What is my Financial Aid eligibility?
Grants and Loans
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.
In House Finance Options
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 2015-2016 award year is $4095.00 for those that borrowed funds.
Dependent Student / Independent Student
The school offers the option of funding part or all or your tuition through the school. This option benefits those who are not be eligible for all of the financial aid funding, or those that prefer to pay their tuition out of pocket. The schools charges a one time 4.5% fee on any funds that are financed through the school. Payments are due monthly and the amount of payments will be determined by the amount a student wishes to finance.
Federal Direct Stafford Loan Maximums
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. More information about how it’s determined whether you’re considered an independent vs. dependent student is available by checking the Student Aid.
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. Parents may submit a (PLUS) Parent Plus Loan Application, to find out if they are eligible to borrow money on the students behalf. If the parent is eligible for a PLUS loan, 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 the PLUS loan, the student becomes eligible to borrow the total amount allowed for an independent student.
The program is currently based on 750 of 900 full-time clock hours. Loans and grants are determined based on the government calculation of loans or grant times 750 divided by 900. Lakewood students are eligible for the following based on those guidelines:
| Dependency Status
|| Maximum Subsidized
|| Maximum Unsubsidized
| Dependent Student
| Independent Student
Master Promissory Note (MPN) and Entrance Counseling
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. Requests for financial aid will not be processed until all the required documentation has been submitted.
Additional Costs involved in Your Education
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.
How does my Financial Aid get posted to my account?
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 using the many calculators at www.finaid.org/calculators .
What is the Interest Rate on my Loans?
Your financial aid dollars will post to your school account as soon as the school receives them. For PELL Grants, it’s the first day of school. For Federal Direct Loans (both Subsidized and Unsubsidized), the funds are disbursed 10 days after the first day of school for previous FA borrowers, and 30 days after the first day of school for first time borrowers. PLUS loans are disbursed the first day of school. The school posts your tuition to your account the first day of school. When your funding comes in, any excess funds will be refunded to the student within 10 business days of the overpayment.
Satisfactory Academic Progress
Federal Direct Loans have a fixed interest rate. For the 2015-2016 year, both the Federal Direct Subsidized Loan and the Federal Direct Unsubsidized Loan is at 4.66% interest. There is a 1.05% origination fee on Federal Direct Loans for students.
For the 2015-2016 year, the Federal Parent PLUS Loan has an interest rate of 7.21%. There is a 1.07% origination fee for the Parent 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 $75.00 per month.
Return of Federal Student Aid Funds
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.
Financial Aid Resources for Students and Families
Financial Aid Forms
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.
Information for Loan Borrowers
Campus Crime Statistics
Free Application for Federal Student Aid (FAFSA): www.studentloans.gov
Parent PLUS Loan Application: www.studentloans.gov
Federal Needs Analysis Methodology: www.studentaid.ed.gov
Title IV Disclosures
The report below includes statistics for the previous three years concerning reported crimes that occurred on campus; in certain off-campus buildings or property owned or controlled by Lakewood School of Therapeutic Massage; and on public property within, or immediately adjacent to and accessible from, the campus.
View Campus Crime Statistics
(Download the Acrobat PDF Reader)
You can obtain printed copies of this report by contacting Lakewood School of Therapeutic Massage, 1102 6th St., Port Huron, MI 48060.
Complete campus crime statistics for all colleges and universities can be found at the U.S. Department of Education Security Web page: http://ope.ed.gov/security