Lakewood University's

Financial Aid FAQ’S

FINANCIAL AID FAQ’S

To assist you with your financial aid questions, review the FAQs listed below. For further assistance, visit www.fafsa.ed.gov 

Q: How do I apply for federal financial aid?

A: The only way to apply for a federal grant, loan, and Federal Work-Study is to complete and submit the Free Application for Federal Student Aid (FAFSA). The FAFSA may be found atfafsa.ed.gov.

 

Q: Why do I need an FSA ID and how do I apply for one?

A: Students, parents, and borrowers are required to use an FSA ID, made up of a username and password, to access certain U.S. Department of Education websites.  Your FSA ID is used to confirm your identity when accessing your financial aid information and electronically signing your federal student aid documents.  Please click here to create an FSA ID now or for more information.

Q: What is the federal school code for Lakewood University?

A: Lakewood University’s code 042939. If you do not initially put Lakewood U on your FAFSA, you can always add Lakewood U to your FAFSA online at fafsa.ed.gov. You may also call 800.4FED.AID (800.433.3243) and request that Lakewood U be added to your FAFSA.

Q: I won't qualify for financial assistance. Why should I bother to submit a FAFSA?

A: Even though you might believe that your family’s income is too high to receive financial aid, you may be eligible for low-interest federal loan assistance. Some Direct Loans are available regardless of the family income. Also, some scholarship and benefit programs require applicants to submit the FAFSA.

Q: Do I have to be admitted to Lakewood University before submitting the FAFSA?

A: No, your FAFSA can be completed and submitted, even if you are not yet admitted to LU However, we will not be able to view your FAFSA application until your admission is complete.

Q: I submitted the FAFSA last year. Why do I have to apply again this year?

A: Federal regulations require that all students reapply for federal financial aid each year. The primary reason for this is to ensure that your eligibility for assistance is based on the most up-to-date income, asset, and family information available.

Q: I completed my FAFSA at another school. Do I need to file another FAFSA if I transfer mid-year?

A: No, but you’ll need to add Lakewood to your FAFSA. You may do so by visiting fafsa.ed.govand logging in to your existing application or by calling 800.4FED.AID (800.433.3243) and requesting our school code be added. If you call, you will need to provide the DRN number that is located on your Student Aid Report (SAR) report.

Q: What is an EFC?

A: EFC stands for Expected Family Contribution.  This figure is determined by the Department of Education from the income and asset data you entered on your FAFSA. It reflects your family’s financial strength. Your EFC is not the amount of money your family will have to pay for college nor is it the amount of federal student aid you will receive. It is a number used all schools to calculate the amount of federal student aid you are eligible to receive.

Q: Does receiving a scholarship affect my federal financial aid eligibility?

A: Sometimes. You are not permitted to receive financial assistance more than the total cost of attending Lakewood. Therefore, if you qualify for a scholarship after having been awarded federal financial aid, some of your federal assistance (usually loan eligibility) may have to be reduced. If this occurs, you will be notified immediately.

Q: What is Verification?

A: Verification is a federal financial aid requirement in which the federal processor randomly selects FAFSA student/families for a comparison of the information that they listed on their FAFSA with information reported on the tax return(s), as well as, other information the applicant self-reported on their FAFSA.

Q: I've been selected for verification three years in a row. What am I doing wrong? Why do I keep being chosen?

A: Each year, the US Department of Education select FAFSA applicants at random to verify their income. Also, Lakewood may select additional students if we find conflicting information. Make sure that your information is complete and consistent and be sure to utilize the IRS Data Retrieval Tool whenever possible.

Q: Should I turn in copies of my tax transcripts when I file my FAFSA?

A: No, do not turn in your tax transcripts until you are required to which will only happen if you are selected for verification.

Q: What happens after I submit the required documents to Lakewood University?

A: The review of comparing the student’s FAFSA information with the IRS tax information and other required documents begins once all documents are received by Lakewood. If there is a mistake on the FAFSA, the errors will be corrected and forwarded the information to the federal processor. The corrections may cause a change in the student’s financial aid eligibility.

Q: What happens if I decide not to turn in the required documentation?

A: If you fail to submit all the required information, the Financial Aid Office cannot determine your eligibility for federal and state loans and grants. It is recommended that a student turns in all required verification paperwork to Lakewood as quickly as possible. This will enable the Financial Aid Office to provide you a Financial Aid Award in a timely manner. Families who have filed extensions or who are self-employed and file their federal taxes later in the year, are not excused from submitting required documentation for verification.

Q: Who can I contact at Lakewood U with financial aid questions?

A: Tamika McKee tmckee@lakewoodcollege.edu  1-800-517-0857  Extention 734

Still have questions? Just call our advisors! 800-517-0857
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