Financial Aid

Financial assistance at Lakeview College of Nursing is available through scholarships, grants, and loans. For additional information and counseling, visit the Financial Aid Office on the second floor, room 202. 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 will be notified via their LCN student email about aid received and Federal Direct loan processing instructions. Students with a credit balance due to their financial aid will receive a book voucher for use at the Follett Bookstore at Danville Area Community College, with usage limited to the timeframe noted on the form.
Important considerations:
Financial aid is always subject to change without prior notice if changes occur in a student’s enrollment status, class attendance, personal circumstances, or federal or State deadlines. The student is responsible for all college bills not covered by their financial aid—direct any questions to the Financial Aid Office.

Federal Deadlines: The FAFSA generally opens on October 1 each year. The tax information from the prior-prior year (2022) will be utilized to complete the 24/25 FAFSA.
State Deadlines: The State of Illinois sets a deadline for each award year for the Monetary Award Program (MAP). There is no separate application for the MAP grant; the required information is entered on the FAFSA.

We strongly encourage students to complete the Free Application for Federal Student Aid (FAFSA) as early as possible each award year.

Institutional Deadlines:
Lakeview College of Nursing has established the following deadlines:
• Scholarships:
o Fall semester: June 1
o Spring semester: November 1
o Summer semester: March 1
Note: One scholarship application covers the entire enrollment duration, but FAFSA must be completed annually. For scholarship applications and information, visit https://lcn.edu/scholarships.|
Federal Direct Loan Processing:
o Priority date: No later than the mid-term date of each semester
• Verification Deadlines:
o The student aid file must be completed, verified as accurate, and corrected (if applicable) by the last day of the semester on which aid will be applied.

How to Apply for Financial Aid

To receive federal and/or Illinois State student financial aid to attend Lakeview, a student must be accepted and enrolled as a degree-seeking student.

Step 1 - Complete the FAFSA

Complete the Federal Student Aid application called the Free Application for Federal Student Aid (FAFSA) online at https://studentaid.gov/h/apply-for-aid/fafsa.  Lakeview's school code is #010501.

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

The FAFSA application and process changed beginning with the 2024/2025 award year. Current information on FAFSA can be found at www.studentaid.gov.

The result of the FAFSA is the FAFSA Submission Summary (FSS). Students can print and/or review their FAFSA Submission Summary (FSS) by signing in at www.studentaid.gov. Lakeview receives an electronic version of the FAFSA called the Institutional Student Information Record (ISIR). The ISIR will determine which programs students qualify for and how much aid students will receive. The LCN Financial Aid Office will inform students what additional documents are needed to submit to the office to complete the Verification Process (Step 2).

Admitted Spring Students
Note: Students admitted for the Spring semester must add Lakeview's school code to the FASFA online. Please contact the LCN Financial Aid Office to discuss what aid may be available and the amounts since eligibility for some programs can change from one College to another. It is crucial to cancel any pending aid at the school a student is transferring from so LCN can proceed with financial aid.

Professional Judgment

Students can request Professional Judgment based on special or unusual circumstances. A special circumstance may include job loss, divorce, death, medical, etc. An unusual circumstance may consist of human trafficking, parental abandonment, etc. Results from the FAFSA must be on file, and that information must be verified before a special or unusual circumstance can be evaluated. Students will receive results from the Financial Aid Office within ten business days of receipt of the entirety of the file. Please contact the Financial Aid Office to proceed with the request.

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 the family unit because Federal student aid programs are based on the idea that students and their parents or spouses (if applicable) are primarily responsible for paying for their post-secondary education. To be considered "independent," at least one of the following must apply to the student:

• Age 24 or older before January 1 of the academic year
• A veteran of the U.S. Armed Forces
• Orphan or ward of the court until age 18
• Married or have children (providing over 50% support)
• Meeting and documenting any other FAFSA status questions as "Yes."

Documentation may be required for Independent Status claims. Contact the Financial Aid Office with eligibility questions.

Financial Need

Student aid will only be offered based on LCN credit hours. No "concurrent" enrollment with another school will be considered when packaging aid. Most federal and state financial aid is processed based on demonstrated financial need. The formula used to determine who has a need and who does not is:

• Cost of Attendance (COA) – Student Aid Index (SAI) –
  Other Financial Assistance (OFA) = Need

Cost of Attendance, or student budget, is the cost of attending college (tuition & fees, living expenses, transportation, books, course materials, supplies, equipment, miscellaneous personal expenses, loan fees, graduation fees, and licensure fees).

The Student Aid Index (SAI) is the result from the student's FAFSA Submission Summary (FSS).

Financial Need is the maximum dollar amount of aid from the various sources for which the student is eligible.

Financial assistance is available for up to the maximum dollar amount for eligibility, and the total financial aid package may not surpass the Cost of Attendance.

The various sources of aid have maximum amounts and may be further affected by the limited availability of funds. Loans may be available if grant aid is insufficient. Please inquire at the Financial Aid Office for additional funding.

Cost of Attendance for Financial Aid

The 2024-2025 estimated cost of attendance is based on:
• Full-time enrollment
• Two semesters (9-month school year)
• Separate budgets for Independent and Dependent students
Budget components:
1. Direct costs:
o Tuition and fees
o Estimated books, course materials, supplies, and equipment
2. Indirect costs:
o Living expenses
o Transportation
o Miscellaneous expenses
Important considerations:
• Costs vary by individual student
• Budget does not reflect actual amount due to the College
• Students should refer to billing statements for semester costs

The 9-month COA provided is for full-time enrollment and will be adjusted for less-than-full-time enrollment or single-term enrollment. The budget includes direct costs and indirect costs. These costs can vary by the individual student and do not reflect what is due to the College. Students should check their billing statements for semester costs.

Tuition/fees include per credit rate of $510 tuition, $75 fees; testing fees of $190 per course (8); $10 fee per clinical (10).
The Junior level includes 3 clinicals, and the Senior level includes 7 clinicals.
Housing per month ($225 dependent, $675 independent).
Food per month ($373.33 dependent, $1,120 independent).
Transportation is based on 150 miles per 32 weeks.
Miscellaneous Expenses ($220 per month).

Step 2 - Verification

Lakeview College of Nursing's Financial Aid Office verifies all financial aid applications and required FAFSA data elements. The process involves:
• Reviewing the FAFSA
• Requesting additional documentation from students and families (if applicable)
• Using FA-DDX to import certain Federal Tax Information (FTI)
• Submitting a completed and signed Information Verification Worksheet
Key points:
• Financial aid will not be processed until verification is complete
• Conflicting, erroneous, or omitted information may require FAFSA corrections
• Students will be updated on any eligibility changes after corrections
• Verification must be completed before the end of the aid-applied semester
Important note: Verification is separate from semester billing due dates. To apply aid towards direct educational costs, verification must be completed and eligibility determined prior to the billing due date.
Step 3 – Acceptance of Aid
The process for accepting financial aid varies depending on the type of aid offered:
• Automatic Application:
o Federal Pell Grant
o State Grant/MAP (Monetary Award Program)
Once eligibility requirements are met, these grants will be automatically applied to eligible students' accounts.
• Manual Acceptance Required:
o Federal Student Loans
For Federal Student Loans, students must complete an additional application process:
1. Review loan offer
2. Decide on loan amount (up to the maximum offered)
3. Complete the Federal Direct Loan application process
Important note: Even if you're eligible for grants, always carefully review your financial aid package. Contact the Financial Aid Office if you have any questions about accepting or declining any part of your aid offer.