Financial Aid FAQs

Applying for Financial Aid

Forms and Information Required by the Financial Aid Office

Paying for College

What is the Federal school code for Lakeshore College?

The Federal school code for Lakeshore is 009194.
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I probably don't qualify for financial aid. Should I apply anyway?

Yes. Many families mistakenly think they don't qualify for financial aid and fail to apply. There are some sources of aid, such as unsubsidized Stafford and PLUS loans, that are available regardless of financial need.
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Does it cost anything to apply for financial aid?

No. Filling out the Free Application for Federal Student Aid (FAFSA) is free of charge at studentaid.gov.
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Do I need to be accepted into a program before I can apply for financial aid?

No. You can apply for financial aid prior to being accepted into a program; however, Lakeshore will not process a financial aid application until you have been accepted into a financial aid eligible program by the Admissions Department.
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How do I apply for grants and other financial aid?

Complete an application at studentaid.gov. Watch this video to see how easy it is to complete the FAFSA in just 7 steps!
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I received an outside scholarship. Should I report it to the Financial Aid Office?

Yes. If you are receiving any kind of outside resources, you must report them to the Financial Aid Office.
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My parents did not claim me on their tax return. Am I required to provide their income and asset information on the FAFSA?

If you answered "yes" to any of the questions under Section 2 of the FAFSA, you are not required to provide parental information. If you answered "no" to all of the questions under Section 2 of the FAFSA, you must complete the parent section as well as the student section.
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Am I an independent student?

An independent student must meet one of the following criteria: Turn 24 by December of the school year; is married; is currently on active duty in the U.S. Armed Forces for purposes other than training; is a veteran of the U.S. Armed Forces; have children or dependents that receive more than one half of their support from you; is an orphan or ward of the court; was in foster care after the age of 13; is an emancipated minor; is a minor in legal guardianship; or has been verified as an unaccompanied youth who are homeless children or youth or are at risk of homelessness.
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My parents are separated or divorced. Which parent is responsible for filling out the FAFSA?

If your parents are separated or divorced, the custodial parent is responsible for filling out the FAFSA. The custodial parent is the parent with whom you lived the most during the past twelve (12) months. Note that this is not necessarily the same as the parent who has legal custody. If you did not live with one parent more than the other, the parent who provided you with the most financial support should fill out the FAFSA. If you have not received any support from either parent during the past twelve (12) months, use the most recent calendar year for which you did receive some support from a parent or lived with either parent to determine which parent should fill out the FAFSA.
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My parents are divorced, and the parent I'm living with has remarried. Does my step-parent have to report his or her income and assets on the FAFSA?

Yes, provided that the parent you are living with is the one filling out the FAFSA. If your step-parent is married to your parent at the time you fill out the FAFSA, their income and assets must be reported even if they weren't married to your parent the previous year.
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Should I mail copies of my tax forms to the Financial Aid Office?

No, do not mail any tax information to our office unless you receive a written or verbal request from us to do so.
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What does "selected for verification" mean?

Verification is the process of checking the accuracy of the information you provided when applying for federal student aid from the Department of Education. In the verification process, the Financial Aid Office compares information reported on the FAFSA application with your federal tax returns and other requested documentation. A student can be selected for verification in one of three ways: (1) through a random process established by the Department of Education (30% of applicants are routinely selected for verification); (2) by the Department of Education if there appears to be inconsistent or conflicting information reported on the FAFSA; or (3) by the school if there appears to be inconsistent or conflicting information reported on the FAFSA.
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What is a SAR and what do I do with it?

SAR is short for "Student Aid Report". It is sent to you from the Department of Education after you complete your FAFSA application. It will identify problems you may have with your application. It is important to make sure the information on the SAR is accurate. If you included Lakeshore on your application, we will also receive a copy of your student aid report electronically. The SAR will list your "Expected Family Contribution" (EFC) as determined by the Federal Government.
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EFC is determined by the Department of Education based on the information provided by the student on the FAFSA.

The student and/or the student's family are not required to contribute this amount directly to the college. The Financial Aid Office will use this number to determine your eligibility for financial aid.
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What is cost of attendance?

Cost of attendance (COA), also referred to as your financial aid budget, is a statewide estimate of what it will cost you to live and attend school for the terms you are enrolled in for the school year in Wisconsin. The COA is not what you will be required to pay the college. Included in the COA are costs for tuition and fees, books and supplies, room and board, personal items and transportation. The COA is also based on your enrollment status and whether or not you live with your parent(s).
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Do I need to notify the Financial Aid Office after I register for classes to let them know my enrollment status?

No.  The Financial Aid Office will be notified of your enrollment status.  Your Cost of Attendance as well as types and amounts of financial aid will be adjusted accordingly.
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How is financial need determined?

Federal student aid programs are based on the principle that students (and their parent or spouse, if applicable) are considered the primary source of financial support for postsecondary education. Financial aid is intended to supplement, not replace family resources.
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The formula for determining financial need is:

Cost of Attendance (COA) - Expected Family Contribution (EFC) = Financial Need

  • COA: Every college must estimate the educational expenses a student will incur during an academic year. These expenses include direct costs (tuition and fees) and related educational expenses (living, transportation, books, and other miscellaneous expenses).
  • EFC: Determined from the information you listed on the FAFSA, it measures your family's financial strength to determine your eligibility for federal student aid.
  • FINANCIAL NEED: This is the difference between the COA and EFC. If there is a remaining amount, you are considered to have financial need. If there is no remaining amount after your EFC has been subtracted from the COA, you may still be eligible for a Federal Unsubsidized Stafford Loan.
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Do I have to fill out a new FAFSA every year?

Yes.  The FAFSA is available October 1 for the academic year beginning in June the following year.  For example, the FAFSA for summer 2021, fall 2021 and spring 2022 became available October 1, 2020.
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Am I eligible for the same awards every year?

No. An award may increase or decrease from year to year. Various factors such as student and parent's incomes, number of family members in school, COA, etc., can all affect the amount of an award from year to year.
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What will happen if I don't repay my student loans?

If you do not repay your loan according to the terms disclosed on your promissory note, you risk going into default on the loan. Default will affect your credit rating and may limit your ability to borrow for a car, home, or other purposes. You may be required to pay the entire amount of the loan, including interest immediately. Your wages may be withheld to pay your debt after the loan goes into claim status. You will be unable to get additional federal or state financial aid, including student loans. Your federal and state tax refunds may be withheld.
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Do grants have to be paid back?

Usually grants do not have to be repaid. But, there are certain situations in which grants are required to be repaid. View the Federal Funds Return Policy for more information.
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How much financial aid will I get?

The only way to determine the types and amounts of financial aid for which you are eligible is to fill out the FAFSA.  Once we receive your application and all other requirements (as listed on your Tasks tile in MyLTC), we will review your enrollment and eligibility.  Once financial aid types and amounts are available, you will be notified via email.
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Do I pick up my check at the Cashier's Office?

No.  All financial aid refunds (balance after payment of any tuition and fees owed to Lakeshore) are sent via paper check (or direct deposit, if you have elected to use eRefunds).  It is your responsibility to keep your address (and direct deposit) information current.
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When will I get my financial aid?

The answer to this question varies for each type of funding and each student's specific situation, however, there is an order in which financial aid is distributed, or disbursed. View information on the disbursement of Financial Aid.
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Are there any other options if I can't afford to pay for school when I register and I don't qualify to have my fees and tuition deferred?

Yes. You may sign up for the Payment Plan. View more details on the Payment Plan.
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What are some common mistakes when completing a FAFSA application?

The FAFSA is a quick and easy way to qualify for loans that can help fund your college education. Avoiding these 11 Common FAFSA Mistakes will prevent any delays or problems associated with your FAFSA and determining your Financial Aid award.
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What do I need to complete an application?

  • Your Social Security Number
  • Your Alien Registration Number (if you are not a U.S. citizen)
  • Last year’s federal income tax returns. W-2s, and other records of money earned. (Note: You may be able to transfer your federal tax return information into your FAFSA using the IRS Data Retrieval Tool.)
  • Bank statements and records of investments (if applicable)
  • Records of untaxed income (if applicable)
  • A Federal Student Aid ID (FSA ID) to sign electronically. (If you do not already have one, visit https://fsaid.ed.gov/npas/index.htm to obtain one.)

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Where can I find even more information about the FAFSA application?

You can view even more FAFSA FAQs for additional information.
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I have heard there is a way to pull in my tax information from the IRS. How do I do this?

The IRS Data Retrieval Tool (IRS DRT) allows eligible parents and students to automatically transfer their tax information from the IRS website during the FAFSA application. All students that are eligible for using this tool are highly encouraged to use it.
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