Financial Aid Consumer Information | IMPORTANT CONSUMER INFORMATION/TERMS AND CONDITIONS
The Office of Financial Aid is committed to the fair and equitable delivery of financial assistance to all eligible applicants. Lake Erie College is required by federal law to conduct verification of selected students' financial aid. To ensure that the application information used to determine financial assistance eligibility is complete and accurate, student records may be selected for further review at any time during a period of enrollment to determine the reliability of the information. If requested, the required documents and information must be provided or aid may be denied.
RIGHTS AND RESPONSIBILITIES
As a recipient of federal student aid, you have rights you should exercise and responsibilities you must meet. Knowledge of these rights and responsibilities will put you in a better position to make decisions about your educational goals. You have the right to know:
What financial aid programs are available
Deadlines for submitting applications for aid
How your financial aid will be distributed
How your financial need was determined
How much of your need has been met
The College's refund policy
What portion of your aid package is "gift aid" and what must be repaid
If the aid is a loan, you have the right to know the interest rate, repayment amount and procedures, length of time to repay and when repayment begins
How the college determines if you are making satisfactory academic progress, and what happens when you are not
You have the right to accept, decline or seek adjustment to your financial aid award(s)
That information you give to the Office of Financial Aid will be treated confidentially
You may contact the Office of Financial Aid if you believe that special conditions exist affecting your financial need that warrants an adjustment to your financial aid package. If you experience a change in family circumstances, such as loss of employment, death, separation or divorce, or extremely high medical expenses that affect your ability to pay your educational costs, an appeal may be appropriate.
It is your responsibility to:
Apply for financial aid every year
Complete the FAFSA application form accurately and submit it on time
Provide correct information. Information found to be knowingly falsified may be referred to the U.S. Department of Education, Office of Inspector General
Provide all additional documentation requested by the Office of Financial Aid
Read all forms you sign
Keep copies of all your financial aid records
Register with the Selective Service System (if required)
Complete the required entrance and exit loan information
Repay all loans in accordance with the terms of your promissory notes
Notify your lender if any of the following occurs before your loan is repaid: change of name, change of address, graduation, withdrawal or less than half-time attendance or transfer to another institution
Use your LEC email to receive information about your financial aid
Notify the Office of Financial Aid if you:
Change your name
Change your residency/housing plan
Change your marital status
Change your major
Change your graduate/undergraduate status
Notify the Registrar if you change your address/phone number
The following links contain information to explain the financial aid process:
FINANCIAL AID POLICIES AFFECTING YOUR ELIGIBILITY
If you owe money from a prior over-award of federal funds, you must repay it. You are not eligible for financial aid if you owe federal funds to any institution. You are not eligible for financial aid if you are in default on any federal loans from any institution. You must complete all required promissory notes. Degree Status Policy
You must be admitted to and enrolled in a degree or certificate program to receive financial aid. External Award Policy
You must notify the Office of Financial Aid if you receive any outside scholarships or grants, private loans and other tuition assistance. If an over-award is created by an outside gift, the Office of Financial Aid may make adjustments to your award package as necessary. Unless otherwise specified by the donor organization, all external awards will be divided equally to cover the entire academic year.
Satisfactory Academic Progress (SAP) Policy
Federal regulations require that schools monitor the academic progress of each applicant for federal financial assistance and that the school certify the applicant is making satisfactory academic progress (SAP) toward earning his or her degree. To be eligible to receive financial aid from federal, state and institutional sources at Lake Erie College, students must make SAP in their degree or certificate programs. The measure of SAP is threefold: GPA, maximum time-frame and completion rate. Students who fail to meet the SAP requirements become ineligible to receive financial aid until these requirements are met.
The Office of Financial Aid; evaluates SAP after the completion of each semester or term. All terms of enrollment, including summer, must be considered in the determination of SAP including periods in which the student did not receive federal student aid funds.
Students academically dismissed from their academic programs will be recognized as failing to meet SAP standards.
The terms described in this SAP policy are for financial aid purposes only and are separate from academic probation policies for academic standing with the College.
Change in Enrollment Policy
Financial aid awards are based on your enrollment status per semester which is defined as follows:
Full-time undergraduate: 12 credit hours Half-time undergraduate: 6 credit hours Full-time graduate: 6 credit hours Half-time graduate: 3 credit hours
Students must be enrolled at least half-time in order to receive financial aid. Reduction in credit hours may result in loss of aid; you are advised to consult with the Office of Financial Aid before changing your enrollment status.
If you withdraw or drop below half-time enrollment during the refund period, a corresponding proration of financial aid eligibility must be made, possibly resulting in the return of funds to one or more financial aid programs. If your enrollment status changes after the disbursement of financial aid awards, you may be required to repay the College in order to reimburse the financial aid programs. Refunds are subject to the approval of the Director of Financial Aid and the Bursar.
Return of Federal Financial Aid Policy
Any student receiving Title IV Funds at Lake Erie College will be subject to the following policy regarding return of those funds if they withdraw from all classes: The amount of Title IV aid earned is the percentage of the semester completed. This is calculated by dividing the number of days the student attended classes by the number of days in the semester. This is measured in calendar days including weekends and holidays, excluding breaks of more than 5 days. Any student who withdraws on or before the 60% point in the semester will have to return or repay unearned Title IV funds. A student who withdraws after the 60% point of the semester is considered to have earned 100% of the aid received and will not have to return funds to the Title IV programs. A student's withdrawal date is determined by Lake Erie College to be:
The date the student began the withdrawal process (as previously outlined in this catalogue) or notified the College of the intent to withdraw
The midpoint of the semester if the student fails to officially notify the College of the withdrawal
The student's last date of attendance at a documented academically related activity
Funds will be returned to the programs in the order specified by federal guidelines. A repayment to the Title IV programs may be required from the student when cash has been disbursed to the student from financial aid funds in excess of the amount of aid earned during the term. If the student owes a repayment to the programs, loan funds are returned within the terms of the promissory note. Grant funds owed by the student will be returned at 50% of the amount owed. If less aid for which the student was eligible was disbursed than was earned, the student may receive a post-withdrawal disbursement for the difference. The Office of Financial Aid will notify the student within 30 days of notification of withdrawal that these funds are available. The student must request these late disbursements in writing to the Office of Financial Aid. Institutional and state aid refunds will be calculated according to the Lake Erie College refund policy as posted in the official Schedule of Classes each semester.
FINANCIAL AID AND YOUR STUDENT ACCOUNT
Federal and state grants, loans, college grants and most institutional scholarships will appear on your bill as a credit. Federal Direct loans and PLUS loans will be posted to your student account when the funds are received by the College. Guarantee and origination fees of up to 4% will be deducted from the awarded loan amounts. If your financial aid awards are not sufficient to cover your bill, you must pay the remaining balance by the due dates as follows:
Summer semester: May 1 Fall Semester: August 1 Spring Semester: December 1