Steps To Apply for Undergraduate Students
____ Accepted for Admissions to Lipscomb University
____ Apply for a Parent and Student Pin (or saved them from last year)
Go to www.pin.ed.gov to apply for separate Parent and Student FASFA pin numbers.
____ FREE Application for Federal Student Aid (FAFSA)
The FAFSA is required for federal aid, as well as most Lipscomb scholarships. Complete and electronically submit the FAFSA at www.fafsa.ed.gov. To ensure that your tax return information is entered correctly, use the IRS Data Retrieval Tool available on the FAFSA. The IRS Data Retrieval Tool can only be used for tax filers whose tax returns have been processed by the IRS.
____ Notify Financial Aid of Any Outside Aid
Please notify the Financial Aid Office of any outside scholarships, grants, or military benefits you may be receiving. These awards can be placed on your bill as an expected payment to help you satisfy your account.
____ Accept Terms and Conditions of Receiving Aid/ Review Your Award
- Log into your myLipscomb account using your username and password.
- Look under the section called Student Links on the main myLipscomb page.
- Under the column labeled Financial Aid, select Financial Aid Awards.
- View the different options (General Information, Award Overview, Terms and Conditions, and Accept Award Offer.)
- Select the Terms and Conditions tab to see the list of requirements for receiving your aid.
- Once you have accepted your Terms and Conditions, you can then review and accept your aid by selecting the Accept Award Offer tab.
____ Complete Verification
If you have been selected for verification by the U.S. Department of Education, you will be required to submit the following so Lipscomb University can verify the information you supplied on the FAFSA. You can determine if you are selected by reading your Student Aid Report (SAR) or by checking your myLipscomb Financial Aid Award page. In order to complete verification you must complete the next two steps. Verification must be completed by July 15, 2013.
- Verification Worksheet (can be found at www.lipscomb.edu/financialaid)
- IRS Tax Return Transcript, this can be supplied by using the IRS Data Retrieval Tool (if you have already filed your taxes) at www.fafsa.ed.gov.
*If unable to us the IRS Data Retrieval Tool you will have to call and order a Tax Return Transcript from the IRS 1-800-908-9946.
____ Federal Work Study
Federal Work Study (FWS) is a Federal Program allowing qualified students to find a job on campus with the Government paying a portion of your salary.
*You receive a paycheck every two weeks for hours worked. This does not apply to your bill.
1.You must be awarded Federal Work Study
2. Find a job on campus. You should contact the Career Development Center about on campus jobs.
3. Fill out a Work Approval, W4, and I9 forms.
____ Accept/ Apply for Any Loans You May Need
- Federal Stafford Loans are non-credit based student loans. Stafford Loans are offered to you by the government based on your FAFSA. You can accept or decline your Federal Stafford Loans through the “Accept Award Offer” tab on myLipscomb. The Amount you are offered is based on you being a student during the fall and spring semesters. When you accept your award you accept for the year. The government charges at 1% origination fee when you take out your Federal Stafford Loans. (example: if you accept $5,000, you accept $2,500 for fall and $2,500 for spring)
- Parent PLUS Loan is a Federal Loan that parents of dependent undergraduate students may receive. The parent may apply by going to www.studentloans.gov. The parent will need to log into studentloans.gov using their social security number, date of birth, and FAFSA pin number. Next select “Request a PLUS Loan.” Complete the four step approval process. Then the credit decision should be displayed. This application is available after May 1, 2013.
- Approval will be sent to the Financial Aid Office within a week. If approved with the Department of Education the parent need to fill out the Parent PLUS Loan Request Form.
*The Department of Education charges a 4% origination fee on the Parent PLUS Loan.
Denial, If denied, the student can receive additional Unsubsidized loans of $4,000 for freshmen and sophomores and $5,000 for junior and seniors for the year. Decisions will be sent to the Financial Aid Office with in a week.
- IMPORTANT: In order for the student to be eligible for additional Unsubsidized loans with a Parent PLUS Denial, parent must select “Will not pursue PLUS Loan” after the denial decision is made. Leaving it blank or selecting the endorser option does not allow for the additional Unsubsidized loan. The Financial Aid office must receive the “Request to Increase Loan Form” in order for the additional loan money to be placed on the student’s account. The form can be found in the “forms” section at www.lipscomb.edu/financialaid.
- If an endorser option is selected, then this process must be completed and submitted to the school by The Department of Education before the PLUS loan can be added to the students award.
______ Fulfill Loan Requirements
- Federal Stafford Loans, if you are a first time borrower or a first time borrower at Lipscomb, you must complete…
- Federal Stafford Loan Entrance Counseling
- Federal Stafford Loan Master Promissory Note (MPN)
- Parent Plus Loan, once approved the parents must sign the Master Promissory Note (MPN)
Loan requirements can be completed by logging into www.studentloans.gov.
____ Are You Official and Ready to Move in the Dorm or Start Class?
To be eligible to move into the dorm and/or attend class you must be OFFICIAL with the Business Office. To be official with the Business Office you must have a zero balance. Check your bill to make sure all of your aid was applied correctly and that you have satisfied your remaining balance.