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. Also, upon Transferring Out or at Graduation, whichever ever comes first, please also conduct an Exit Counseling Survey both at the website: www.studentloans.gov. A Personal Identification Number (FSAID#) 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.
Private Collegiate Loans for Local and International Students:
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, for students who do not qualify under the FAFSA process in which local and 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 or a student may view the websites at: www.salliemae.com, www.wellsfargo.com, www.discoverstudentloans.com or any other lending institution of your choice.
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