Important Things to Know
Our FAFSA Priority Date is April 1st for 2020-2021. Even though you could complete the 2020-2021 FAFSA as of October 1, 2019, we do not start processing that FAFSA information until late February. At that time, we will start sending out any follow-up letters requesting additional information, if needed. We will start awarding new incoming student files beginning April 1st. The initial group of new incoming students should all be awarded by June 1st. You should receive an award letter from us during that April-June time frame. Please note that the Lake Area Tech Foundation Scholarship deadline for 2020-2021 is April 15th.
1098-T Tax Information for 2019
By January 31, 2020, the Lake Area Tech Business Office will mail a 1098-T form to you if you paid Tuition & Fees during 2019. You will also be able to view this information on your Student Portal under Student/My Finances/1098-T Info starting January 31, 2020.
Contact the Financial Aid Office
To contact the Lake Area Tech Financial Aid Office, please call 605-882-5284 or toll-free 800-657-4344. You can also email our office at FinancialAid@lakeareatech.edu.
Ext. 255 – Marlene Seeklander
Ext. 254 – Carrie Jordanger
Ext. 301 – Julie Forman
Ext. 274 – Lisa McPeek
Lake Area Tech Financial Aid Information
This page contains information on:
- Applying for Financial Aid
- Verification Policy
- Types of Financial Aid Available
- How to Apply for Direct Loan/ Direct PLUS Loan
- Private Education Loans
- Part-Time Jobs
- Other Agency Sources
- Other Important Information
Applying for Financial Aid
Did you know that the FAFSA went mobile? If you want to see some of the cool features of the myStudentAid mobile app, click here to view the video!
Lake Area Technical Institute Federal School Code for the FAFSA is 005309
Lake Area Tech does not award your financial aid file until you have been accepted for admission. Please make sure the Admissions Office has all of the required paperwork and that you have taken any required admission tests.
– If you are enrolling for spring 2020 and want to apply for federal financial aid, please make sure you complete the 2019-2020 FAFSA. The 2020-2021 FAFSA is also available and will cover the academic year starting in fall 2020. Since both FAFSA applications are available, get them both done and have a head start on getting your financial aid in place for next fall!
Lake Area Tech will verify ALL FAFSA applications selected by the FAFSA processor. We also reserve the right to institutionally select a student for verification if not previously selected by the FAFSA processor. Verification documents will be requested of the student upon receipt of the FAFSA and after admission to the student’s program of choice. Documents must be received and verification performed before any disbursement of financial aid will be made. If corrections are required, Lake Area Tech will make the applicable updates to your FAFSA.
Any documents received after 120 days after the last date of enrollment (or date published by the Department of Education, whichever is earlier) will not be processed.
If you request any changes or corrections to your aid record after aid has already been disbursed to you, the U. S. Department of Education could select your record for verification. In this event, you will be asked to provide various documents to verify the accuracy of your aid record according to the following deadlines:
- Federal Pell Grant: If you have already received Pell Grant funds prior to being selected for verification, you must provide requested documents by the date published by the Department of Education or no later than your last date of attendance for the academic year, whichever is earlier. Subsequent disbursements of Pell Grant funds will be withheld until verification is completed.
- Perkins Loan, Stafford Loan, Supplemental Educational Opportunity Grant (SEOG) and Work Study: The requested verification documents must be received within 60 days of the first notification that documents are needed. Subsequent disbursements of Perkins Loan, Stafford Loan and SEOG funds will be withheld. You will also be asked to suspend Federal Work Study employment pending the completion of verification.
If verification reveals that your aid eligibility has changed, it may be necessary to repay aid already disbursed to you. Failure to repay aid funds for which you have been determined ineligible will make you ineligible for further Federal Student Aid (whether grants, loans or work-study) at any institution until the aid is repaid in full. Your account will also be referred to the U.S. Department of Education to record your ineligibility for further Federal Student Aid.
Types of Financial Aid Available
The FAFSA determines eligibility for the following federal programs (click below for more info):
How to Apply for Direct Loan and Direct PLUS Loan
Once you have been awarded and have returned an award letter accepting a Federal Direct Loan, you will need to complete these additional steps before we can request your loan funds.
- This link will take you to studentloans.gov
- Once there: Sign in using your FSA ID.
- You will be required to complete a Master Promissory Note and Entrance Counseling for Undergraduate students.
- The student must complete the Entrance Counseling and MPN. If another individual completes it for you, it is not valid!
Parent: If you would like to apply for a Federal PLUS Loan please follow these steps.
- This link will take you to studentloans.gov
- Sign in using your (parent) FSA ID.
- Select “Complete PLUS Request Process”.
- If credit is approved, you can complete a “PLUS Loan Application” and “Master Promissory Note” by clicking on “Sign Master Promissory Note.”
- If you are denied the PLUS during the preapproval process, you will be notified. The student is then eligible for an additional unsubsidized Direct loan up to $4,000. You can also reapply with an endorser or appeal the denial.
- Additional paperwork will be sent to you from our office.
Private Education Loans
Private education loans are offered by several lenders through their own private loan programs. Students should exhaust all federal financial aid options before applying for a private education loan. If you decide to borrow a private education loan, you must select your private education loan lender. The Financial Aid Office cannot select one for you or make recommendations.
Please carefully review all options available to you so that you can make an informed decision. Click here to learn more about the private education loan lenders we work with and that our students have used in the past few years. You can also apply for a private education loan through this link. If you still have questions or need more information, please contact the Financial Aid Office.
Private education loan borrowers are required to fill out a Self-Certification of Private Loans. Most lenders will provide this to you. Click here for the Self-Certification of Private Loans document.
- Due to “truth in lending” regulations, processing time will take from 20-30 days from application approval by lender to disbursement.
- Loans are disbursed by semester, unless otherwise requested.
- Be prepared! Start planning early so that you have your funds available when school starts, if that is when you need them.
- Apply on-line, if possible.
If you are interested in a part-time job that is not based on eligibility for Federal Work Study, please visit the South Dakota Department of Labor and Regulation Office, located in Student Services on the Lake Area Tech campus.
Other Agency Sources
Lake Area Tech also works with the following agencies and programs to assist in providing funding for our students:
Tax Information for Students and Parents
The Department of Education has reviewed anecdotal information and data from the IRS that leads them to believe many students and their families do not take advantage of tax credits such as the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Tax Credit.
You can review this information here.
Are you going into a program that requires Tools and you need some ideas for funding options?