Financial Aid

Financial Aid jeff Tue, 10/10/2017 - 15:40

Financial assistance at Lakeview College of Nursing is available in the form of scholarships, grants, and loans. In-depth information and counseling may be obtained from the Financial Aid Office located on the second floor, room 202, of the Danville Campus Building. Office hours are 8 am to 4 pm Monday through Friday.

Using Financial Aid to Pay for Classes

Students whose financial aid paperwork has been received and processed by the Financial Aid Department will be notified of awarded gift aid and Federal Direct loan processing instructions via their LCN student email. Students with a credit balance due to their processed financial aid will receive a book voucher via their LCN student email to be used at the Follett Bookstore at Danville Area Community College (Danville students) or the Eastern Illinois University Union Bookstore (Charleston students). Voucher usage has a limited time frame noted on the form.

Financial aid is always subject to change without prior notice if changes occur in your enrollment status, class attendance, personal circumstances, or in Federal or State deadlines. You are responsible for all college bills not covered by your financial aid. All charges that you incur during a semester that are not covered by financial aid must be paid before you will be able to register for the next semester. If you have questions of any kind relating to paying your college costs with your financial aid, please contact our office for a prompt response.

Important Notice/Deadlines

Federal Deadline: We encourage you to complete the Free Application for Federal Student Aid (FAFSA) as early as possible each award year. The new Award Year application is available October 1.

State deadlines: The State of Illinois sets a deadline for the Monetary Award Program each award year. We encourage all students to complete the FAFSA as early as possible each award year.

Institutional Deadlines:

Scholarships – The deadlines for LCN scholarships are June 1 for fall semester, November 1 for spring semester and March 1 for summer semester.
Stafford Loan Processing – The last date you can request a Stafford loan for a semester is no later than the mid-term date of each semester.
Verification Deadlines – The Student Aid file must be completed, verified as accurate (and corrected if applicable) no later than the last date of the semester for which student aid is to be applied.

How to Apply for Financial Aid

To be awarded Federal and/or Illinois State student financial aid to attend Lakeview, you will need to be accepted and enrolled as a degree seeking student at LCN, have a completed and verified Student Aid Report and meet any other criteria designated by the student aid program(s).

Complete the Federal student aid application called the Free Application for Federal Student Aid (FAFSA) via the Internet at www.fafsa.ed.gov. Lakeview's school code is #010501.

Students admitted for the Spring semester must add Lakeview's school code to the Student Aid Report via the Internet. You should contact the LCN Financial Aid Office to discuss what awards may be available and the amounts since eligibility for some programs can change from one college to another. It is very important to cancel any pending aid at the school you are transferring from so LCN can proceed with your aid.

The result of the FAFSA is the Student Aid Report (SAR). You will have the opportunity to print and/or review your SAR via the Internet site. We receive an electronic version of this report. The SAR will be used to determine which programs you qualify for and how much aid you will receive. The LCN financial aid office will let you know what additional documents you may need to submit to the office to complete the verification process.

If you are male and required to be registered for Selective Service, you must be registered with Selective Service to receive student financial aid. If you wish to register electronically visit the Selective Service website at www.sss.gov.

A student must be enrolled in the minimum number of hours required by the financial aid program.

Financial Need

Student aid will only be awarded based on LCN credit hours. When packaging awards no “concurrent” enrollment with another school will be considered. Most federal and state financial aid is awarded on the basis of demonstrated financial need. The formula used to determine who has need and who does not is:

Student Budget - Expected Family Contribution = Financial Need
Student Budget is the cost of attending college (tuition, fees, transportation, books, supplies, etc.). Expected Family Contribution is taken from the student's Student Aid Report (SAR).
Financial Need is the maximum dollar amount of aid from the various sources for which the student is eligible.

You will not necessarily receive financial assistance up to the maximum dollar amount for which you may be eligible and your total aid "package" may not meet your Cost of Attendance.

The various sources of aid have maximum award amounts and may be further affected by limitations in the availability of funds. Loans may be available if grant aid is insufficient. Please inquire at the financial aid office if you need additional funding.

Verification

Lakeview College of Nursing’s Financial Aid Office performs verification on all students applying for financial aid and verifies all elements of the FAFSA data. You and your family will be requested to provide the documentation concerning the information required on the FAFSA. Your financial aid file will not be completed and student financial aid (that you may qualify for) will not be awarded until all verification is complete. Any instances of conflicting, erroneous or omitted information may require a correction to your FAFSA data. Once corrections are processed and returned you will be updated to any changes in eligibility. It is important that you reply to all requests for verification documentation. Verification must be completed and corrections made (if applicable) before the end of the semester for which you are applying for student aid funds or all "potential" funds will be canceled.

Note: The verification process is not related in any way to the due date of the student’s semester billing. In order to apply student aid funding towards direct educational costs the verification process must be completed and determined accurate and student eligibility determined prior to the billing due date. It is the student’s responsibility to pay their bill by the billing due date to avoid being dropped from classes due to nonpayment.

Independent/Dependent Status

Applicants answers to certain questions will determine whether they are considered on the Free Application for Federal Student Aid (FAFSA) to be "dependent" (still part of a parent's family unit) or whether they are "independent" (have formed their own family unit). Students are classified according to family unit because federal student aid programs are based on the idea that students, and their parents or spouses (if applicable), have the primary responsibility for paying for their post-secondary education. To be considered "independent," at least one of the following must apply to the student:

turns 24 before January 1 of the academic year for which aid is sought
is a veteran of the U.S. Armed Forces
is an orphan or ward of the court until age 18
is married/has children (for whom they provide over 50% of support)
meets and documents any other status questions on FAFSA as a "Yes"

For students who meet Independent Status due to answering "Yes" to one or more of the FAFSA questions documentation may be requested. If you have questions of any kind relating to your eligibility for financial aid please telephone or e-mail our office for a prompt response.