Applying for Aid
We encourage all students to file their FAFSA and apply for financial aid. Doing so is the only way to know what aid you are eligible to receive. Applying for aid does not affect your chances of being admitted to Lipscomb since these are two separate application processes.
Please select your appropriate program below or take a look at the additional resources in this section.
Financial Aid: Undergraduates
Congratulations and welcome to the herd! You're one of the newest Bisons on campus we're excited you've chosen us. Now that you're heading our way, you will need to know more about financial aid. As an undergraduate, here are some steps to follow to apply.
First, remember that the application for financial aid is different than the application for admissions. Once you have been accepted for admission to Lipscomb University, apply for a parent and student FAFSA ID.(or you may have them from a previous year). Go to www.fsaid.ed.gov to apply for separate Parent and Student FAFSA ID.
- Fill out the free application for Federal Student Aid (FAFSA). The FAFSA is required for federal aid as well as most Lipscomb scholarships, and is completed online at fafsa.ed.gov. For more information, see the "Completing the FAFSA" subsection at the left.
- 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 expected payments to help you satisfy your account.
- Accept Terms and Conditions of Receiving Aid and Review Your Award.
- Log into your myLipscomb account using your username and password.
- Under the Launchpad section, select Student Homepage, then Financial Aid Awards..
- To view and accept your award, click the drop down bar to enter the aid year. You can then view the different options (General Information, Award Overview, Terms and Conditions, and Accept Award Offer.)
- Select the Terms and Conditions tab to accept the Terms and Conditions, and then click the Accept Award Offer tab to view your aid.
- 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 June 15 every year.
- Federal Work Study. Federal Work Study (FWS) is a federal program allowing qualified students to find a job on campus and have the government pay a portion of your salary. As a FWS recipient, you receive a pay check every two weeks for hours worked. This payment does not apply to your bill. In order to receive work study funds:
- You must be awarded Federal Work Study.
- Find a job on campus. You should contact the Career Development Center about on campus jobs.
- 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 your year in school, as long as you are enrolled during the fall and spring semesters. Remember, when you accept your award, you are accepting an amount for the entire year. The government charges a 1.073% origination fee when you take out your Federal Stafford Loans.
- The 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. In order to log in, the parent will need their social security number, date of birth, and FAFSA ID. Next, select “Request a PLUS Loan.” Complete the four, step approval process and then the credit decision should be displayed immediately. This application is available after May 1 each year.
- Parent PLUS Approval: A notice of approval will be sent to the Financial Aid Office within a week. If approved by the Department of Education, the parent needs to fill out the Parent PLUS Loan Request Form in order to specify exactly what loan amount they would like. Be aware, the Department of Education charges a 4.292% origination fee on the Parent PLUS Loan.
- Parent PLUS Denial: If denied, the student can receive additional Unsubsidized Stafford Loans in the amount 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 within 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 also 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 student's MyLipscomb account.
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 student's award.
- Fulfill Loan Requirements. Loan requirements can be completed by logging into www.studentloans.gov.
- 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).
- Federal Stafford Loans: If you are a first-time borrower or a first-time borrower at Lipscomb, you must complete…
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.
Make sure you attend one of our new student Advance sessions over the summer. You will learn about campus life, receive academic counseling, enroll in classes for the fall and begin to develop friendships with your classmates, all while getting a first-hand look at what it will be like to be a Bison!
Financial Aid: Graduates
Welcome to Lipscomb University! We are pleased that you have chosen us for your continuing education. We know your academic endeavors are your most important concern at this time, so we're here to ease your concerns about financing your studies. To help you as you work through the process, please follow the steps below to apply for financial aid. These steps are for all graduate programs, although pharmacy students should be aware that there are some additional steps they need to take for their financial aid.
- File the Free Application for Federal Student Aid (FAFSA) The FAFSA is required for federal aid, as well as most Lipscomb scholarships, and is completed online at fafsa.ed.gov. .
- Check to verify that your admission status is current with the university and that you have completed the registration process for your classes. Lipscomb University cannot review your FAFSA results or offer you Federal Stafford Loans without your acceptance into the university.
- Once you have been accepted into the university, you will receive a Lipscomb ID number and access to MyLipscomb.
- To register for classes and accept your offered Federal Stafford Loans, visit your myLipscomb account.
- Under the Launchpad section, select Resources, then Financial Aid.
- To view and accept your award, click My Award. You can then view the different options (General Information, Award Overview, Terms and Conditions, and Accept Award Offer.)
- Select the Accept Award Offer tab to view and accept your aid.
- You can only accept your award offer and amount one time. Any corrections to the requested amount must be submitted to the Financial Aid Office via email (email@example.com).
- Any loan amount specified will be equally divided between the fall and spring semesters. If you need loans for only one semester, you must submit your request to the Financial Aid Office via email (firstname.lastname@example.org).
- Your requested loans will appear as an “Expected Payment” on your student account until the funds are received by the school, which is usually within 30 days after the first day of class.
***Please note that you must be a "degree-seeking" graduate student to qualify for Federal Stafford Loans.
Please refer to the loans section of this website for more information about the Stafford Loans and aggregate limits. If you have any further questions, contact Deidra Cummings in the Financial Aid Office at email@example.com by phone at 615.966.6203.
Financial Aid: Pharmacy
For financial aid purposes, you are considered a professional student once you are accepted into the College of Pharmacy. This means that you will file as an independent student on your FAFSA, even if you are claimed as a dependent on your parent’s income taxes. You will not use any of your parents’ information when you file your FAFSA.
Completing the FAFSA?
- We recommend that the FAFSA be filed by April 1. If you do not have your tax return completed by then, go ahead and file the FAFSA. You can always amend your FAFSA once your return is complete.
- Complete your FAFSA by going to fafsa.gov and electronically submitting it.
- Be sure to have your tax information from the most recent tax year and your driver’s license.
- If you have filed a FAFSA before, you will need your FSA ID.
- If you have not filed a FAFSA before, go to www.fsaid.ed.gov to request an ID.
- Lipscomb University's school code is 003486 (to be used in step six on the FAFSA)
Please be sure to answer the following questions on the FAFSA as shown.
How to Answer FAFSA Question 28:
When you begin the 2014-2015 school year, what will be your grade level?
- 1st year graduate/professional (for P1)
- Continuing graduate/professional or beyond (for P2, P3 & P4)
How to Answer FAFSA Question 29:
When you begin the 2014-2015 school year, what degree or certificate will you be working on?
- graduate /professional
How to Answer FAFSA Question 48:
At the beginning of the 2014-2015 school year, will you be working on a master’s or doctorate program (such as an MA, MBA, MD, JD, PhD, EdD, or graduate certificate etc.)?
Types of Financial Aid Available to Pharmacy Students
Federal Stafford Loan
- Maximum of $33,000 in Unsubsidized Stafford Loans per academic year as a PharmD student
- Having a Federal Unsubsidized Stafford Loan means that interest accrues while you are in school.
- 5.41% interest rate
- Payments begin six months after graduation or leaving school
- Eligibility is determined by FAFSA.
- 1.073% origination fee at time of disbursement
Grad Plus Loan
- 6.41 % interest rate (4.292% fee at time of disbursement)
- Can be deferred while in school
- FAFSA is required.
- Non-need based loan, based on credit. Can use a co-signer.
- Must use all of Stafford before Grad Plus is applied to account
- Tennessee Educational Lottery Scholarship (HOPE)
- Either $3,500 or $4000 per year (can be up to $5500)
- Tennessee residents only
- If you have not been awarded a degree
- If you were awarded the HOPE as an undergraduate
- GPA requirements: 3.0 after 72, 96 and 120 hours.
- Maintain continuous enrollment
- Eligible to receive for five years from the original date of receiving the award as a freshman