Definitions of Financial Aid Terms
FAFSA - FREE Application for Federal Student Aid. www.fafsa.gov
State Grants - Tennessee Student Assistance Award (TN State Grant) is a need-based grant, awarded to Tennessee residents who attend college in Tennessee, and are seeking an undergraduate degree. The recommended deadline to submit the FAFSA for maximum funding is February 15, and funds are limited. Lipscomb accepts publicly funded awards including the Tennessee HOPE Scholarship.
Federal Grants - The Federal Pell Grant is awarded to students seeking their first undergraduate degree. The amount of the grant is determined by the federal government from your FAFSA. The Federal Supplemental Education Opportunity Grant (SEOG) is awarded to Pell Grant recipients with the greatest need. Funds for this grant are limited. ACG and SMART Grants are awarded to Pell recipients who graduated from a rigorous high school program and plan to major in specific math and science programs. Cumulative GPA requirement for ACG and SMART grants beyond year one.
Federal Work-Study - A student qualifies for work-study based on need. Student employment is advertised on the Lipscomb website under the Career Center link. Work study does not go towards the school balance. A student receives a paycheck every two weeks for hours worked.
Federal Subsidized Stafford Loan – Government regulated loan that is offered upon filing a FAFSA. The U.S. Department of Education pays the interest while you are in college. Interest and repayment begins six months after graduation, leaving school or dropping below half-time status.
Federal Unsubsidized Stafford Loan – Government regulated loan which accrues interest immediately after disbursement until the loan is paid in full. Repayment of both interest and principal does not begin until six months after graduation, leaving school or dropping below half-time status.
Federal Perkins Loan – Low-interest (5%) loan for students with financial need. Repayment and interest on the Perkins loan does not begin until nine months after you leave college. This is a very limited fund and is not guaranteed year to year.
Federal Parent Loan for Undergraduate Students (PLUS) – Available to parents of dependent undergraduate students. This credit-based loan requires an additional application for the loan to be processed along with a credit approval. Repayment generally begins within 60 days of disbursement. The PLUS loan can be deferred while the student is in school but additional documentation is required by the lender.
Federal Graduate PLUS Loan (Grad PLUS) – Available to Graduate degree seeking students. This credit-based loan requires an additional application for the loan to be processed along with a credit approval. Interest is set by the Department of Education each year and will begin accruing with the first disbursement. Repayment begins six months after graduation, leaving school or dropping below half-time status.
Alternative/Private Loans – Students needing additional financial assistance after all other sources have been expended may apply for a credit-based alternative loan through a private lender. These loans are based on credit rather than on FAFSA information and have a variable interest rate. Most students require a creditworthy cosigner to be approved for this loan.
Census Date – A financial aid census date will be assessed on enrolled hours before funds disburse to the student account each fall and spring semester. The census date will be taken after the last day to add classes.
Gainful Employment Programs – Lipscomb University currently has two non-degree, certificate programs in Dietetics and Accounting. To find out more about these programs, including tuition costs, length of time to complete the program and the results of the program, check out these links. Dietetics and Certificate of Accountancy (CAP)