About Lipscomb
- What is a FAFSA?
- When should I file a FAFSA?
- I have heard that I need a pin number. How do I get one?
- How does Lipscomb University receive my information?
- What is an "efc"?
- What does it mean if I am selected for "verification"?
- If I am a first time freshman, how will I know what financial aid I am awarded?
- If I am a continuing student at Lipscomb, how will I know what I'm awarded?
- If I am considering transferring to Lipscomb, what should I do?
- What is myLipscomb?
- If I have an academic scholarship, will it last as long as I am in school?
- What are the requirements to keep my academic scholarship?
- If I lose my academic scholarship, can I get it back?
- Is my FAFSA my Application for a student loan?
- Financial Aid probably won't cover all of my balance. What other options do I have to pay my balance?
- How many hours per semester must I take to be able to get a Stafford loan?
- What is a Parent PLUS loan?
- If I am awarded a federal Perkins loan, what do I need to do to accept the loan?
- If I am awarded a Federal Work Study job, can it count towards paying my balance?
- How do I find a Federal Work Study Job?
- How can I find outside scholarships?
- Can I get a refund if I am awarded more aid than I need to pay my charges?
- Can I get a book voucher?
- I have questions about "Officially registered" and "Third party payments," where do I go?
- I have additional questions, what is your e-mail address?
What is a FAFSA?
It is the Free Application for Federal Student Aid. It is easy to do as long as you read the instructions thoroughly. Remember, it is FREE to submit a FAFSA.
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When should I file a FAFSA?
During your senior year in high school after January 1. We recommend that you file it before March 1 to be eligible for the most financial aid. You will need your taxes to fill out the FAFSA.
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I have heard that I need a pin number. How do I get one?
Both parent and student need to apply for separate pin numbers. You do not have to wait until January to apply. You can apply anytime. You will use the pin numbers to sign your FAFSA on the web. It is also how you will be able to access your information on the secure site. You should each go to www.pin.ed.gov to apply for your pin numbers. You will receive them in an e-mail. You will need to keep these numbers because you will use the same numbers from year to year.
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How does Lipscomb University receive my information?
There is a section on the FAFSA to list up to 6 colleges. The school code for Lipscomb is 003486. This is also where you would indicate your housing plans.
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What is an "efc"?
It is the Expected Family Contribution amount. Basically, it is the financial result from filing the FAFSA. The Dept. of Education will put your financial information through its formula and will come up with your efc. This does not mean you have to pay that amount to go to college. Your efc is a qualifier for federal and state need-based aid such as Pell grants, as well as institutional need-based funds that might be available.
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What does it mean if I am selected for "verification"?
The Dept. of Education selects some FAFSAs for a process called verification. This must be done at the school you plan to attend. You will need to fill out a verification worksheet, an ABC worksheet and submit copies of parent and student W2s and signed copies of parent and student taxes. The FAFSA will have to match the information on your taxes and W2s. This process could change your efc. No funds that you qualify for based on filing the FAFSA will pay into your account if you do not complete the verification process.
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If I am a first time freshman, how will I know what financial aid I am awarded?
Freshmen will receive a letter and a packet by e-mail. You should follow the instructions included in the packet.
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If I am a continuing student at Lipscomb, how will I know what I’m awarded?
You will be able to view your award and print out any loan applications from myLipscomb. Look for the "Apply for a Loan" link.
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If I am considering transferring to Lipscomb, what should I do?
You should complete the admissions process and have all official transcripts from any previous colleges sent to Lipscomb. You should also add Lipscomb (003486) to your list of colleges on your FAFSA. You will get an award letter as soon as we have your information. You must have a cumulative GPA of 3.0 or higher to qualify for an academic scholarship. If your transcripts are not all in at the time your financial award is completed, your award could change once all the transcripts arrive.
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What is myLipscomb?
It is our web based system where you can select classes, view your bill, view your financial aid award, print any loan papers from Important Documents and see your grades. You will receive a pin number from your advisor to access your information.
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If I have an academic scholarship, will it last as long as I am in school?
Academic scholarships can generally be used up to 132 hours. You should look in the school catalog for details regarding this policy. Occasionally, direct cost rules may reduce the value of your academic scholarship.
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What are the requirements to keep my academic scholarship?
Freshmen will have their first two full time semesters to achieve a 3.0 or higher cumulative GPA. Thereafter, grades will be checked on a semester by semester basis to insure that you maintain a 3.0 or higher cumulative GPA. You must also take at least 12 hours in a semester. If you go on probation of any kind, you will lose your institutional funds.
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If I lose my academic scholarship, can I get it back?
Yes. Once you have gotten your cumulative GPA back to 3.0 or higher, you can request in writing that we reinstate your scholarship. A Request for Scholarship Reinstatement can be found on the Financial Aid website under "Lipscomb Scholarships."
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Is my FAFSA my application for a student loan?
No. You must fill out additional paperwork for Stafford Loans and any other loans in order for them to be processed and certified by our office.
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Financial Aid probably won’t cover all of my balance. What other options do I have to pay my balance?
TMS (Tuition Management Systems) is a monthly payment plan that applies to the current school year. Parent PLUS loans are a good low interest option. There are also student alternative loans.
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How many hours per semester must I take to be able to get a Stafford loan?
You must take at least 6 hours per semester. Your Stafford loan will not pay into your account until after the set disbursement date has passed and until you are enrolled in at least 6 hours total (this mainly affects term-based programs such as Adult Studies.).
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What is a Parent PLUS loan?
It is a low interest loan available to parents of a dependent student. They are usually set up on a 10-year payment plan. Some PLUS loans can be deferred. You must call the lender to be "pre-approved" and then submit your loan application to the financial aid office in order for the loan to be processed.
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If I am awarded a federal Perkins loan, what do I need to do to accept the loan?
You must complete the Perkins Pre-Loan application as soon as you know that you want the loan. The Perkins funds are limited and typically run out before school begins. You will also be notified by e-mail to sign the Perkins loan MPN online with ECSI. The loan will not pay to the student account if the MPN is not signed.
If I am awarded a Federal Work Study job, can it count towards paying my balance?
No. Not everyone who is awarded a Federal Work Study wants to work. Also, you must be "official" with the business office before school starts and student jobs begin after the start of school.
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How do I find a Federal Work Study Job?
You should check online with the Career Center. You might also check with the library, the dorms, admissions and other departments in which you might enjoy working.
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How can I find outside scholarships?
Go to www.lipscomb.edu and go to offices/financial aid. You will find a link to "scholarships" that will take you to several outside scholarship searches. These searches are FREE and we encourage you to never pay anyone to do this for you. When doing a search, you should try to limit the search as much as possible to narrow down how many students will qualify for each scholarship. You can search based on your area of study, location of your home, year in college, etc.
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Can I get a refund if I am awarded more aid than I need to pay my charges?
It depends on what causes the credit. Pell grants are refundable to students who live on campus. As a general rule, refunds are not allowed if the credit is the result of a Lipscomb institutional award.
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Can I get a book voucher?
If you have an approved credit on your account, the business office will be glad to give you a book voucher.
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I have questions about "Officially registered" and "Third party payments," where do I go?
For additional information, you may go to the Business Office link for more "frequently asked questions" such as "when must I be officially registered?" and "what if I have third party payments?". http://busoff.lipscomb.edu.
I have additional questions, what is your e-mail address?
If you have a question that was not covered above, please feel free to contact us with your question. Our email address is financialaid@lipscomb.edu.
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