Tips from the Financial Aid Department

Financial Aid representative April Cross conversing with Mariana Michalek at the Financial Aid help desk

Photo: Ashlynn Akiona, News Editor

Deciphering the ins and outs of financial aid is sometimes a challenge for students. There are rules, applications, loan limits. Below are some of the frequently asked questions students raise, answered by Marian Dill, director of financial aid:

How does Lee award Financial Aid?

The first step to awarding student aid is completing the FAFSA. This is the Free Application for Federal Student Aid and is the application for all federal and state aid.  It also serves as the application for some Lee need-based funds. Lee also awards merit scholarships to incoming freshmen based on GPA or ACT, SAT, or CLT test scores.  These merit awards range from $2,000 to $10,000 and are multi-year scholarships.  There is even a competitive invitation only scholarship application for the Charles Conn Centennial Scholarship, which is a full-tuition scholarship beginning with 2023-2024 entering new students. We also award merit scholarships to transfer students that range from $3,000 to $5,000. Transfer scholarships are multi-year depending on the specific award received.  For more details, check out the website: click here.

How are department scholarships awarded?

Departmental scholarships are awarded directly from the department, instead of financial aid. Once the department makes the decision to award a student, they send that information to the Financial Aid Office where it will be added to the student’s awards.

What is the difference between a state scholarship and a school scholarship?

A state scholarship is awarded by the state, and the state’s rules for administration of the scholarship apply. The school is bound by the state to administer state funds in compliance with the awarding of these funds. The HOPE scholarship, for example, is a state awarded fund, but the school must ensure that the recipient of the award meets the state’s criteria to continue to receive the award by conducting a compliance review.  A school scholarship is awarded by the school, and the recipient would have to comply with the school’s requirements for scholarship retention. 

How do loans work?

Federal student loans are awarded based on eligibility and require the completion of the FAFSA. Once a student decides to accept a loan, they must complete Loan Entrance Counseling. This provides critical details about how loans work including repayment process. The student must also complete a Master Promissory Note, which is the promise to repay the loans. Students must be enrolled at least half-time to receive federal student loans.

Dependent students are limited to $31,000 in loans for their undergraduate degree, whereas independent students are limited to $57,500 in loans for their undergraduate degree.

If a student seeks additional funds to help pay their bill, a Parent PLUS loan or a private loan could be considered. A Parent PLUS loan is a federal loan just like student loans are and can be applied for using the FSA ID and password used to complete the parent’s portion of the FAFSA on studentaid.gov. This type of loan can only be taken out by the parent of the dependent student.

Federal loans begin repayment once a student graduates or drops below half-time enrollment. More details can be found here: click here.

If a student has a private loan, that is an agreement solely between the student and the lender from whom they obtained the loan, and the loan will pay towards the student’s bill just as any other loan would. Students may take these loans out in their own name, but in cases where little credit has been established, a student may need a cosigner. More information can be found here: click here.

Graduate students needing additional assistance in paying their bill can apply for a GRAD PLUS loan on studentaid.gov. This federal loan option is only available to graduate students.

When is the last day to apply for scholarships and loans for next semester?

The scholarship award profile changed this year, and students should have received an email communication on Friday, Feb. 10. There is a Returning Student Scholarship Profile available from Portico Self-Service. One big change that we are pleased to announce is the Church of God Dependents of Ministers Scholarship, where any student who is a dependent child in the household of an ordained Church of God minister or bishop will be awarded $3,000 for the academic school year.

For more information on Lee Univeristy’s Financial Aid click here.

To find your FAFSA and other loan options click here.