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20

Lake Region State College

as income, federal income tax paid,

household size, status as a dependent or

independent student and citizenship. As

part of this process, dependent students

may be asked to provide the Financial Aid

office with their and their parents’ Federal

Income Tax Return Transcript and, in some

cases, statements from Social Security

Administration, Veteran’s Administration or

other agencies to verify benefits the student

and/or the student’s family has received. A

verification worksheet will also be required.

If information on any of these documents

conflicts with the information reported on

the FAFSA, the student may be required to

provide additional information. Failure to

provide proof may result in the cancellation

of aid from all of the Title IV programs and

may also result in the cancellation of aid

from other sources.

Federal financial aid received because a

student reported incorrect information

will have to be repaid. Any person who

intentionally makes false statements or

misrepresentations on a federal financial aid

application is violating the law and is subject

to a fine or imprisonment or both under

provisions of the U.S. Criminal Code.

Types of Financial Assistance -

Lake

Region State College provides four types of

financial assistance:

Grants

Loans

Employment

Scholarships

Grants are gifts of money that do not

have to be repaid. Loans MUST be repaid.

Employment allows a student to earn money

to offset educational expenses. Scholarships

are gifts awarded to students on the basis

of academic achievement, need or other

criteria.

Non-Institutional Scholarships

- Many

students qualify each year for scholarships

offered by private and public agencies,

groups and organizations. Students are

encouraged to research other possible

scholarship sources with their high school

counselors, principals and librarians.

Federal Pell Grant -

This program is

available to undergraduate students with

need pursuing their first bachelor’s degree.

A student can recieve Federal Pell Grant for

no more than 12 full time semesters or the

equivalent of six years. The maximum Pell

frant for the 2015-2016 academic year is

$5775. These funds are prorated based on

enrollment status.

Federal Supplemental Educational

Opportunity Grant (FSEOG) -

These

funds, enables the college to award a limited

number of grants to undergraduate students

with exceptional need and gives priority to

students who receive Federal Pell Grants. An

FSEOG does not have to be repaid.

Iraq and Afghanistan Service Grant

This grant is for students who are not Pell-

eligible due only to having less financial

need than is required to receive Pell funds;

whose parents or guardian died as a result

of military service in Iraq or Afghanistan

after the events of 9/11; and who, at the

time of the parent’s or guardian’s death,

were less than 24 years old or were enrolled

at least part-time at an institution of higher

education.

Federal Work Study (FWS) -

Federal

Work Study is a form of federal aid based

on financial need and awarded to students

as a part of a total package. A FWS award

is only an indication of a student’s eligibility

to seek employment, it is not a guarantee

of employment. Wages are paid from a

combination of federal and campus funds.

Student employment helps minimize

students’ indebtedness. Work assignments

are designed to complement students’

learning experiences and allow the college

to utilize students’ special talents.