Financial Aid Program | Lakewood School Of Therapeutic Massage

Financial Aid

IMG_0786Welcome to the Financial Aid Office

Financial Aid refers to programs offered by the federal government through the school to help students fund their education. Lakewood School participates in the Pell Grant program and three Federal Direct Loan programs. Eligibility for Financial Aid is determined by federal guidelines and differs for each of the programs.

Required Title IV Disclosures Gainful Employment Disclosures

How do I apply?

To apply for Financial Aid at Lakewood School, complete and submit the Free Application for Federal Student Aid (FAFSA). Create a PIN and keep it in a safe place where you can find it. You will need it again. You will need your income taxes from the previous year. If you are less than 24 years of age, your parents will need to complete the form as well. There are options for you if your parents are unable to help you, but they will still need to complete the required information. The OPEID code for Lakewood School is 039-683-00.

If you need help filling out the FAFSA, call the school (810-987-3959) to set up an appointment with a financial aid representative. When completing your FAFSA online, be sure to Apply for a PIN. This is a number you will need to e-sign both your FAFSA and your Master Promissory Note (MPN), and to complete your entrance and exit counseling.

What is my Financial Aid eligibility?

After you have submitted your FAFSA, both you and the school will receive a report. Further information may be needed. The school will then be able to determine what financial aid you are eligible to receive and will contact you and make arrangements for you to come in to discuss your financial aid award. Make sure to let the school know if your income or your circumstances have changed since your taxes were filed.

 

Grants and Loans

The amount of Pell Grant dollars that a student may be eligible for is determined by your income and your current financial situation. Pell Grants, if awarded, are grant monies that do not need to be repaid.

The three Federal Loan programs in which Lakewood School participates include:

  • Federal Direct Subsidized Loan: Based on need and incurs no interest until you start repayment.
  • Federal Direct Unsubsidized Loan: Not based on need and accrues interest once it is disbursed.
  • Federal Direct Parent Loan for Undergraduate Students (PLUS Loan): Parent borrows loan funds to pay education expenses of a dependent student and is based on the parents credit.

Student Loans go into repayment six months after you have graduated (or leave the school for any reason). The Parent Plus Loan goes into repayment 60 days after the loan is disbursed. Exit Counseling must be completed when the student leaves the school. The median loan debt for students from Lakewood School for the 2011-2012 award year is $5929.00 for those that borrowed funds. Students should always request the minimum amount needed to meet expenses.

 

In House Finance Options

The school offers the option of funding part or all or your tuition in house. This option benefits those who may not be eligible for all of their financial aid funding, or those that prefer to finance some of their tuition now and minimize their loan amount. The schools interest rate is a straight 4.5% on the total financed. Payments are due monthly and the amount of payments will be set when the amount a student wishes to finance is determined. The median amount financed by students who have taken this option is $3740.00.

 

Dependent Student / Independent Student

Federal guidelines determine that a student is determined to be an Independent Student if he or she is 24 years of age, is married or separated (but not divorced), or has one or more children who receive more than half of their support from him or her. There are some other special circumstances that can consider someone under the age of 24 to be Independent. A detailed list of the criteria that constitutes an independent vs. dependent student is available by contacting the Financial Aid Office or by accessing the Federal Needs Analysis Methodology.

A student under 24 years of age is considered a Dependent Student. Dependent students must have their parents complete the parent portion of the FAFSA. This is the only way a Dependent student is eligible for any funding. If the parent is willing to complete the Parent Plus Loan Application, they can find out if they are eligible to borrow money on the students behalf. If the parent is eligible to borrow funds on behalf of the student, which is based on their credit, they may borrow a portion and the student may borrow a portion, or the parent can be the sole borrower. If a parent is denied for loan dollars, the student is then eligible to borrow the total amount allowed for an independent student.

 

Federal Direct Stafford Loan Maximums

The program is currently based on 820 of 900 full-time clock hours.  Loans and grants are determined based on the government calculation of loans or grant times 820 divided by 900.  Lakewood students are eligible for the following based on those guidelines:

   Dependency Status      Maximum Subsidized      Maximum Unsubsidized
   Dependent Student                 $3,189                    $1,822
   Independent Student                 $3,189                    $5,467

 

Verification

Approximately one-third of students who complete the FAFSA are randomly selected for verification. Verification is a process required by federal regulations where the information reported on the FAFSA is compared against tax returns, W-2’s, and other supporting financial documents. We cannot process your request for financial aid until all the required documentation has been submitted.

 

Master Promissory Note (MPN) and Entrance Counseling

The Master Promissory Note (MPN) and the entrance counseling must be completed before any loan funds will be disbursed.  Paper copies of the MPN are available at the school.

 

Additional Costs involved in Your Education

In addition to your tuition, fees, books and supplies, you will have indirect costs of attending school. These costs include normal living expenses such as room and board. Attending school may also increase your expenses associated with child care, transportation, and miscellaneous personal expenses. The Cost of Attendance is an average of what it will cost to attend a particular institution for the 10 month period. Actual costs of attendance vary from student to student. You can calculate these expenses and more using the many calculators at www.finaid.org/calculators .

 

How does my Financial Aid get posted to my account?

Generally, your financial aid will post to your school account around the forth week of class. The school must receive the funds before we can post them to your account. Per federal regulations, if you are attending college for the first time, we can not disburse your federal loan until 30 days after school starts. The school will bill your account the first day of school. When your funding comes in, any overpayment will be refunded to you within 10 business days.  

 

What is the Interest Rate on my Loans?

Federal Direct Loans have a fixed interest rate. For the 2012-2013 year, the Federal Direct Subsidized Loan is 3.4% and the Federal Direct Unsubsidized Loan is at 6.8% interest. There is a 1% origination fee on Federal Direct Loans for students.

For the 2011-2012 year, the Federal PLUS Loan has an interest rate of 7.9%. There is a 4% origination fee for the PLUS Loan. To figure out what your loan payments would be, go to the Student Loan Calculator website. An average monthly payment for someone borrowing a total of $7600.00 would be about $85.00 per month.

 

Satisfactory Academic Progress

Students participating in financial aid must maintain satisfactory academic progress including both attendance and grades in order to continue to be eligible for financial aid. Click here to read the school’s Satisfactory Academic Progress Policy.

 

Return of Federal Student Aid Funds

The federal law requires that when a student withdraws before completing their program, the amount of financial aid (federal grants and loans) earned by the student must be calculated. The school and/or student may then be required to return some of the federal funds awarded to the student. Any money due to the government by the school will be returned by the time required. The student may then owe the school.

The percentage of Title IV funds to be returned is equal to the number of actual clock hours remaining in the individual student’s program divided by the total number of clock hours in the program.  If the student received more aid than was earned, the excess funds must be returned. See the Return to Title IV policy for more information.

 

Financial Aid Resources for Students and Families

 

Financial Aid Forms

Free Application for Federal Student Aid (FAFSA): www.studentloans.gov

Parent PLUS Loan Application: https://studentloans.gov/myDirectLoan/index.action#

Federal Needs Analysis Methodology:  http://www.finaid.org/calculators/dependency.phtml

Apply for a PIN: http://www.pin.ed.gov/PINWebApp/pinindex.jsp

 

Information for Loan Borrowers

 

School Policies