Financial aid

Financial Aid

Important Things to Know

Our FAFSA Priority Date is April 1st for 2018-2019. Even though you could complete the 2018-2019 FAFSA as of October 1, 2017, 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 LATI Foundation Scholarship deadline for 2018-2019 is March 31st.

1098-T Tax Information for 2017

By January 31, 2018, the LATI Business Office will mail a 1098-T form to you if you paid Tuition & Fees during 2017. You will also be able to view this information on your Student Portal under Student/My Finances/1098-T Info starting January 31, 2018.

Contact the Financial Aid Office

To contact the LATI 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 – Nancy Gilbertson

LATI 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 Alternative Loans
  • Part-Time Jobs
  • Other Agency Sources
  • Other Important Information

See also Frequently Asked Questions about Financial Aid

Applying for Financial Aid

To apply for federal financial aid, you must complete the Free Application for Federal Student Aid (FAFSA). Click here to access the FAFSA or go to www.fafsa.gov.

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

LATI 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.

New Students for Spring 2018 – If you are enrolling for spring 2018 and want to apply for federal financial aid, please make sure you complete the 2017-2018 FAFSA. The 2018-2019 FAFSA is also available and will cover the academic year starting in fall 2018. 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!

Verification Policy

2017-2018

LATI 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, LATI 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):

Federal Pell Grant

Federal Supplemental Educational Opportunity Grant (SEOG)

Federal Work Study

Federal Direct Loan (Subsidized and Unsubsidized)

Federal PLUS Loan

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.

Students:

  1. This link will take you to studentloans.gov
  2. Once there: Sign in using your FSA ID.
  3. You will be required to complete a Master Promissory Note and Entrance Counseling for Undergraduate students.
  4. 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.

  1. This link will take you to studentloans.gov
  2. Sign in using your (parent) FSA ID.
  3. Select “Complete PLUS Request Process”.
  4. If credit is approved, you can complete a “PLUS Loan Application” and “Master Promissory Note” by clicking on “Sign Master Promissory Note.”
  5. 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.
  6. Additional paperwork will be sent to you from our office.

Private Alternative Loans

Private alternative 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 alternative loan. If you decide to borrow a private alternative loan, you must select your private alternative 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 alternative loan lenders we work with and that our students have used in the past few years. You can also apply for a private alternative loan through this link. If you still have questions or need more information, please contact the Financial Aid Office.

Private alternative 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.

Helpful Hints

  • 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.

Part-Time Jobs

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 LATI campus.

http://www.sdjobs.org/

Other Agency Sources

LATI also works with the following agencies and programs to assist in providing funding for our students:

Tribal Funding
Vocational Rehabilitation
Veterans’ Benefits
National Guard Tuition Assistance
Workforce Innovation and Opportunity Act (WIOA)

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.

Tool Programs

Are you going into a program that requires Tools and you need some ideas for funding options?

Student Consumer Disclosure Information

Student Consumer Disclosure Information