan funds. If eligible, you will be awarded Stafford or Perkins Loan funding to cover all or a portion of the cost. Students may also borrow additional loan funding through non-need based
loans such as the Parent PLUS Loan or private educational loan programs.
- Why must I be full time by census date? Can't I just petition to add a class?
Proration of aid ceases after each term’s census date. At that time, your aid package and the amount of aid credited to your student account will be held at the appropriate amounts based on your recorded enrollment status on census date. No increases or decreases to your aid award will be made after the census date based on changes to your enrollment status. All aid proration activities will be reflected on your student account billing statements.
- I will be enrolled less than full-time for the term. How will this affect my financial aid?
If you are receiving Federal Pell Grant or Wisconsin Tuition Grant funds, they will be adjusted down based on your enrollment. If you are receiving a Federal Academic Competivness Grant (ACG) or National SMART Grant, you must be full time. Most other aid programs require that a student be enrolled at least ½ time to receive any funding. If you are contemplating taking a reduced load, you should check with the Lawrence Office of Financial Aid before doing so.
- My family has experienced special circumstances that are not reflected on the FAFSA application. Can these be taken into consideration in determining our ability to pay for my education?
YES. Please submit a 2008-09 Special
Circumstances Form. If you are unable to download this form, please request
one from the LU Office of Financial Aid.
- I have been selected as a named scholar. What does this mean?
This means that a portion of your Lawrence gift aid (either Lawrence Merit or Lawrence Grant) has been funded by one of Lawrence University's endowed scholarship funds.
- My family will not be able to complete the FAFSA application by the
April 1, 2008 deadline. What should I do?
If your family is unable to complete the FAFSA by the April 1, 2008 deadline,
a written explanation of extenuating circumstances should be submitted to the
Office of Financial Aid as soon as possible. However, if at all possible,
you should still complete the FAFSA with estimated 2007 tax information. Once
actual 2007 tax forms have been completed, you can then correct the estimated
information. Even if you notify us that you will be applying late, we can not guarantee full funding.
- I have been selected for verification, but have misplaced my tax forms. What should I do?
You will need to call 1-800-829-1040 and request a copy of your tax transcript or download and file Form 4506-T: Request for Copy of Transcript of Tax Form. There is no charge for tax return transcripts or Forms W-2 information. The transcript, along with signatures, is acceptable at LU in lieu of actual tax forms and W-2s.
- I have a registration hold due to financial aid. What does this mean?
A financial aid hold on your registration can mean several things. Either you have not submitted a signed acceptance of your financial aid award, you have not completed an Electronic Master Promissory Note for your Federal Direct Stafford Loan, or you have not completed Direct Loan Entrance Counseling, or all three. You must submit the required documents before the hold on your registration can be removed.
- What are the current interest rates on the various student loan programs?
The Perkins Loan program operates under a fixed interest rate of 5% for the life of the loan. This is a subsidized loan program so no interest accumulates while the student is enrolled at least 1/2 time.
Beginning July 1, 2008 all new Direct Stafford Subsidized Loans will be at a fixed interest rate of 6.0%. Direct Subsidized Stafford Loans work like the Perkins in that no interest accumulates on the loan while the student is enrolled at least ½ time. Direct Unsubsidized Loans are at a fixed interest rate of 6.8% and begin accumulating interest immediately. Interest can either be paid quarterly or capitalized on the loan at repayment.
- What are the cost of attendance figures for LU for 2008-2009?
Please see our Cost of Attendance page for these figures.
