Student Federal Financial Aid
Lincoln University participates in the William D. Ford Direct Loan and the Pell Grant programs. The federal student financial aid program is directed to assist parents and students who cannot otherwise meet their educational expenses. In determining eligibility for available financial student aid, the U.S. Department of Education requires each student to complete a Free Application for Federal Student Aid (FAFSA) online at: www.fafsa.ed.gov and to list Lincoln University (institution number: 00697500) as the preferred college. This process also includes the completion of an electronic Master Promissory Note (E-MPN) as well as an Entrance Counseling Survey at the website: www.studentloans.gov. A Personal Identification Number (PIN#) is essential in the completion of the FAFSA and should be obtained as a first step at: www.pin.ed.gov. FAFSA Customer Service Representative contact info is: 1-800-433-3243.
Title IV of the Higher Education Act of 1965, as amended in 1998 (Title IV, HEA program), has established general rules that apply to student financial aid recipients and educational institutions administering the financial assistance program. The federal formula takes into consideration several factors including: (1) Student and Parent Income – Effective Family Contribution (EFC), (2) Family Size, (3) Assets (both Parent/Student), and (4) Number of family members in institutions of higher education, not including parents.
IRS Data Retrieval Tool and Request for Transcript of Tax Return “IRS Form 4506-T”
The U.S. Department of Education (ED) has determined under new regulations that it is no longer sufficient to provide a photocopy of the federal income tax return. Instead, the ED requires students/applicants to provide a copy directly from the Internal Revenue Service (IRS) to prevent fraud. All students/applicants who have already filed their federal income tax return are required to prefill the answers related to the federal income tax on the electronic FAFSA by using the IRS Data Retrieval Tool. Students/applicants also have the option of requesting/ordering a copy of “Request for Transcript of Tax Return” by completing IRS Form 4506-T. The request may be made by contacting: 1-800-908-9941 or online at: www.irs.gov and under the Tools click on “Order a Return or Account Transcript,” and follow the instructions from that point on.
The Title IV funds do not cover any required educational expense needs for international students nor the students in the Doctor of Business Administration (DBA) program. However, there is the availability of private loans funds from U.S. lending and banking institutions, which international students and DBA students can apply for. These private banking loans or collegiate student loans must include a U.S. citizen as co-signer or guarantor of the loan application. Further information may be obtained from Lincoln University Financial Aid Office.
Every eligible student must reapply for federal financial aid between January 1, 2015 and June 30, 2016 for the 2015-2016 year. This entails completing online a new FAFSA and in some cases, if there is a pending expiration date, a renewed Master Promissory Note. The excellent Federal Student Aid website: www.studentaid.ed.gov gives info on (1) Types of Aid, (2) Who gets Aid, (3) Estimate your Aid, and (4) Repay your Loan.
To meet the requirements of Federal Title IV programs and state grants, students must now comply with a set of: (1) Quantitative, (2) Qualitative, and (3) Time Frame academic measurement standards. These are defined by satisfactory academic progress policy (SAP) for student financial aid recipients.
The Quantitative Measurement requires that all students complete successfully (earn credit hours) at least two-thirds (2/3) of attempted credit hours and meet the standards of satisfactory academic progress described in the chart on the appropriate page of the University catalog. The ratio of earned credit hours is calculated by dividing the number of earned semester credit hours by the attempted number of credit hours in the semester.
The Qualitative Measurement requires students to maintain the minimum acceptable level of academic achievement outlined in the University catalog.
The Time Frame Measurement (Maximum Credit Hours) limits a student to be eligible to receive student financial aid for any attempted credit units in his/her program of study so long as it does not exceed 150% of the published length of the academic educational program of study. For example, a student enrolled in a 122-unit degree program may receive financial aid for a maximum of 183 attempted units, and a student enrolled in an 86-unit certificate program may receive the aid for a maximum of 129 attempted units.
The Pell Grant Lifetime Eligibility Used (LEU)
The new Federal Pell Grant regulations now limit the amount of Pell Grant that any student can receive in a lifetime to 600% or the equivalent of six years. For example; an award year is a period from July 1 of one calendar year to June 30 of the next calendar year. ED tracks the student LEU by adding the percentages of the Pell Grant scheduled awards each student receives for each award year. If a student receives in a year $2,775 of a $5,550 scheduled award the student would have received a 50% LEU, or likewise $3,750 of a $5,000 scheduled award the student percent used would be 75% and a receipt of $4,000 of a $4,000 scheduled award the percent used would be calculated at 100% for that year until the student reaches a combined total of 600% Lifetime Eligibility Used. A student may log on the National Student Loan Data System (NSLDS) using the assigned Federal Student Aid PIN and view the LEU at: www.nslds.ed.gov. In addition, students may also check the status of their borrowed loan account balances and payment history, again using the 4-digit pin number, twenty-four (24) hours a day on the website noted at: www.myedaccount.com. Moreover, any student that wishes to participate in the federal direct loan consolidation program may do so by contacting: www.loanconsolidation.ed.gov.
The 150% Direct Subsidized Loan Limit
As part of the Moving Ahead for Progress in the 21st Century Act (MAP-21) (Public Law 112-141) the U.S. Department of Education (ED) has added a new provision to the Direct Loan statutory requirement that limits a first-time borrower’s eligibility for Direct Subsidized Loan to a period not to exceed 150% of the length of the borrower’s educational program. The 150% Limit is reached when the Remaining Eligibility Period equals zero or less as calculated by ED. All first-time borrowers on or after July 1, 2013 are subject to this new provision. A first-time borrower is defined as any student that did not have an outstanding balance of principal and interest on a Direct Loan (or on an older FFEL Program Loan) as of July 1, 2013. This provision would also include students who may have previously paid off their outstanding student loans. The borrower’s educational program is defined as the eligible program that the student is enrolled in, and for which the student is applying for a Direct Subsidized Loan. The Department of Education will calculate the first-time borrower’s maximum eligibility period, as well as the student’s subsidized usage period. The significant of this information is to determine if the borrower has any remaining eligibility period for Direct Subsidized Loans, and if so, how much. In addition, ED will determine whether a borrower loses interest subsidy on the Direct Subsidized Loans as a result of the 150% limit. The “Subsidized Usage Limit Applies (SULA)” field has been added the electronic functionality. All schools are required to ensure that an updated entrance counseling survey is completed by each student affected by this new provision at the website: www.studentloans.gov.
Student Loan Repayment Commencement Period
The Loan Servicers and Lender will provide each student recipient/borrower with a loan repayment schedule that states the first payment due date, the number and frequency of payments, and the amount of each payment. There are some loans which have a “grace period” to give the student time to begin payments on the loan. Direct Loans have a (6) six-month grace period before payments are due. The Plus Loans have no grace period. It is recommended for a thorough review and understanding of the student repayment loan period that each student visit the website at: www.studentaid.ed.gov, which provides a comprehensive overview.
Financial Aid Probation Period
If a student fails to meet the standards of satisfactory academic progress, he/she may be placed on Financial Aid Probation for a period of no longer than one year while still participating in the federal financial aid program. The probationary period begins the next semester of enrollment. A letter informing the student of the probationary status and the need to meet the standards to maintain financial aid eligibility will be issued.
Financial Aid Termination
If a student fails to meet the standards of satisfactory academic progress at the end of the one-year probationary period or at the beginning of the second academic year, a dismissal letter from the financial aid program will be issued to the student. The termination status will include a letter informing the student of the Reinstatement and Appeal Process.
Academic Reinstatement Policy and Academic Appeal
At the time when the student meets the minimum satisfactory academic progress requirements, the student financial aid eligibility will be automatically reinstated. Each student may appeal in writing the probation or termination status based on mitigating circumstances to the appropriate academic officers in the Dean’s and President’s offices, respectively. A review of the circumstances will be conducted by the Chief Academic Officer and a hearing committee will be convened to hear, advise, counsel, and resolve the discrepancies in accordance with the grievance procedure.
Return of Title IV Funds
When a student withdraws from Lincoln University, the Financial Aid Office must calculate the amount of financial aid that is earned by the student prior to withdrawing. If there is any excess aid received, it is considered unearned. The unearned financial aid must be returned to the appropriate programs. The calculation of the earned financial aid is done on a daily basis beginning with the first day of class. The earned aid is determined by calculating the number of days attended before withdrawing, divided by the total number of days in the semester, excluding breaks. In accordance with Federal Regulations, a student who does not come (no-show case) in all enrolled classes will be treated as an Unofficial Withdrawal and 50% of their aid will be returned as required by law. Students who received grades or symbols of Failure (F), No Credit (NC), No Basis for Grade (Y), or Incomplete (I) have "earned" their financial aid. Unless they have unofficially withdrawn, the University will not make adjustments to their financial aid.
School Return Portion
Lincoln University is required to return a portion of the unearned aid based upon a percentage of the institutional charges for the term. After the return portion is determined, it is compared to the total amount of all unearned aid. If the school portion is less than the total unearned aid, then the University must return the amount of the school portion. If the calculated school portion exceeds the total unearned aid, the University must return the amount of the total unearned aid.
* NET PRICE CALCULATOR
* EXPENSE DIARY AND BUDGET(.pdf)
* EXPENSE DIARY AND BUDGET (.xls)
* DIRECT LOAN INFO
* FINANCE YOUR EDUCATION WITH CAMPUSDOOR
* FINANCE YOUR EDUCATION WITH WELLS FARGO BANK
* FINANCE YOUR EDUCATION WITH KEYBANK STUDENT LOANS
* FINANCE YOUR EDUCATION WITH SALLIE MAE