Please read the information below regarding your financial aid award eligibility. It is very important that you make every effort to understand the terms and conditions of all of your student loans, including loans of your parents, so any previously established benefits can be maintained while avoiding the need for future consolidation loans that may jeopardize or discontinue your borrower benefits.
All initial awards are based on full-time status. Grant awards will be pro-rated down for enrollment of less than full-time and student loan eligibility will be reevaluated and may change due to changes in enrollment status. You must be enrolled in an eligible degree program and most funds require at least half-time (Undergrad >= 6 credit hours, Grad >= 3 credit hours) enrollment status. Your award(s) are subject to change due to changes in enrollment status and/or funding levels at any time.
Types of Aid
Scholarships & Grants
Gift assistants refers to scholarships and grants that are non-repayable forms of financial aid. Some of these awards have grade point renewal criteria while others do not. The following are various forms of need-based assistance available at Lawrence Technological University.
You must meet the requirements set forth by the Scholarship Committee. If you are on co-op or enrolled less than full-time, you may not be eligible for your scholarship for the semester. Also, you must meet the Academic Progress requirements established by the Scholarship Committee. For any LTU scholarship questions or concerns, please contact Dr. Jerry Crist at 248.204.3604. A receipt of scholarship funds may affect your eligibility for other financial aid programs. Your financial aid package is subject to revision any time.
Other Scholarships and Funding
You must notify the Office of Enrollment Services of any other scholarship, company billing, or employer reimbursement funds received from all sources (including employee benefits that cover tuition and/or non-tuition costs) not listed on this award notice. Please notify the Office of Enrollment Services in writing, stating the source and the amount received from each source for the semester. Receipt of scholarship(s) and other resources may affect your eligibility for financial aid. Your financial aid package may be subject to revision at any time to adjust for additional resources received.
Federal Pell Grant
This federal gift aid is based on exceptional financial need and the federal government selects the recipients. This grant will NOT be received until a valid electronic Institutional Student Information Record (ISIR) from the federal FAFSA processor. This grant is prorated if a student enrolls less than fulltime.
Federal Academic Competiveness Grant (ACG)
Only students receiving the Federal Pell Grant who are enrolled at least half-time may be considered for this award. This grant is available for the first year and second year of study based on a student's completion of a rigorous high school program as defined by the federal program. Second year students must have a cumulative GPA of at least 3.0 to be awarded.
Federal Smart Grant
Only students receiving the Federal Pell Grant who are enrolled at least half-time may be considered for this award. This grant is available for the third year and fourth year of study if the student has an eligible major as designated by the federal program. Students must also have a minimum cumulative GPA of 3.0 for each disbursement of the grant.
Federal Supplemental Educational Opportunity Grant (SEOG)
This federal gift is awarded to those students who have demonstrated exceptional need. The federal government requires that priority in awarding these funds be given to those who are eligible to receive a Federal Pell Grant.
Michigan Competitive Scholarship
This state gift aid for Michigan residents is based on a student’s financial need and ACT test score. Renewal in future years requires continued financial need and a cumulative grade point average of 2.0. The student must be enrolled full-time for maximum eligibility; however, students enrolled at least half-time (6-11 hours per semester) are eligible for a prorated award. There is a ten semester limit of eligibility and the award is limited to tuition costs.
Michigan Tuition Grant
This state gift aid for Michigan residents attending Michigan private colleges is based on a student’s financial need. The student must be enrolled full-time for maximum eligibility; however, students enrolled at least half-time (6-11 hours per semester) are eligible for a prorated award. There is a ten semester limit eligibility under the award is limited to tuition costs.
Loan Assistance based on need
Loans are a valuable resource for many students and their families in financing a college education. Loans allow you to postpone paying a portion of you education costs while you are in school. Some loans are awarded on the basis of financial need and your repayment does not begin until after you graduate, withdraw from college, or drop below half time enrollment (less than 6 credit hours per semester).
Federal Perkins Loan Program
These loan funds are awarded on the basis of financial need to students enrolled at least half time in a degree seeking program. Students demonstrating the greatest financial need receive the highest priority. The federal government and former Hope students in repayment on the loan provide the funds for this program. No interest is charged while the student maintains at least a half time enrollment status. Repayment of principal and interest begins nine months after the borrower ceases at least half time enrollment. Interest is then charged at 5 percent per year on the unpaid balance. Students may have up to ten years to repay this loan depending on the amount borrowed.
Federal Direct Loans (Subsidized)
This loan is available to students who demonstrate financial need and are enrolled at least half time. You are not charged interest before you begin repayment or during authorized periods of deferment. The U.S. Department of Education is the lender. An origination fee of .5 percent is deducted from the loans proceeds to cover federal administrative costs of the program.
To receive a Federal Direct Loan first time borrowers must sign a Master Promissory Note (MPN). The MPN is an open-ended loan note that can be used for your Direct Loans for up to 10 academic years at schools participating in the Federal Direct Loan Program. The electronic MPN site allows you to complete and sign an MPN on the web. First time borrowers also must complete Entrance Counseling to learn about your rights and responsibilities as a student loan borrower.
Federal Direct Loan (Unsubsidized)
This loan is available to students who file a FAFSA and are enrolled at least half time. You are charged interest on the loan from the time it is fully disbursed until it is paid in full. You may choose to pay the interest while in school or postpone the interest payments and allow the interest to be capitalized. This means the interest will be added to the principal amount of your loan upon entering repayment and subsequent interest is charged on the higher amount. The U.S. Department of Education is the lender. An origination fee of .5 percent deducted from the loans to cover federal administrative costs.
To receive a Federal Direct Unsubsidized Loan first time borrowers must sign a Master Promissory Note (MPN). The MPN is an open-ended loan note that can be used for your Direct Loans for up to 10 academic years at schools participating in the Federal Direct Loan Program. The electronic MPN site allows you to complete and sign an MPN on the web. First time borrowers also must complete Entrance Counseling to learn about your rights and responsibilities as a student loan borrower.
Federal Direct PLUS Loan Program
Under the Federal Direct PLUS Program, parents (or stepparents) of dependent students may borrow up to the full cost of their child’s education minus other aid. Credit checks are required, and parents who have an adverse credit history (determined by federal credit regulation) may not be able to borrow under the PLUS program. A fee of 2.5% is withheld from the disbursed loan amount. The annual PLUS loan interest rate is set at 7.9%. You must file the FAFSA (Free Application for Federal Student Aid at www.fafsa.gov) to qualify for this loan.
Parents may request postponement of payments on the principal or both principal and interest while their student is enrolled at least half time and during the 6 month grace period after the student is no longer enrolled at least half-time. Interest not paid accrues and is added to the loan balance.
The borrowing parent must sign a Master Promissory Note (MPN). The MPN is an open-ended loan note that can be used for your PLUS Loans over multiple academic years at schools participating in the Federal Direct Loan Program. The electronic MPN site allows you to complete and sign an MPN on the web. You must have a federal PIN to sign.
Private Educational Loans
Private educational loan programs are designed to provide assistance to families who do not typically qualify for gift aid and/or the Subsidized Federal Direct Loan. They also can supplement a student’s awarded financial aid when a family does not have sufficient resources to meet college costs. Other than the Federal PLUS program, borrowers apply directly to the lender, so it is important to clearly indicate the period for which you are applying (generally the academic year which is two semesters, or the separate summer period). You may apply through any private loan program you choose.
Students should apply for need-based financial aid through the FAFSA for grants and lower cost loans before restoring to a private loan.
Be sure to understand the loan terms and benefits of each loan you may be considering. Most information is readily available on the lender’s website, but if you have any further questions, contact the lender directly. It is extremely important that you are aware of all possible rates, fees, grade periods, repayment terms, and borrower benefits each lender may offer before you make a decision about borrowing.
To obtain a book card, check your book card eligibility at the One Stop Center in the A. Alfred Taubman Student Services Center. To be eligible your financial aid must exceed the amount of your tuition and fees by the amount of the book card desired.
Federal Work Study is a federally funded program administered by the Office of Financial Aid. Eligibility is based upon demonstrated financial need, on-time application status and is part of the total financial aid package. Both graduate and undergraduate students are considered. Students earn money for college costs through part-time employment in an approved on-campus job. It is your responsibility to contact Career Services for the latest list of on-campus jobs. In order to earn the funds provided through Federal Work Study you may work up to 20 hours per week during the semester.
Satisfactory Academic Progress (SAP)
The Lawrence Technological University Satisfactory Academic Progress (SAP) policy for Financial Aid applies to all students who wish to establish or maintain financial aid eligibility. This policy applies separately to each degree program the student pursues, in its entirety, including semesters in which financial aid was not applied for or disbursed.
These standards require that students complete a specific number of credit hours each academic year and maintain the minimum GPA as defined by the federal standards. Specific aid programs or college or department standards may vary and/or require more than these minimum standards. The academic progress of financial aid recipients will be monitored a minimum of once each academic year. Students should contact the Office of Financial Aid for questions regarding the intent and interpretation of this policy.