Financial Aid: Common Questions

The Financial Aid Office is available to answer any questions you need to ask regarding your specific financial aid situation. 

Yes! Our net price calculator estimates the cost of your education including tuition and fees, room and board, books and other related expenses based on your educational plans. The exact cost of attending Lipscomb can vary based on your degree program.

We recommend that everyone complete a FAFSA before their first year of school so that we can award the best financial aid package possible. The FAFSA takes many factors into consideration including household size, number in college, asset portfolio and more. The FAFSA is required in order to receive any federal aid, as well as most Lipscomb aid. 

No, you may only participate in one federal work-study job. However, you can work a second job on campus; these are known as "student worker" positions. Your work-study job hours are limited by federal law to a maximum of 15 hours per week. As a student worker, your hours are set by the department in which you work. Student worker positions are limited and can be found on myLipscomb.

Yes! 

Apply for Summer Aid

Tuition is the same for all full-time students, which is considered between 12 and 18 hours. If you drop a class and it results in you status changing to part-time, it may affect your tuition and financial aid. Feel free to get in touch with the financial aid office if this applies to you. 

If you choose to withdrawal from Lipscomb, you may have to return Title IV funds.
 

File the FAFSA online. If you haven’t already done so, you’ll need to create an FSAID. 

Lipscomb’s FAFSA school code is 003486.

Yes, you need to file the FAFSA each year in order to remain eligible for financial aid.

FAFSA guidelines say you should answer the parent section using information about the household in which have lived most for the 12 months before filing.

If you did not live with one parent more than the other, you should give answers about the parent who provided more financial support during the last 12 months, or the most recent year in which you actually received support from a parent.

The parent with whom you lived or provided more financial support during the last 12 months is identified as the custodial parent, and you will use his or her information on the FAFSA. If the custodial parent is remarried as of the date you are filing your FAFSA, answer the questions using information about your parent and your stepparent.

Verification is a process used to confirm the information you have provided on the FAFSA. Verification selection can either be random or because your FAFSA data was incomplete, estimated or inconsistent. The U.S. Department of Education selects students for the verification process but not all.

To determine if you have been selected by the Department of Education, you can review your Student Aid Report. If selected, the verification requirements will be listed on your myLipscomb Financial Aid Award page.

The verification process requires Lipscomb University to collect documents from you to confirm the information on your FAFSA. Along with the verification worksheet found in myLipscomb, you will need to provide the Financial Aid Office with all necessary documents and information indicated on the verification worksheet. 
 

October 1: Begin filing your FAFSA for the coming school year.

February 1: Last day your can submit your FAFSA and receive the HOPE Scholarship for spring.

30 days after the start of spring semester: Loan disbursement begins. In order for your Stafford Loan(s) to pay to your Lipscomb account, you must be enrolled in, and attending, six hours.

• Graduate students, your loans will not disburse until you are enrolled and attending your 6th hour of classes.
• If a credit is created on your account, the Business Office has up to 14 days after the loan pays to issue your refund.

March: Lipscomb begins awarding for the next school year.

April: Exit counseling sessions are available for students who are graduating or leaving school.

May 1: Enrollment deposit is due. This deposit saves your place in Lipscomb’s incoming class and covers the cost of your new student orientation. If you plan to attend Lipscomb in the fall, we must receive your enrollment deposit by May 1st. You can submit your deposit online.  

June 15: FAFSA verification deadline for priority processing.

September 1: Last day you can submit your FAFSA and receive the HOPE Scholarship for fall.

30 days after the start of fall semester: Fall loan disbursement begins. In order for your Stafford Loan(s) to pay to your Lipscomb account, you must be enrolled in, and attending, six hours.

Visit www.studentaid.gov to complete your Federal Direct Stafford Loan Entrance Counseling and the Master Promissory Note. Lipscomb will be notified once you have completed your Direct Loan MPN.

The interest rate for federal loans is subject to change yearly. 

Federal Loan Interest Rate

• Federal student loans go into repayment six months after you drop below half-time (six credit hours for undergraduate; may vary for graduate programs) or graduation.
• Private student loans vary by lender.
• Federal parent loans generally begin repayment 60 days after the final loan disbursement; however, parents may request a deferment (delay in payment) for up to four years. There is no grace period. Interest begins to accumulate at the time the first disbursement is made.

Private loans are an option for financing your college education that are separate from the standard forms of lending from federal and state governments, such as the Federal Direct loans and PLUS loans.

While federal student loans are not credit-qualifying loans but limit borrowing to specific amounts, private loans are credit-qualifying loans requiring a credit-worthy co-signer. Private loans allow you to borrow up to cost of attendance minus your other financial aid.

We strongly encourage you to borrow from the Federal Student Loan program before considering private loans.