Terms and Conditions of Financial Aid
General Terms and Conditions
General Eligibility Requirements: To be eligible to receive federal or state financial aid, students must meet the following conditions. Failing to meet one of these conditions at any time during the period covered by the award letter, financial aid may be revised or canceled:
• Be a U.S. Citizen or Eligible Non-Citizen;
• Not be in default on a prior education loan or owe a repayment on a prior education grant;
• Have earned a HS diploma or G.E.D. Be admitted to and maintain enrollment in an eligible program as a regular degree or certificate-seeking student;
• If male, be registered with the Selective Service Administration,
• Not have been convicted of a drug offense resulting in termination of eligibility for federal benefits,
• Meet the academic progress standards for maintaining satisfactory academic progress for financial aid,
• Not be incarcerated in a federal or state penal institution, and
• (For Minnesota State aid programs only) Meet the Minnesota residency requirements and be within maximum credit hour limit for each type of financial aid.
Acceptance of Awards:
• The student does not need to take any action to accept grant awards. The actual amount of the grant is determined by the number of registered credits at the time financial aid applies to the student’s account.
• Loan awards must be accepted by completing the loan acceptance process required by the Financial Aid Office and the Department of Education.
• Student Employment awards must be accepted by obtaining a student employment position which has been pre-approved for Federal or State funding, and completion of all required documents for employment and payment of wages, including providing proof of eligibility to work in the United States.
Application for Financial Aid: You must apply for financial aid each academic year (Fall Semester through Summer Semester.) It is recommended that students complete the FAFSA no later than 45 days before the start of the first term in which they intend to enroll.
Additional Financial Aid: Students are required to notify the Financial Aid Office if they are the recipient of any additional grants, scholarships, loans or other financial assistance not shown on the Financial Aid Award Notification for the academic year.
Course Degree Applicability: It is presumed that the courses for which student’s are registered will apply toward the requirements of their declared program(s). The Financial Aid Office reserves the right to adjust enrollment status for the purpose of determining award eligibility if a course is found not to meet any degree requirements.
Fees on Federal Direct Loans: The U.S. Department of Education may charge origination and default fees of up to 3% of the principal amount of your Federal Direct Student loan. These fees are deducted from loan disbursements and students are notified of these fees in the Loan Disclosure statement.
Fraudulent Activities: If a student is suspected of fraudulent activities in connection with financial aid, their education records may be provided without prior consent to the U.S. Department of Education, the Minnesota Office of the Legislative Auditor, the Minnesota State College and Universities Internal Auditor, and other federal and/or state agencies as required for investigation and possible prosecution.
Liability for Over-Awards: Lake Superior College will use its best efforts to ensure that student records and systems upon which the Financial Aid Office relies are free of errors. However, if financial aid funds are disbursed in error, students may be liable to repay to the College the amount of financial aid received that was determined to be in excess of the correct eligibility. Furthermore, if the College takes actions against a student which results in an administrative withdrawal or drop from some or all of courses, the student may be liable to repay any funds the College is required to return on his/her behalf.
Loan Pro-ration Requirement: If you will complete your degree program by attending only one semester of the academic year, we are required to “pro-rate” your student loan amount. Your loan must be pro-rated according to a required formula. If your loan offer is subject to the pro-ration requirement, then the “ceiling” on your loan eligibility is the product of the annual maximum limit multiplied by the number of credit hours you have remaining, and divided by the number of credits in an academic year (30.) For example, if the annual loan limit is $6,500, and you have 8 credits remaining to graduate, the most you may receive from the Federal Stafford loan program for your final semester of study is ($6,500 x 8)/30 or $1733. Pro-ration calculations are done at the time we certify your loan, based on information you provide through completing the loan proration form.
Right to Revise Awards: Lake Superior College reserves the right to revise the amount and type of financial aid offered due to:
• Changes in laws, regulations or policies;
• Changes in eligibility status;
• Disciplinary actions as determined by the College’s Student Conduct Officer;
• Errors that result in aid being offered or received to which the student was not entitled;
• Inability to confirm student’s participation in academic activities related to registered course(s);
• Requirements of Federal, State or Institutional auditors;
• Withdrawal or cessation of attendance in courses after the term has begun.
Student Employment Awards: An award of Federal or State Work Study provides students with an opportunity to work in a position eligible for need-based student employment. These award amounts are estimates of what you could earn based on your financial need, expected hours of work and hourly pay rate. Student Employment funds are earned over the course of the academic year and are paid to you according to the payroll schedule. You are not guaranteed to earn this award amount, and this award amount may be reduced or canceled if you cease employment or receive funding that exceeds the cost of attendance.
Suspension of Financial Aid and Appeals: Students who fail to meet the Financial Aid Satisfactory Academic Progress Standards and have their financial aid eligibility suspended may appeal based on unusual or extenuating circumstances. See the Financial Aid Satisfactory Academic Progress Policy for more information.