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Financial Aid TV

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FINANCIAL AID / SCHOLARSHIPS

Award Notification

Your financial aid award letter is dependent upon the information you submitted on your FAFSA and includes all the financial aid for which you are eligible based upon this information.

  • Your award letter presumes you will be enrolled as a full-time student (12 or more credit hours in a semester) and indicates the semesters for which aid has been awarded.
  • The types of aid offered to you may include a combination of grants, scholarships, loans and/or work-study.

The financial aid office will send an email to your Lakeland email account when your financial aid award is complete.

  • The financial aid office uses your Lakeland student email as the primary form of communication. Check it often so you don't miss an important notification that could delay the processing of your financial aid.

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Understanding your Award Package

Your initial award package is based on enrollment as a full-time student for the academic year. However, you do not have to be a full-time student to qualify for financial aid. Full-time is defined as being registered for 12 or more credit hours in a semester.

Initial award amounts represent your funds for a fall/spring academic year. If you enroll in classes for the summer, your award will automatically be adjusted to include all three semesters (summer/fall/spring).

Adjustments to your Pell Grant (PELL) will be made based on your actual level of enrollment. Enrollment statuses include: full-time (12 or more credits), three-quarter time (9-11 credit hours), half-time (6-8 credit hours) or less than half-time (1-5 credit hours).

Your student loan will be calculated based on what year you are in school, whether you are a dependent or independent student and you must be enrolled in a minimum of 6 credit hours to receive loan funds.

Transfer students who have received financial aid from another school during the current award year should ask their previous school to cancel all pending financial aid. Once that aid has been cancelled, provide documentation of that cancellation to the Lakeland Financial Aid Office. Your aid may be adjusted due to aid received at another school.


 

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Student Loan Information

Your award package will automatically include an offer for student loan(s). If you are interested in borrowing a student loan, you must either accept the amount you would like to borrow online through your myLakeland account or complete an Aid Adjustment Request form at the Lakeland Student Service Center.

  • You must be enrolled in a minimum of 6 credit hours to receive loan funds.
  • All federal loan borrowers must complete a Direct Loan Master Promissory Note (MPN) and if you are borrowing a Direct Loan for the first time, you are required to complete online Entrance Counseling. These requirements can be completed at studentloans.gov. Loan funds will not be processed until you complete these requirements.
  • Federal regulations require first-year, first-time borrowers to wait 30 days after the start of their semester before funds can be disbursed to them.
  • If you accept a loan for only one semester (i.e., borrowing for ONLY spring semester), per federal regulations, the loan must be split into two disbursements. The first will disburse at the beginning of the semester and the second will disburse at the midpoint of the semester.
  • For additional information, review the Direct Loan Brochure (PDF).

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Viewing your Financial Aid Information

You can check your financial aid status, awards, and document requirements by following these steps:

  1. Log in to myLakeland.
  2. Click the Student tab.
  3. In the left-hand column under myRECORDS, click on Financial Aid.
  4. Click on My Award Information.
  5. Click on Award for Aid Year.
  6. Select the current aid year and click Submit.
  7. Click on Award Overview tab.
  8. If you have funds listed as offered, you can accept them by clicking Accept Award Offer tab.
     

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Request for Additional Documentation

If you are asked to submit additional documentation, do so as soon as possible. Your financial aid cannot be processed without the requested documentation.

If you are a new student at Lakeland, you will receive a letter in the mail notifying you of any additional required documentation.

If you are a returning student, you will receive an email in your Lakeland email account notifying you of any additional required documentation.

To see what additional documentation is required:

  1. Log in to myLakeland.
  2. Click the Student tab.
  3. In the left-hand column under myRECORDS, click on Financial Aid.
  4. Click on My Eligibility.
  5. Select the current aid year and click Submit. A listing of requirements still needed will be displayed.
Verification

The U.S. Department of Education selects some FAFSA applicants for a process called verification.

If you are selected for verification, the documents needed will be listed in your myLakeland account. These documents will be used to verify that the information on the FAFSA is accurate. Spouse or parent information and other documents may also be requested.

Typically the documents you will need to provide are:

Additional documentation or clarification may be needed once your paperwork is reviewed. If so, you will be sent an email to your Lakeland email. Be sure to check your email account often so you don't miss important notifications.

Verification must be completed before aid eligibility can be determined. It is recommended that you turn in all required verification paperwork to Lakeland as quickly as possible. This will enable the financial aid office to provide you with your financial aid award in a timely manner.

To see what additional documentation is required for verification:

  1. Log in to myLakeland.
  2. Click the Student tab.
  3. In the left-hand column under myRECORDS, click on Financial Aid.
  4. Click on My Eligibility.
  5. Select the current aid year and click Submit. A listing of requirements still needed will be displayed.

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Accepting your Award

Pell Grants (PELL) and Federal Supplemental Education Opportunity Grants (SEOG) are automatically accepted and will apply toward the cost of tuition and fees once you are registered for classes. However, Direct Loans and some scholarships must be accepted in order for them to be applied to tuition and fees as well as books and supplies.

To accept your award:

  1. Log in to myLakeland.
  2. Click the Student tab.
  3. In the left-hand column under myRECORDS, click on Financial Aid.
  4. Click on My Award Information.
  5. Click on Award for Aid Year.
  6. Select the current aid year and click Submit.
  7. If you have funds listed as offered (i.e., Scholarships or Direct Loans), you can accept them by clicking on the Accept Award Offer tab.
  8. For Direct Loans, you can choose one of the three options:
    • Accept the loans for the amount offered
    • Accept the loan for a reduced amount; enter that amount
    • Decline the loans
  9. For more information, refer to the Direct Loan (PDF) and Scholarship (PDF) brochures.

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Aid Disbursement

Your aid will be dispersed differently depending on if you were awarded a federal grant or a federal student loan (Direct Loan).

Federal Grant Disbursements

Once your financial aid has been awarded and you are registered for classes, your grants will automatically disburse toward your tuition and fees.

Federal Direct Loan Disbursements

Loan disbursements are applied to your Lakeland student account 10 days prior to the start of your enrollment period, provided you have completed all loan steps (see below) and meet the eligibility requirements.

Before you can receive your loan funds, you will be required to:

  1. Accept your loan offer.
  2. Complete Entrance Counseling, if required. Entrance counseling is completed at studentloans.gov. Entrance counseling is only required for students who have not previously borrowed a Direct Subsidized/Unsubsidized Loan.
  3. Sign a Master Promissory Note (MPN), if required. The Master Promissory Note is completed online at studentloans.gov.

For more information regarding the loan process, refer to the Direct Loan Brochure (PDF).

The 10 day disbursement rule applies to all students EXCEPT for:

One-Term Loan Borrowers

  • Students borrowing Direct Loan funds for only one semester are required to have all their loans disbursed in two equal disbursements. The first half of your disbursement will be applied to your Lakeland student account 10 days before the start of your enrollment period and the second half of your disbursement will be applied to your Lakeland student account no sooner than the midpoint of the semester.

First-Year, First-Time Borrowers (30 Day Delay)

  • If you are a first-year, first-time borrower, your initial loan disbursement will not be applied to your Lakeland student account until 30 days after the first day of your enrollment period. This ONLY affects your initial loan disbursement. Due to this federal regulation, Direct Loan funds will not be available for tuition and books. However, Lakeland does offer temporary assistance until your Direct Loan funds are available. You will be notified through your Lakeland email with the information on how to take advantage of this assistance.

If your financial aid funds do not cover your entire account balance and/or your aid is not in place at the time of the tuition due date, you are responsible for the tuition payment. It is recommended that you inquire about the online tuition loan payment plan so that you will not be dropped from your classes for nonpayment.

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Where is my Aid?

In some instances, your financial aid disbursement could be delayed or even cancelled due to any of the following reasons:

  • You were selected for verification and may need to submit additional information or documents to the financial aid office. You can check to see if you have unsatisfied requirements here:
  1. Log in to myLakeland.
  2. Click the Student tab.
  3. In the left-hand column under myRECORDS, click on Financial Aid.
  4. Click on My Eligibility.
  5. Select the current aid year and click Submit. A listing of requirements still needed will be displayed.
  1. Log in to myLakeland.
  2. Click the Student tab.
  3. In the left-hand column under myRECORDS, click on Financial Aid.
  4. Click on My Eligibility.
  5. Select the current aid year and click Submit.
  6. Click on Academic Progress.

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Using your Aid on Campus

If you wish to use your financial aid funds to pay charges other than current year tuition and fees on campus where available (i.e., bookstore, Breakers, cashier), you must provide a signed authorization to the Lakeland Financial Aid Office.

The Authorization Form (PDF) can be submitted online by following these steps:

  1. Log in to myLakeland.
  2. Click the Student tab.
  3. In the left-hand column under myRECORDS, click on Financial Aid.
  4. Click on My Award Information.
  5. Click on Authorization Form.
  6. After reading the information provided, click on box stating that you have read and understand the information provided.
  7. Click Submit.

Alternatively, you can visit the Lakeland Student Service Center to fill out the form in person.

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Distribution of Refunds

If your financial aid is greater than your tuition and fees (and any bookstore or Breakers purchases), you will have a credit balance (indicated by a negative balance on your student account) and a refund will be issued to you.

As long as you meet the instructor's attendance policy, your instructor will verify your attendance electronically. Refunds will not be issued until your class attendance has been verified.

Typically, credit balances are refunded to you within 14 days from the start date each semester after course attendance has been verified.

  • If your financial aid is processed later than the second week of the semester, your credit balance will be refunded within 14 days from the date the aid is received by Lakeland.

If you do not attend class(es), your financial aid will be cancelled or reduced and this could cause a delay or cancellation of your refund credit balance.

Credit balances are sent via paper check to the address on file with the college or electronically deposited into an active bank account designated by the student (eRefund). To enroll in eRefunds:

  1. Log in to myLakeland.
  2. Click the Student tab.
  3. In the left-hand column under myRECORDS, click on Billing Center.
  4. Click I Agree to enter the secure Billing Center website.
  5. On the Billing Center home page, click on the Refunds tab and follow the instructions provided for entering your bank information and using a bank account for refunds.

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Keeping your Aid

All forms of financial aid have certain criteria that must be met to receive and maintain eligibility.

If you are awarded financial aid, it is your responsibility to be aware of the policies that may affect your financial aid. These important policies determine whether or not adjustments in financial aid may be necessary or if you will continue to receive financial aid.

Financial Aid Policies

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