A student and parent can take steps to make the process easier. Complete your Federal Tax returns prior to completing the FAFSA. Use the IRS Data Retrieval Tool. This tool allows students and parent to access the IRS tax return information needed to complete the Free Application for Federal Students. This information is generally available 2-3 week after taxes have been filed electronically.
January 1st -- To be considered for federal financial aid (grants, loans or work study) students must complete the FAFSA shortly after January 1st each year.
April 15th -- Priority funding for Supplemental Grant, Perkins Loan, Work-Study and the North Dakota State Incentive grant.
2 Weeks -- Allow at least 2 weeks for processing the electronic FAFSA
Students must be accepted for admission as a regular student seeking a degree to be eligible for federal financial assistance.
Students must apply for and be accepted for admission to Lake Region State College before financial aid can be disbursed.
Step 3: Check your Student Aid Report (SAR) for Accuracy
5 - 7 Days -- If you filed an electronic FAFSA, you will receive an email informing you that:
Step 4: Verification
If you are selected for verification, the Financial Aid Office at Lake Region State College will request:
- Copy of your IRS tax return transcirpt:
- Verification worksheet
- Independent Verification Worksheet
- Dependent Verification Worksheet
- Many students assume that because they are not living with their parents, are responsible for their own expenses, and are not claimed on their parents' income tax returns then they should qualify for financial aid programs as an independent student. However, Congress' definition of independence is not that simple. The Federal Government has established the guidelines that determine which students are considered independent for financial aid purposes and which are not. Read this document for an explanation of these guidelines and determine if you will be considered independent when applying for federal financial aid.
- You should read Lake Region State College's Verification Policy
Step 8: Financial Aid Disbursement
Financial Aid is disbursed during Tuition and Fee Payment that usually occurs during the 3rd week of class. Check the event calendar for specific dates. Financial aid disbursement is based on the student’s enrollment status as of the 10th calendar day of each semester. Students must be registered in all classed, in all sessions and terms for the semester before that date so financial aid eligibility can be accurately calculated. Students who register for classes after their financial aid has been disbursed are responsible for paying the tuition for that class. Credits dropped after financial aid has been disbursed but before the class begins will result in a recalculation in financial aid. The student may owe money back to the financial aid programs.
Most Financial Aid (grants, loans, scholarships, etc.) directly credits against the amount the student owes for direct costs such as tuition, fees, on-campus room and board, books, etc. Financial aid that exceeds the balance is “excess aid” and is disbursed to the student at the Business Office after direct costs are paid. Direct Loan funds received from the Department of Education or funds received from an alternative loan, via Electronic Funds Transfer, are credited directly to your college account. Student may direct deposit their excess financial aid directly into their bank account by completing the LRSC Direct Deposit Authorization Form .