Welcome Parents

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Welcome Parents!

• Financial Aid
• What it is and How it works

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Financial Aid What It Is

• Financial Aid consists of federal, state and
  local programs designed to assist qualifying
  students in paying their educational expenses
  while attending college.

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What It Is continued

• Grants, both federal and state(Gift aid based on
  income)
• Scholarships, both national local
• Student Loans, both subsidized and unsubsidized
  by the government
• Parent Loans
• Work Study (employment programs)

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If you havent already applied

• Its NOT too Late!
• Students can apply any time during the academic
  year and financial aid is retroactive back to the
  beginning of the same academic year as long as
  the student remains enrolled at the time
  financial aid is disbursed.
• Be aware, however, that a student will be dropped
  for non-payment if the college has not
  electronically received the financial aid
  application (FAFSA) by the semesters establish
  drop-date. You can also avoid being dropped for
  non-payment by paying the tuition yourself or
  entering into a payment plan.

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Apply at www.fafsa.ed.gov

• Print a FAFSA Worksheet
• Complete the FAFSA online
• Complete a renewal FAFSA online
• Check status of FAFSA
• View SAR information
• Make corrections
• Lots of other Info!

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Need to File Every Year!

• For each academic year, a new FAFSA needs to
  be completed. If your child will also be
  attending Fall 2009 Summer 2010, make sure that
  you complete the 2009-2010 FAFSA after your 2008
  federal tax returns have been completed in early
  2009!

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How It Works

• Once the FAFSA is completed and the college has
  received any additional information they may
  request from you, a Financial Aid Award Letter
  will be mailed to the student.
• The Financial Aid Award Letter explains the types
  of financial aid the student is eligible to
  receive.
• Qualifying students DO NOT need to accept grant
  funds in order to receive them. Grants are
  automatically placed on the students account
  following the 5-day drop-add period each term.
• Students MUST complete an online loan application
  if they want to borrow a loan.
• Students qualifying for work study are not
  guaranteed a job. They must apply for a job and
  be hired in order to be employed.

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Example of Award Letter

• Fall 2008 Credits Spring 2009 Credits
• AWARD TYPE 12-18 9-11 6-8 1-5 12-18
  9-11 6-8 1-5
• Pell Grant 2000 1500 750 500 2000
  1500 750 500
• Minnesota State Grant 720 540 323
  720 540 323
• Sub Federal Stafford Loan 1750 1750 1750
  1750 1750 1750
• Federal PLUS Loan 1460 1510 2004 2904
  2947 2979
• MN State Work Study 1190 1190 1190 1190
  1190 1190
• TOTAL 7120 6490 6017 500 7120 6490
  6017 500
• MINNESOTA STATE GRANT
• Minnesota State Grant eligibility varies
  at each credit level from 3-15 credits. The
  Minnesota State Grant amounts listed above are
  your state grant awards for the HIGHEST credit
  amount listed within each of the credit ranges.
  To determine the award amount based on the ACTUAL
  credits you plan to take, refer to the table
  below.
• Minnesota State Grant Term Award
  Amounts by Credit Level
• Credits 15 14 13 12 11 10 9
• Award 720 538 420 200 540 322 202
• Credits 8 7 6 5 4 3
• Award 323 525 0 0 0 0

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Charge Books against Financial Aid

• If the student has sufficient funds to cover not
  only tuition/fees AND books, the students name
  will appear on a bookstore list, allowing the
  student to charge books against financial aid.
• If a student loan is involved, the student must
  have completed the online loan application for
  the name to appear on the list!

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Professional Judgment

• The Financial Aid Director can make changes to a
  students original FAFSA information if there are
  extenuating or unusual circumstances to consider.
  
• Common examples include
• Significant change in parental income from past
  tax year based on unemployment, death or divorce
• Unusually high medical expenses
• Allowing dependent student to apply as
  independent if student was in foster care or is
  estranged from the parent
• Parents should contact Sandra Olin, Financial Aid
  Director, at 218-723-4895 or 1-800-432-2884 ext
  4895 to discuss unusual circumstances

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2008-2009 Semester Costs

• Based on 12 Credits
• MN Residents
• Tuition Fees 1704 per semester
• Estimated Books 600
• On-Line Students
• Tuition Fees 2091 per semester
• Books 600
• Wisconsin Reciprocity
• Tuition Fees 2374 per semester
• Books 600
• (If you are a Wisconsin resident, you must
  apply for Reciprocity it doesnt just
  automatically happen!)

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Lake Superior Financial Aid Website

• A Dynamite Site!
• Walks you through the financial aid process with
  direct links to FAFSA on the Web other sites
• Has information about all grants, scholarships,
  work study and loan programs
• Has a well-developed question and answer section
  called Ask Us with answers to most of your
  financial aid questions
• Empower yourself by becoming familiar with this
  site!

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Begin at the LSC Home pagewww.lsc.edu
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. And you reach the Financial Aid Home Page
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You can check the Student Account
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Charges and Payments

• Through the student e-services account, you can
  check total tuition and fee charges, view what
  financial aid has been placed on the account and
  determine if a balance is earned or if a check
  has been mailed to the student.
• Tuition statements are not mailed to the student.
  The student is responsible for checking his/her
  account online!

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If your child withdraws from college

• If your child needs to withdraw from ALL of
  his/her courses during a semester, there may be
  financial aid consequences.
• If the student did not attend at least 60 of the
  semester, LSC may need to repay the government
  some of the grants or loans the student received.
  This would result in the student owing LSC the
  amounts that were repaid.
• The student cannot attend LSC again until the
  money has been paid in full. ?

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What more can parents do?

• Encourage your child to check his/her student
  account at the end of each drop-add period and
  periodically throughout the semester.
• Encourage the student to check his/her student
  e-mail on a regular basis.
• Encourage the student to take advantage of the
  services we offer (learning center, professional
  advisors, counseling services)
• If there are ANY questions regarding financial
  aid, make sure the student asks! Assumptions can
  be costly, so feel free to contact us at anytime!
• Call 218-733-7601 or 1-800-432-2884 ext. 7601 and
  choose the financial aid option.

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Thank you for Visiting this Site!

• We hope that your child has
• a great experience here at
• Lake Superior College!