Financial Aid FAQS

The starting point for students seeking aid is to complete the Free Application for Federal Student Aid (FAFSA). The FAFSA is the application used to determine eligibility for federal and state student grants, federal work study and federal loans. The U.S. Department of Education accepts applications for an upcoming academic year starting October 1 of the prior year. Learn more about the FAFSA here.

You should complete the FAFSA for each academic year they wish to be packaged with federal aid. Due to the Federal FAFSA Simplification project, the FAFSA Application for the 24-25 school year will be delayed.  It is currently expected to open December 2023.

The federal school code for Lipscomb is: 003486.

In order to be eligible for financial aid you must meet the following criteria:

• Be a U.S. citizen or eligible non-citizen in a degree or certificate program of study at least half-time (enrolled in six credit hours or more).
• Make satisfactory academic progress (A 2.0 cumulative GPA and completing at least 67% of all attempted credit hours).
• Not be in default on a federal student loan.
• Not owe a refund on any federal financial aid grant.
• Have a valid Social Security number.
• Be registered with Selective Service (if required).
• Enrollment status will be calculated based only on those courses that are required for, or that can be applied as an eligible elective credit toward, a student's degree or certificate program.

Undergraduate Students:

• Students must be enrolled in at least half-time status to be eligible for federal aid.
• Full-time: 12 credit hours (Fall/Spring)
• Half-time: 6 credit hours (Summer, non-travel)

Graduate Students:

• Students must be enrolled in at least half-time status to be eligible for federal funding.
• Full-time: 6 credit hours
• Half-time: 3 credit hours
• Please note that some scholarships awarded by your graduate program may be awarded based on the amount of credit hours that you are enrolled in, so please be sure to check with your program.

It's likely the Financial Aid Office is in the process of awarding aid for the upcoming semester and you should see it on your term bill shortly. You may also want to be sure you submitted the FAFSA for the correct academic year by visiting your account on the studentaid.gov website.

You will receive an automated email from Lipscomb’s Financial Aid Office notifying you that your award has been added. You may go into your student portal on my.Lipscomb.edu to review and accept the awards. Find helpful Instructions to View Financial Aid Offer letter here. 

You may do so through the student portal. Log into your student portal on my.Lipscomb.edu. Then follow these instructions.

Loans may not process for a variety of reasons such as a missing Master Promissory Note, incorrect Social Security number, misspelled name or incorrect date of birth preventing loan from matching, late application, wrong award year selected or credit check expired before the loan processed because the application was submitted too early (must be less than 6 months from process date). Refer to your application at studentaid.gov to check for incorrect information or call 1-800-4FEDAID.

Now that you have accepted your federal direct loans, you will need to complete two loan requirements that can be done on studentaid.gov.

• The Master Promissory Note (MPN) is a legal document which the borrower signs as a promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s). You may borrow additional Direct Loans on a single MPN for up to 10 years. The MPN must be signed by the borrower prior to the disbursement of any loan funds to the student's account. 
• If the borrower applies for the loan each year, then the borrower only has to complete the MPN once – the first year these funds are borrowed for you. The borrower, however, must re-apply for a new loan every year.

Entrance Counseling

• If you accept a federal direct loan, federal and institutional regulations require you to complete an entrance counseling tutorial to ensure that you understand the responsibilities and obligations you are assuming. You will learn important information about repayment, deferment, forbearance and cancellation. You can meet this requirement by completing the online entrance counseling tutorial at studentaid.gov. This is only required the first time you receive a federal direct loan. 

Find helpful instructions for completing entrance counseling and MPN here. 

Check on the studentaid.gov website to be sure you submitted the FAFSA for the correct academic year.

Confirm that your enrollment hours meet the minimum requirement to receive aid.

• Undergraduate students must be enrolled in 12+ hours to receive full aid; for those enrolled in less than 12 hours, aid is prorated: 6-8 hours (50%), 9-11 hours (75%). Students must be enrolled in a minimum of 6 credit hours to receive any aid.
• Summer term - select aid is prorated at 6+ hours.
• Graduating/Final Semester - you must complete Scholarship Special Request form to have scholarship prorated at 6+ hours.
• Graduate students must be enrolled in 3+ hours to receive full aid.

If you drop a class and fall below the minimum threshold for credit hours, your aid may be reduced or removed.

Confirm that you match eligibility for GPA and on/off campus housing requirements specific to your award.

If your FAFSA reflects a change in Expected Family Contribution (EFC), your aid may be reduced or removed.

This may occur because:

• You do not meet the enrollment requirement (6 credit hours).
• Your aid type is ineligible for summer usage (TS00, Community Vision, Heritage scholarship, Kairos Scholarship, Memorial Grants, NCSA Grants, Pathways, Phi Theta Kappa, Presidential Distinction, Scout Scholarship).

You may be flagged by FAFSA for C-Code or Verification. After filing your FAFSA, more information may be needed. Carefully read your Student Aid Report and follow instructions to make changes.  If you are selected for Federal Verification, you will be notified by the Lipscomb Financial Aid Office. (NOTE: Please see the “Paying Your Bill” section for other reasons holds may be placed on a student’s account.)

Send documentation (letter or email notification) to the Financial Aid Office. Once received, the scholarship can be added to your award. Please have the outside scholarship note your name and L# on checks and if not designated differently, the award will be evenly divided between Fall/Spring semesters.

Yes. You must raise your GPA to the minimum requirement (Academic Scholarship - 3.0; Bison Achievement Award - 2.0). Once your grades are submitted reflecting the increased GPA meets the threshold, submit the Scholarship Reinstatement Request form to the Financial Aid Office to be reviewed for consideration. This form can be emailed to financialaid [at] lipscomb.edu or dropped off at the Financial Aid Office on the first floor of Crisman.

Work study is a federal student aid program for college students with financial need that helps them get part-time jobs.

Federal work-study is paid by having an on campus job and earning a paycheck as work-study earnings.  These funds are not paid to your registration bill but paid to you directly and you may spend them on immediate living expenses while in school. 

Federal work-study is intended to help students pay for books, supplies and personal expenses during the academic year.

The offer has limited funding and is offered to students based on their need eligibility.

Income is counted as financial aid, and not as regular income, which increases a student’s eligibility for financial aid.

Yes, it is called Special Circumstances or Professional Judgment. It is used in situations like divorce and job loss, and thorough documentation is required. Go to this link to apply and fill out the form to be considered for a Special Circumstance. 

Email financialaid [at] lipscomb.edu with any questions you may have or visit lipscomb.edu/admissions/financial-aid.

If you have to take less than 12 hours in a semester or have accumulated more than 126 credit hours, you may complete a Scholarship Special Request form to appeal for scholarships to apply. Download and complete the Scholarship Special Request form.