Financial Aid

Frequently Asked Questions

Applying for financial aid doesn’t have to be difficult! Learn the ground rules by browsing these frequently asked questions.

Do I need parental information on the FASA?

My parents aren't helping me pay for college. Do I need parental information on the FAFSA?

Even if your parents don't contribute money toward your education, you are considered a dependent of your parents and need their information unless you can answer yes to any of these questions.

  • Were you born before January 1, 1988?
  • As of today, are you married? (Also answer “Yes” if you are separated but not divorced.)
  • At the beginning of the 2011-2012 school year, will you be working on a master’s or doctorate program (such as an MA, MBA, MD, JD, PhD, EdD, graduate certificate, etc?)
  • Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training?
  • Are you a veteran of the U.S. Armed Forces?
  • Do you have children who will receive more than half of their support from you between July 1, 2011 and June 30, 2012?
  • Do you have dependents (other than your children/spouse) who live with you and who receive more than half of their support from you, now and through June 30, 2012?
  • At any time since you turned age 13, were both your parents deceased, were you in foster care or were you a dependent or ward of the court?
  • As determined by a court in your state of legal residence, are you or were you an emancipated minor?
  • As determined by a court in your state of legal residence, are you or were you in legal guardianship?
  • At any time on or after July 1, 2010, did the director of an emergency shelter or transitional housing program funded by the U.S. Department of Housing and Urban Development determine that you were an unaccompanied youth who was homeless?
  • At any time on or after July 1, 2010, did the director or a runaway or homeless youth basic center or transitional living program determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless?
Is there any additional funding available to help with the costs?

I received my Award Letter and did not get enough money to pay my tuition and fee bill. Is there any additional funding available to help with the costs?

Yes, there are additional loans that can provide additional assistance for students.

  • The Federal Direct PLUS program is available for parents to borrow money. These loans are in the parent's name and payments typically start while the student is in school. Interest accrues while the student is in school, and rates are set by the government at 7.9%
  • There are also non-federal alternatives loans for the student to borrow. The student will typically need a co-signer. Interest accrues while the student is in school at a rate set by the Lender (usually prime + 0-6%). Payments are usually deferred until six months after the student graduates or drops below half time. For more information on non-federal alternatives loans, contact the Financial Aid Office.
What is your Federal School Code for the FAFSA

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

My parents own a farm. Does this have to be included under assets?
  • Do not include the value of a small business if your family owns and controls more than 50 percent of the business and the business has 100 or fewer full-time or full-time equivalent employees. For small business value, your family includes (1) persons directly related to you, such as a parent, sister or cousin, or (2) persons who are or were related to you by marriage, such as a spouse, stepparent or sister-in-law.
  • Do not include the value of a family farm that you (your spouse and/or your parents) live on and operate.
Do I include a stepparent's information on my FAFSA?

Yes. If the parent has remarried as of the date you complete the FAFSA, answer the questions on the form about that parent and the person whom your parent married.

What is the difference between a subsidized and unsubsidized Stafford Loan?

If you are eligible for and take out a subsidized Stafford loan, the federal government will pay the interest for you while you are in school and up to six months after you cease to be a student (at least half-time), at which time you will need to begin repaying the loan.

If you are eligible for and take out an unsubsidized Stafford loan, you are responsible for all the interest that accumulates. You will have the option of either paying the interest as it accumulates or capitalizing the interest (adding it to the principal balance). If you choose to pay the interest back as it accumulates you will pay less in interest overall. Like a subsidized loan, you will have to begin payment six months after you cease to be a student (at least half-time).

Do I need to fill out the FAFSA (Free Application for Federal Student Aid) every year?

Yes. You need to fill out either a FAFSA or a Renewal FAFSA for the academic year for which you would like to receive federal financial aid. After the first year you fill out the FAFSA, you should receive a Renewal FAFSA thereafter. Complete the FAFSA or Renewal FAFSA online at www.fafsa.ed.gov and use your PIN (student and parent) available at www.pin.ed.gov.

What is the difference between a priority date and a deadline?

Generally, a priority date refers to dates established for scholarships and the FAFSA. Students who meet these priority dates will receive first consideration for awards. Sending in an application after the priority date does not eliminate you from receiving an award. However, it does lessen your chances as many types of aid have limited funding. Yet, meeting the priority date does not guarantee you certain types of aid since other criteria are taken into consideration. To meet the FAFSA priority date, we recommend that you complete your taxes early so that you will have the necessary information to complete the application.

What does "chosen for verification" mean?

30% of FAFSA applications are chosen for verification by the FAFSA processor. It is a random selection and does not mean that you made an error on the initial FAFSA.

A letter and Verification Form will be sent from LATI to the student at the address listed on the FAFSA. The Verification Form and copies of the signed federal income tax forms need to be returned to LATI. Prompt return of these forms will speed up the awarding process.