Lawrence Tech - 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.

Q. Do I have a choice of lenders and loan options?

A. Yes. LTU does not share in the profits from student loans and has assembled loan options that best meet our student’s financial needs. However, LTU strongly encourages you to do your research before choosing a loan option and/or lender. It’s your choice and we have provided a sample of websites for you to research and explore additional loan information to make your decision as easy as possible. Please contact your particular lender of choice for additional loan and application information (school certification form with lender ID and guarantor code).

Q. How are awards determined?

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.

Q. What are the basic costs for attending Lawrence Tech?

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.

Q. Can guest students receive financial aid?

A. No. Guest students are not eligible to receive financial aid.

Q.What is satisfactory academic progress?

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.What is combined day and evening enrollment?

A. For the purpose of determining full-time enrollment, day and evening classes are calculated together.

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 cpmplete 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.

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 the Office of Financial Aid to discuss any effect on their financial aid awards.

For more information on partially or completely withdrawing from classes, visit the Registrar’s web page , or call the Registrar’s Office at 248-204-3100.

Q. What happens to my financial aid if I withdraw from the University?

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 the Office of Financial Aid prior to withdrawal for advice on the impact it will/or could have on your financial aid.
More Information...

Q. Can I request my loan be cancelled?

A. You have the right to cancel all or a portion of your Stafford Loans or Perkins Loan, even after the loan has been disbursed to your student account. If you do decided to cancel on an already disbursed loan, you must notify the Office of Financial Aid within fourteen calendar days of the disbursement.

Q. Can a parent borrower request the PLUS loan be cancelled?

A. The parent borrower has the right to cancel all or a portion of the PLUS, even after the funds have been disbursed to the students' account. If the parent borrower wishes to cancel a notice must be sent to the Office of Financial Aid within fourteen calendar days of the disbursement being applied to the students' account.

Q. What happens if I default on a student loan?

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.

Q. How do I apply for an alternative loan?

A. Before applying for an alternative loan you should exhaust all of your Stafford and or PLUS loan options. The Office of Financial Aid has information on alternative lending, or visit alternative student loans.

Q. What about classes I’m auditing?

A. Students can NOT receive financial aid for classes they are auditing. Learn more about auditing classes by visiting the Registrar’s web page.

Q. I have heard of loan forgiveness, how can I find out if I'm eligible for it?

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

Q. I am returning to active duty - what should I do about student loans?

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.

Military Deferment Form