Financial Aid Information

Lake Area Technical Institute Federal School Code for the FAFSA is 005309

App Express Online

Applying for Financial Aid

As soon as you (and your parents if dependent) have completed your tax return(s) for the most recent year, a Free Application for Federal Student Aid (FAFSA) should be completed. We encourage you to complete the FAFSA online at www.fafsa.ed.gov. You'll want to complete the FAFSA on the Web Worksheet first. If you do not have computer access, you can complete the paper FAFSA and mail it to the Central Processing System (CPS). You can obtain a paper FAFSA by contacting the Federal Student Aid Information Center at 1-800-433-3243.

Approximately three weeks after mailing the FAFSA, or about 10 days after submitting it electronically, the CPS will send you a Student Aid Report (SAR). It is used to determine your eligibility for need-based financial aid: Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (SEOG), Federal Work Study, Federal Perkins Loan, and Federal Stafford Loan.

When you receive your Student Aid Report, you should check it for accuracy. If any information is incorrect, please contact the Financial Aid Office.

Upon acceptance to LATI, the Financial Aid Office will send you an award letter indicating the amount of financial aid for which you qualify. If you are a first-time recipient of a Title IV federal student loan, you must complete an entrance counseling session before you can receive any proceeds from the loan. Financial aid will be disbursed during the first day of classes for each semester.

To contact the Financial Aid Office at LATI, please call (605) 882-5284 or toll-free (800) 657-4344.
ext. 255 for Marlene Seeklander
ext. 254 for Carrie Jordanger

TYPES OF Financial Aid Available

The Federal Supplemental Educational Opportunity Grant (SEOG) is also a program funded by the federal government. Students who receive Pell Grants are given priority for receiving this grant. Funding for this program is limited. Please apply early. Applicants typically receive $250 a semester or $500 for the year.

The Academic Competitiveness Grant (ACG) is awarded to students that have completed a rigorous high school curriculum and are eligible for a Pell Grant. Eligible students may receive $750 as a first-year student and $1,300 as a second-year student.

Off-campus employment opportunities are also available. See the South Dakota Career Center on LATI's campus for listings.

Loans

The Federal Perkins Loan is a campus-based loan that is federally funded with eligibility determined by the Financial Aid Office. You must have exceptional need to qualify for this loan. Repayment begins nine months after you graduate or if you drop below half time enrollment status.

To complete entrance counseling for your Perkins Loans please visit Perkins Loan Entrance Counseling.

The Federal Stafford Loan is a low-interest loan that allows students to borrow up to $3,500 for their first year and $4,500 for their second year. This loan is either subsidized or unsubsidized. If the loan is subsidized, the interest does not accrue until six months after you graduate or drop below half time. If the loan is unsubsidized, interest is charged from the time the loan is disbursed. Independent students may be eligible for an additional $4,000 a year in unsubsidized Stafford loans. Your award letter will indicate the type of loan for which you qualify.

The Federal Parent Loan (PLUS) is a loan which provides an opportunity for parents of dependent students to borrow funds for their student’s educational costs. The Financial Aid Office certifies the eligibility, but the money is borrowed from a bank, credit union, or other participating lender. Loan amounts may not exceed educational costs minus other financial aid.

Alternative Loans are offered by many lenders through their own private loan programs. To learn more about the alternative loan lenders we work with, and/or to apply for an alternative loan, click here. You can also contact the Financial Aid Office for more information.

Other Off-Campus Agency and Financial Aid Sources

Bureau of Indian Affairs (BIA)—If you qualify for BIA funds, you should start by contacting your local BIA Agency. Paperwork completed early will ensure timely arrival of your funding.

Vocational Rehabilitation—Financial aid is available for mentally or physically disabled persons. Contact your local Vocational Rehabilitation office.

Veterans—Students enrolled at Lake Area Tech are eligible to apply for Veterans' Benefits. To apply for benefits, contact a Veterans' Service Officer or the Financial Aid Office at Lake Area Tech.

National Guard Benefits—Members of the National Guard may qualify for 50% tuition assistance and monthly stipends under the Chapter 1606 or 1607 program. Contact your commanding officer for more information.

Workforce Investment Act (WIA)—This is a program funded by the South Dakota Department of Labor. Economically disadvantaged students may qualify for grants in certain educational programs. Contact the South Dakota Career Center in your area.

Student Consumer Information

• The student financial assistance programs available to students who enroll at Lake Area Tech.
• The methods by which such assistance is distributed among student recipients who enroll at Lake Area Tech.
• Any means, including forms, by which application for student financial assistance is made and requirements for accurately preparing such application.
• The rights and responsibilities of students who receive financial assistance.
• The cost of attending Lake Area Tech.
• The tuition refund policy.
• Persons to contact who are designated by the institution to assist students in obtaining financial aid information.
• Special facilities and services available to handicapped students.
• Names of associations, agencies, or government bodies which accredit, approve, or license the school and its programs.
• The document describing the school's accreditation, approval, or licensing.
• The standards which the student must maintain in order to be considered to be making satisfactory progress.
• Lake Area Tech's completion and job placement rates.
• The method and dates of financial aid disbursement.
• The terms and conditions of employment for students awarded Federal Work Study.
• The terms of and schedules for repayment of student loans and deferral of loan repayment for volunteer service.
• Information regarding drug and alcohol abuse prevention.
• Graduation or completion rates for programs.

Satisfactory Academic Progress

Requirements
Students must show satisfactory academic progress to remain enrolled and to continue receiving financial aid.
Certain students funded by outside agencies (e.g. Veterans Affairs, BIA, etc.) will have their attendance monitored to ensure compliance with that agency’s funding regulations.

Refund Policy

Refunds of tuition and fees will be made in accordance with the U.S. Department of Education Return of Title IV Funds policy. Further information and examples of the refund policy are available by contacting the Financial Aid Office at LATI.

Financial Aid Links
Stafford Loan App Express | PLUS Loan App Express | F.A.Q. Section | FAFSA
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