2017-2019 College Catalog-complete1 - page 20

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Lake Region State College
fafsa.ed.gov and request the IRS data be
retrieved and included on the FAFSA. You
may be asked to verify information such as
income, federal income tax paid, household
size, status as a dependent or independent
student, citizenship, etc. If you have been
selected for verification, Lake Region State
College will send a request for required
documentation through the mail. The list of
required documents is also available in the
To Do list on Campus Connection.
If information conflicts with the information
reported on the student’s FAFSA, the student
may be required to provide additional
information. Failure to provide required
documentation may result in cancellation of
aid from all Title IV programs. The Financial
Aid Office will make corrections to the
information. Lake Region State College will
notify the student of any changes to their
award by sending a revised award letter or
updating their Campus Connection Students
are asked to provide verification documents
in a timely manner (15 days) to avoid delay
in financial aid.
Federal financial aid received because the
student reported incorrect information is
called an overpayment and will need to
be repaid. LRSC works with the student to
reconcile an overpayment by returning the
funds on the student behalf. If the student
fails to make payment the overpayment is
reported to the Department of Education.
Verification documents and forms are
available on the LRSC website at
edu, click on Paying for College, Financial
Aid Forms and select the correct academic
year.
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
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