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 FAFSA?
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:
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 of dependent students 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 7.0%
- There are also non-federal private/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 private/alternative loans, contact the Financial Aid Office.
What is your Federal School Code for the FAFSA?
Lake Area Technical College 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.
How do I know which parent(s) information to use on my FAFSA?
Sometimes the hardest part about completing the FAFSA is figuring out which parent(s) information to use, especially if your parents have divorced and possibly remarried.
Your biological and/or adoptive parents are considered your legal parents. Grandparents, foster parents, legal guardians, older brothers or sisters, and aunts and uncles are not considered parents unless they have legally adopted you.
Use the table below to determine whose information to provide on the FAFSA based on your parents’ marital status.
|Parents’ Marital Status:||Provide Information for:|
|Never Married||The parent that you lived with most during the last 12 months. If you did not live with one parent more than the other, provide information about the parent who provided more financial support during the last 12 months, or during the most recent year that you actually received support from a parent.|
|Unmarried and both parents living together||Both of your parents|
|Married||Both of your parents|
|Remarried (after being widowed or divorced)||Parent and Stepparent|
|Divorced or Separated||The parent that you lived with most during the last 12 months. If you did not live with one parent more than the other, provide information about the parent who provided more financial support during the last 12 months, or during the most recent year that you actually received support from a parent.|
For additional clarification, please contact the Financial Aid Office and we can help you determine the correct information to use.
What is the difference between a Federal Direct Subsidized and Unsubsidized Loan?
If you are eligible for and take out a subsidized loan, the federal government will pay the interest for you while you are in school.
If you are eligible for and take out an unsubsidized loan, you are responsible for all the interest that accrues. You will have the option of either paying the interest as it accrues 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. You will begin repayment 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 Reminder E-Mail Notification from Federal Student Aid. Complete the FAFSA or Renewal FAFSA online at www.studentaid.gov and use your FSAID (student and parent) available at fsaid.ed.gov.
What is Lake Area Tech’s FAFSA priority date?
Our priority date for completing the FAFSA is April 1.
The Lake Area Tech Foundation Scholarship application has a March 31 deadline date.
What does “selected for verification“ mean?
Verification is not an audit! If you are selected, it doesn’t necessarily mean you did something wrong. The Federal Processor selects about 30% of applicants for verification, which requires the school to obtain documentation to verify the accuracy of the FAFSA information.
HINT – If you and your parents are eligible to use the IRS Data Retrieval Tool feature of the FAFSA, use it! This will automatically populate tax information directly from the IRS into your FAFSA.