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					   FINANCIAL AID

 Key Points to Remember
about Scholarships, Grants
        and Loans
Say What?
    The FAFSA (Free Application for
    Federal Student Aid) must be filed
               every year.

•   Website is www.fafsa.ed.gov
•   Can’t get a federal loan or grant without it
•   Application for the Tennessee HOPE (lottery)
•   Recommend filing in January
•   Remember both parent and student PIN numbers for
    use each year
              Verification

• The DOE may select you to ―prove‖ your
  FAFSA answers
• No federal aid can be processed or paid
  until verification is complete.
• Can be selected every year
The FAFSA makes your student eligible
for a loan. The student must accept the
loan on myLipscomb for the funds to pay
into the account.

• Student must also complete Entrance Counseling
  and a Master Promissory Note at
  www.studentloans.gov (link on our website).
  These requirements will not show as satisfied
  until after we begin processing loans in July.
• Complete instructions for loan process at
  financialaid.lipscomb.edu . Everything is
  electronic – no paper applications.
Student loans are processed after the
student has registered for classes and
    paid after the drop/add date.

• Six hours per semester for a Stafford loan
• If selected, must complete verification before
  Stafford loans can be processed
• See catalog for drop/add dates:
   • Mid-February in the Spring, Mid-September in the Fall
               Stafford Loans

• Limited to $5,500 for freshmen, $6,500 for
  sophomores, $7,500 for juniors and seniors
• Parent loans (PLUS) and Alternative loans
  also available
• Students can qualify for additional funds if
  parent is denied PLUS
  • $4,000 for freshmen and sophomores
  •   $5,000 for juniors and seniors
Institutional scholarships (memorial,
  academic, athletic, departmental,
international, etc) require a 12-hour
                 load.
• Summer load requirements may differ
   • Usually a graduated schedule
• Exception – seniors in their last semester
   • Requires Scholarship Special Request Form
   • Scholarships prorated
  For most areas of study, institutional
    scholarships are renewable to a
               maximum
        of 132 attempted hours.
• Double majors or minors not reason for extension
• Exception made for some majors – Music
  Teaching and Engineering
   • Requires Scholarship Special Request Form
• Maximum based on attempted hours, not earned
  hours
   Students who did not qualify for an
   academic scholarship upon entry to
Lipscomb can qualify after attempting 24
      hours with at least a 3.0 GPA.

• Awarded depending on cumulative GPA level
• Must fill out application to request scholarship,
  online or in Financial Aid Office
  For academic scholarships, students
       must maintain a 3.0 GPA.

• This is a cumulative GPA and is not rounded
• Students are offered one semester of grace
  during the freshman year (not checked after
  fall)
• Can get scholarship back once cumulative GPA
  is 3.0, BUT ONLY BY REQUEST
   • Reinstatement applications available online
• Other institutional scholarships require a 2.0
  GPA
Students placed on any type of probation
   while at Lipscomb will forfeit ALL
 institutional scholarships, usually in the
               next semester.
• Four types of probation: Chapel, Bible, Academic
  and Disciplinary
• Can get scholarships back when probation is
  removed, BUT ONLY BY REQUEST
   • Reinstatement applications available online
 For students with the Tennessee lottery
  (HOPE) scholarship, a GPA of 2.75 is
    required for renewal through 48
           attempted hours.
• Student must have a 3.0 at 72 hours
• Can be regained if lost, but only at benchmarks
  (48, 72, 96 hours)
• Student eligible for 5 years
• Strong caution on dropping classes
• All rules and requirements at
  www.CollegePaysTN.com
  Lipscomb follows a Direct Cost Policy
 regarding gift aid on a student’s account.

• The total amount of gift aid, from all sources, that a student
  may receive is limited to the actual costs billed to them for the
  term. Examples of gift aid are PELL grants, HOPE
  scholarships, state grants, Lipscomb institutional scholarships,
  outside scholarships, etc.

• Gift aid that includes any Lipscomb scholarships that exceeds
  direct costs on an account cannot be refunded to the student

• When deciding to move off-campus, a student should carefully
  review the impact to the financial aid award

• Meal plans for off-campus students cannot be covered with
  institutional aid
           What About Next Year?

• All information about a student’s account is on myLipscomb
  (online)
• Get your student to share his Username and Password with you
• Read the ―Financial Aid‖ section of the current Undergraduate
  Catalog (available online)
• Go to www.Lipscomb.edu —Current Students— Financial Aid
  Home—for information and all financial aid applications
• Students have received ―Conditions of Award‖ in
  their packet detailing these policies – MAKE SURE THEY
  READ IT!
                 Bottom Line
• Call or email us if you have a question
   • There are no dumb questions!
• Moving off campus, dropping classes, going part-
  time, changing majors, etc. can affect Financial
  Aid. Call us first!
• This PowerPoint is on our website for future
  reference. http://financialaid.lipscomb.edu
• Resource Fair from 9:00 – 12:00 tomorrow in the
  Bennett Campus Center
                  Office Directory
•   Karita Waters, Director (966-1791)
•   Maggie Kersten, Assistant Director (966-6207)
•   Tamera Spivey, Scholarship Counselor (966-6202)
•   Tiffany Summers, Senior Loan Counselor (966-6205)
•   Melanie Britton, HOPE and Pharmacy Counselor (966-6203)
•   Kristin Blankenship, Loan Counselor (966-6201)
•   Donna Taylor, Receptionist (966-6200)


• Email any of us at
  firstname.lastname@lipscomb.edu
Office Staff

				
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