Lakewood University's

Financial Aid

VERIFICATION PROCESS

Federal verification is a process used to confirm that the data you reported on your Free Application for Federal Student Aid (FAFSA) is accurate.  If you are selected by the U.S. Department of Education, CSU is required to obtain documentation, such as a verification worksheet and federal tax data, to verify the information you reported on the FAFSA.

If you are selected for verification, you can ease the process by utilizing the IRS Data Retrieval Tool to fulfill your federal tax data requirement. You may use the tool to transfer your 2018 federal tax data into your 2020-2021 FAFSA during your initial application or log back on anytime to update your application using the tool.

Selected for Verification?
Step 1 – Complete the Verification Worksheet:

Verification Worksheet must be submitted for all students selected for verification.  If the student is Dependent, the worksheet must also be signed by a parent.  The form can be downloaded via the ????

You may also be required to submit additional forms, including the IRS Tax Return Transcript (TRT) or a signed copy of your Federal Tax Return (1040, 1040A, or 1040EZ).  We encourage you to check your email account often as we will use this to send important information relating to your verification status and required documents.

Step 2 – Request and Submit an IRS Tax Return Transcript (TRT) or Signed Copy of Federal Tax Return:

If you or your parent(s) (if dependent) are not eligible to use the IRS DRT mentioned above, then an IRS tax return transcript (TRT) must be requested and submitted to Lakewood University.

If you or your parent(s) (if dependent) filed a joint return, AND are now separated, divorced, widowed or remarried, you/they must submit an IRS TRT or signed Federal return, as well as all W2 forms.

If you or your parent(s) (if dependent) filed an amended tax return, you/they must submit both an IRS TRT or signed Federal return AND a signed copy of the amended tax return (1040X).

IF YOU DID NOT FILE AN IRS 2018 TAX RETURN (FOR 2020-21 FAFSA):

As a dependent student, if your parent(s) did not file a 2018 federal tax return and you receive notice that you have been selected for verification, they must obtain documentation from the IRS that they did not file. As an independent student, if you did not file a 2018 federal tax return and you receive notice that you have been selected for verification, you must obtain documentation from the IRS that you did not file.

Helpful Link:

IRS Get Transcripts FAQ

 

TYPES OF FINANCIAL AID

Most types of financial aid require you to Complete the FAFSA to be considered, including Federal and State grants and loans.  Not all types of financial aid may be offered. Financial aid is awarded based on eligibility and if applicable to the University.

Grants

Grants, sometimes referred to as “gift aid,” are funds paid to a student’s account for their education that do not have to be repaid*.  Grants are based on financial need and require the Free Application for Federal Student Aid (FAFSA) for eligibility consideration.

Lakewood University does not make the determination on amount or eligibility for any Federal or State grant.

FEDERAL PELL GRANT

This federally funded grant program is for undergraduate students who are earning their first bachelor’s degree.  Amounts will vary based on your financial need and your enrollment status.  Students may not receive Federal Grant Funds from more than one school at a time.

Amounts can change yearly. The maximum Federal Pell Grant award is $6,345 for the 2020-2021 award year.

Students are limited to 12 full-time semesters (or 600%) of their Federal Pell Grant eligibility during their lifetime. This policy applies to all students, regardless of when or where they received their first Federal Pell Grant.   You may review your percentage of Pell Grant used by logging into NSLDS.ed.gov.  Your “Lifetime Eligibility Used” is displayed within the “Grants” section.  Students are encouraged to review their Pell Grant history, as well as their student loan borrowing history, on a regular basis to stay current on remaining eligibility and outstanding loan balances.

FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (FSEOG)

This limited, federally funded grant program was established to help students with exceptional need meet educational costs.  Eligibility, or need, is based on your FAFSA results. Only first-time, degree-seeking undergraduate students are eligible for the Federal Supplemental Educational Opportunity Grant (FSEOG).
You can receive between $200 and $1000 a year, depending on your financial need.

Loans

Loans can be a good option to help meet educational costs but need to be repaid and most accrue interest while a student is in-school.  Students are encouraged to borrow wisely and compare the different benefits, eligibility requirements, and repayment options available.

Federal Direct Subsidized and Unsubsidized Stafford Loans

After completing the FAFSA, a student may be offered Federal Direct Stafford Loans as part of their financial aid package, which are limited to annual and lifetime eligibility.

Federal Direct Parent PLUS Loans

Federal Direct Parent PLUS Loans are credit-based and require the parent of a dependent student to complete an online application.

Federal Direct Graduate PLUS Loans

Federal Direct Graduate PLUS Loans are credit-based and require the graduate or law student to complete an online application.

Private/Bank Student Loans

Private Student Loans (referred to as “Alternative” Loans) are also available from private sources, such as a bank or financial institution, or from other organizations.

MAINTAINING FEDERAL FINANCIAL AID COMPLIANCE

The Financial Aid Office would like to take this opportunity to wish you academic success, as well as remind you of a few important federal regulations.  Click each the following links to learn more:

Standards of Academic Progress (SAP)
  • You must achieve satisfactory academic progress (SAP) toward your degree in order to maintain eligibility for most types of financial aid.
  • To maintain SAP, you must meet the following three components: grade point average, completion rate requirement, and maximum time frame for degree completion.
  • Additionally, you must be eligible to continue in your program of study in order to receive financial aid.
Repeated Course Policy
  • Federal regulations allow a student to retake a course only once after receiving a passing grade and receive federal financial aid for that course.
  • This rule applies to both Graduate and Undergrade students, regardless of whether or not your program requires a higher grade in order to have been considered to have passed the course.
Return of Title IV Funds Policy (R2T4)
  • Did you know that withdrawing from all your courses or failing to earn a passing grade may require the University to return all or a portion of your federal student aid (including loans)?
  • Rules require a 60% completion of the enrolled academic period in order to have earned 100% of your federal student aid.
bottom-logo-4
bottom-logo-5
bottom-logo-6