FREQUENTLY ASKED FINANCIAL AID QUESTIONS
1. What financial assistance do you offer?
Federal Pell Grant, Florida Student Assistance Grant, Florida Bright Futures Scholarships, Adult and Vocational Student Financial Aid, school and community scholarships, and payment plans are available for eligible Lake Tech students. The financial assistance available at Lake Tech is based on the student’s unmet financial need as determined by Free Application Federal Student Aid.
2. When should I apply for Financial Aid?
It is recommended that your financial aid application be completed a minimum of one month prior to the anticipated start date of class.
3. How do I apply for Financial Aid?
You will complete the Free Application for Federal Student Aid (FAFSA) form using your most recent tax return transcript and W-2’s and/or your untaxed income (unemployment, child support, etc.). Complete the FAFSA form online at http://www.fafsa.ed.gov.
4. What is the Lake Technical College code for the FAFSA form?
Lake Technical College’s school code is 013000.
5. How long does the FAFSA application process take?
Normally the online FAFSA application is initially processed by the Federal Government within a week. Eligibility information is returned to the applicant as well as sent to the school listed on the FAFSA application. If the application is flagged for verification, additional documentation will be required to complete the application process.
6. The Financial Aid Office says I was selected for a process called “verification.” What does that mean?
The Federal Government has selected you to verify or provide documentation about the information you submitted on your FAFSA application. You must submit your your most recent income tax return transcript and W-2’s and/or untaxed income (unemployment, child support, etc.), and parents’ and/or spouse’s income tax return transcript and W-2’s, if applicable. An alternative to obtaining IRS tax transcripts that can simplify the verification process is using the IRS Data Retrieval Tool to import your taxes directly to your FAFSA application. Please keep in mind that other documentation may be required to complete your financial aid file.
7. What if my Student Aid Report (SAR) is incorrect?
We recommend that you bring your SAR into the Financial Aid Office for us to review and assist you with making any necessary corrections.
8. I live on my own. Do I need my parent’s information?
If you are under 24 years old, regardless of whether or not you live with your parents, your parents must complete the parent’s income information on the FAFSA form with their most recent tax return transcript and W-2’s and/or untaxed income (unemployment, child support, etc.). You and your parent’s signatures are required for processing.
Regardless of your age, however, if you are married, are a ward of the court, have been in the military, or have children for whom you provide 50% or more support, you can use your own income information on the FAFSA form with your most recent tax return transcript and W-2’s and/or untaxed income (unemployment, child support, etc.).
9. I am a Veteran. How do I receive my entitlement for my education?
To receive VA benefits, you must provide a certified copy of your DD214, your government-issued photo, a copy of VA Form 22-1990 or 22-1995 (for veterans) OR a copy of VA Form 22-5490 or 22-5495 (for dependents) and your VA Certificate of Eligibility. Then complete the necessary forms in the Financial Aid Office. Once enrolled in a State Approving Agency approved program, Lake Tech’s VA Certifying Official will certify your enrollment after the drop/add period. It will take the Department of Veterans’ Affairs four to eight weeks to activate benefits.
10. Do I qualify for the Pell Grant if I owe federal funds or are in default of a student loan?
No, you cannot qualify for a Pell Grant if you owe federal funds or if you are in default of a student loan. You must resolve your debt before receiving additional Pell funds.
11. If I qualify for financial aid, how do I get information about my financial aid award?
Once you qualify for financial aid and apply for enrollment at Lake Tech, you will be given a Financial Aid award letter that outlines the annual award for which you qualify and the disbursement amounts. Confidential information about your Pell award will only be given to you in person in the Financial Aid Office.
12. What do I need to do to maintain my financial aid award?
As a student receiving a Pell Grant, you must be continuously making satisfactory academic progress to maintain financial aid. A Satisfactory Academic Progress (SAP) Report will be completed by your instructor at the end of each payment period. The specific requirements for SAP will be given to you with your financial aid award letter.
13. How will my tuition and fees be paid, and what happens to the money that exceeds my tuition and fees?
Your tuition and fees are calculated based on program hours and costs. Once you enroll in the program and begin attending class, your financial aid award will be applied to your tuition and fees based on your attendance. Any remaining award money after tuition and fees will be disbursed to you at regularly scheduled disbursement times. If your award amount does not cover the cost of tuition and fees, you will be responsible for paying the difference.
14. Are there any consequences to my financial aid if I withdraw from the program?
Yes! Please talk to the Financial Aid staff before you withdraw from the program to determine if you are in any jeopardy of owing money back to the Federal Government or to the school.
15. What if I do not qualify for any financial aid assistance?
Talk to the Financial Aid staff about possible in-house scholarships for students who have an established unmet need. You can also meet with a counselor to discuss the Payment Plan option.
16. Does Lake Technical College accept scholarships?
If you have been awarded a scholarship from a business or community agency, you will need to bring the scholarship letter to the Business Office.