Consumer Information

Financial Consumer Information

We have compiled this key consumer information from across our university to help you make informed decisions regarding your education. Also, in compliance with state and federal regulations, and in keeping with our student-first philosophy, we annually notify our students (via email and the mylakewoodu.com portal) about the availability of this information.

Cost of Attending School and Net Price Calculator

Cost information is readily available online regarding the amount per credit hour, as well as fees for attending the university. In addition, we have a Net Price Calculator (NPC) to help you set expectations for the types of funding you may be eligible to receive and the cost of attending school for the program(s) you are interested in.

Federal Student Aid - How to apply and availibility

Our website has step-by-step instructions on how to apply for available federal student aid as well as other financial aid options. Our financial aid team is the primary source of information regarding financial assistance – including federal student aid and other financial assistance options available for use at Lakewood University.

Federal Student Aid Eligibility Determination

To qualify for federal student aid (grants, loans, and work-study funds), you have to meet certain requirements. The Department of Education outlines basic eligibility requirements necessary to qualify for federal student aid.

Satisfactory Academic Progress (SAP)

Students are required to meet and maintain satisfactory academic progress to be eligible for federal student aid. To ensure you maintain eligibility, review our university policy on satisfactory academic progress.

Managing Your Loan

Students who utilize financial aid, should understand the necessity of loan repayment, familiarize themselves with the terms of their loan, and be prepared to complete exit counseling. It is important to borrow responsibly and know your rights and responsibilities.

Cohort Default Rate

A cohort default rate is the percentage of a school’s borrowers who enter repayment on certain federal student loans during a federal fiscal year (October 1 to September 30) and default prior to the end of the second following fiscal year. The United States Department of Education (ED) releases official cohort default rates once per year.

Lakewood University’s latest available (FY2019) cohort default rate, as calculated by the U.S. Department of Education is 2.4%. The FY2019 national cohort default rate is 2.3%.

Disbursements and Refunds/Credits

Information on grant disbursement and loan disbursement is readily available to students. For additional information on how and when aid is disbursed, please contact [email protected].

Code of Conduct

Lakewood University staff subscribe to the code of conduct outlined in the Higher Education Opportunity Act of 2008. In addition, certain additional standards have been outlined in our tuition and finance department code of conduct.

Entrance and Exit Counseling

Students who request funding are required to complete entrance counseling to ensure they understand the rights and responsibilities that come with borrowing a federal student loan. This requirement is assigned for completion in the campus through the Financial Aid Office.

Students who have dropped below half-time enrollment, withdrawn, or graduated will be notified by Lakewood University to complete exit counseling which provides information to prepare for repayment.

Scholarships and Grants

Lakewood University provides information on a variety of scholarships and grants throughout the year to help students finance their education.

Drop, Withdrawal or Non-passing Grades

Students who drop or withdrawal from a course(s) will receive a tuition credit in accordance with our tuition refund policy and are subject to our university withdrawal/drop policy.

Deferment

Understanding the repayment process for your federal student loans can go a long way toward building a solid financial foundation. Deferment offers a way for you to temporarily postpone or lower your loan payments while you’re back in school, in the military, experiencing financial hardship, or in certain other situations.

Verification

Some students are randomly chosen for verification where we compare the information on their FAFSA with their financial documents. Students are notified if they have been chosen for this process, as this law requires that we complete verification prior to federal aid award distribution.

National Student Loan Data System

If you are a potential student, student or parent of a student and have entered into an agreement concerning Title IV loans we are required to inform you that the loan will be submitted to the National Student Loan Database. The National Student Loan Data System (NSLDS) is the U.S. Department of Education’s (ED’s) central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Department of ED programs. NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data.

Credit Balance Refunds Through Bill.com

Our school delivers your refund with Bil.com Disbursements, a technology solution. Visit this link for more information: https://www.bill.com/

Contact Information for the Lakewood University Financial aid Department

Please visit this page for contact details for the Lakewood University Financial Aid Department: https://lakewood.edu/personnel/paul-pari/

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Lakewood University does not discriminate on the basis of race, color, religion, sex, gender, sexual orientation, national origin, ancestry, age, marital status, disability, or any other characteristic protected by law. This policy applies to, but is not limited to, educational policies, admission, financial aid, hiring and employment practices, use of school facilities, athletics, and other school-administered programs.