Frequently Asked Questions

  1. What is a FAFSA?
  2. When should I file a FAFSA?
  3. I have heard that I need a pin number. How do I get one?
  4. How does Lipscomb University receive my information?
  5. What is an "EFC"?
  6. What does it mean if I am selected for "verification"?
  7. If I am a first time freshman, how will I know what financial aid I am awarded?
  8. If I am a continuing student at Lipscomb, how will I know what I'm awarded?
  9. If I am considering transferring to Lipscomb, what should I do?
  10. What is myLipscomb?
  11. If I have an academic scholarship, will it last as long as I am in school?
  12. What are the requirements to keep my academic scholarship?
  13. If I lose my academic scholarship, can I get it back?
  14. Is my FAFSA my Application for a student loan?
  15. Financial Aid probably won't cover all of my balance. What other options do I have to pay my balance?
  16. How many hours per semester must I take to be able to get a Stafford loan?
  17. What is a Parent PLUS loan?
  18. If I am awarded a federal Perkins loan, what do I need to do to accept the loan?
  19. If I am awarded a Federal Work Study job, can it count towards paying my balance?
  20. How do I find a Federal Work Study Job?
  21. How can I find outside scholarships?
  22. Can I get a refund if I am awarded more aid than I need to pay my charges?
  23. Can I purchase books on my student account? 
  24. I have questions about "Officially registered" and "Third party payments," where do I go?
  25. I have additional questions, what is your e-mail address?

 


What is a FAFSA?

It is the Free Application for Federal Student Aid. It is easy to do as long as you read the instructions thoroughly. Remember, it is FREE to submit a FAFSA.

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When should I file a FAFSA?

During your senior year in high school after January 1. We recommend that you file it before February 1st to be eligible for the most financial aid. You will need your taxes to fill out the FAFSA.

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I have heard that I need a pin number. How do I get one?

Both parent and student need to apply for separate pin numbers. You do not have to wait until January to apply. You can apply anytime. You will use the pin numbers to sign your FAFSA and loan documents on the web. It is also how you will be able to access your information on the secure site. You should each go to www.pin.ed.gov to apply for your pin numbers. You will receive them in an e-mail. You will need to keep these numbers because you will use the same numbers from year to year.

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How does Lipscomb University receive my information?

There is a section on the FAFSA to list up to 6 colleges. The school code for Lipscomb is 003486. This is also where you would indicate your housing plans.

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What is an "EFC"?

It is the Expected Family Contribution amount. Basically, it is the financial result from filing the FAFSA. The Dept. of Education will put your financial information through its formula and will come up with your EFC. This does not mean you have to pay that amount to go to college. Your efc is a qualifier for federal and state need-based aid such as Pell grants, as well as institutional need-based funds that might be available.

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What does it mean if I am selected for "verification"?

The Dept. of Education selects some FAFSAs for a process called verification. This must be done at the school you plan to attend. You will need to complete required documents listed on the Verification page and on your myLipscomb account.  This process could change your EFC. No funds that you qualify for based on filing the FAFSA will pay into your account if you do not complete the verification process.

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If I am a first time freshman, how will I know what financial aid I am awarded?

Freshmen will receive an email (Lipscomb email account) from the Financial Aid Office telling them their award is ready to view on their myLipscomb account.  Remember to check your award periodically for adjustments.
 
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If I am a continuing student at Lipscomb, how will I know what I’m awarded?

You will be able to view your award on your myLipscomb account.  

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If I am considering transferring to Lipscomb, what should I do?

You should complete the admissions process and have all official transcripts from any previous colleges sent to Lipscomb. You should also add Lipscomb (003486) to your list of colleges on your FAFSA. You will receive an email (Lipscomb email account) from the Financial Aid Office telling you that your award is ready to view on your myLipscomb account.  Remember to check your award periodically for adjustments.  Please refer to the Transfer page for additional information.

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What is myLipscomb?

It is our web based system where you can select classes, view your bill, view and complete your financial aid award, and see your grades.

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If I have an academic scholarship, will it last as long as I am in school?

Academic scholarships can generally be used up to 126 attempted hours. You should look in the school catalog for details regarding this policy. Occasionally, direct cost rules may reduce the value of your academic scholarship.

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What are the requirements to keep my academic scholarship?

Freshmen will have their first two (full time) semesters to achieve a 3.0 or higher cumulative GPA. Thereafter, grades will be checked on a semester by semester basis to insure that you maintain a 3.0 (3.25 cumulative GPA for Trustees, National Merit Finalists and Semi-Finalists) or higher cumulative GPA. You must also take at least 12 hours in a semester. If you go on probation of any kind, you will lose your institutional funds.

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If I lose my academic scholarship, can I get it back?

Yes. Once you have regained a cumulative GPA of 3.0 or higher (3.25 cumulative GPA or higher for Trustees, National Merit Finalists and Semi-Finalists), you can request in writing that we reinstate your scholarship. A Request for Scholarship Reinstatement can be found on the Financial Aid website under "Lipscomb Scholarships."

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Is my FAFSA my application for a student loan?

No. You must access your myLipscomb account to accept your loan offers and complete other online documentation.

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Financial Aid probably won’t cover all of my balance. What other options do I have to pay my balance?

TouchNet offers a monthly payment plan that applies to the current school year. Parent PLUS loans are a good low interest option. There are also student alternative loans.

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 How many hours per semester must I take to be able to get a Stafford loan?

You must take at least 6 hours per semester. Your Stafford loan will not pay into your account until after the set disbursement date has passed and until you are enrolled in at least 6 hours total (this mainly affects term-based programs such as Adult Degree).

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What is a Parent PLUS loan?

It is a low interest loan available to parents of a dependent student. They are usually set up on a 10-year repayment plan. Some PLUS loans can be deferred. You must be credit approved by the Department of Education and then submit your loan application to the financial aid office in order for the loan to be processed.

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If I am awarded a federal Perkins loan, what do I need to do to accept the loan?

You must complete the Perkins Pre-Loan application as soon as you know that you want the loan. The Perkins funds are limited and typically run out before school begins. You will also be notified by e-mail to sign the Perkins loan MPN online with ECSI.  The loan will not pay to the student account if the MPN is not signed.

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If I am awarded a Federal Work Study job, can it count towards paying my balance?

No. Not everyone who is awarded a Federal Work Study wants to work. Also, you must be "official" with the business office before school starts and student jobs begin after the start of school.  If you accept a Federal Wortk Study job, you will receive a paycheck every two weeks for the hours you have worked. 

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How do I find a Federal Work Study Job?

You should check online with the Career Center. You might also check with the library, the dorms, admissions and other departments in which you might enjoy working.

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How can I find outside scholarships?

Go to financialaid.lipscomb.edu and select the Outside Scholarships page. These searches are FREE and we encourage you to never pay anyone to do this for you. When doing a search, you should try to limit the search as much as possible to narrow down how many students will qualify for each scholarship. You can search based on your area of study, location of your home, year in college, etc.

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 Can I get a refund if I am awarded more aid than I need to pay my charges?

It depends on what causes the credit. Pell grants are refundable to students who live on campus. As a general rule, refunds are not allowed if the credit is the result of a Lipscomb institutional award.  Moving off campus can create an adjustment to your award.  Actual refund requests are handled through the Business Office. 

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Can I purchase books on my student account?

If you have a credit on your account, caused by student loans then you can purchase books in the University Bookstore using your Lipscomb ID card.  These charges will be added to your Lipscomb account.  Any charges not covered by a credit on your student account, you will be responsible to pay directly to the school.  Questions regarding purchasing books on your student account should be directed to the University's Business Office.   

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I have questions about "Officially registered" and "Third party payments," where do I go?

For additional information, you may go to the Business Office link for more "frequently asked questions" such as "when must I be officially registered?" and "what if I have third party payments?". http://busoff.lipscomb.edu.

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I have additional questions, what is your e-mail address?

If you have a question that was not covered above, please feel free to contact us with your question. Our email address is financialaid@lipscomb.edu.

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