Important Financial Aid Consumer Information/Terms and Conditions | Lake Erie College
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Important Consumer Information/Terms and Conditions
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A college education is an important investment but represents a major expense in most family budgets. However, we commit ourselves to helping find the means to afford a quality private education. We provide guidance to new freshman and transfer students, current students and students in our graduate programs.








 
LAKE ERIE COLLEGE > FINANCIAL AID > CONSUMER INFORMATION

Important Consumer Information/Terms and Conditions

Quality Assurance

The Office of Financial Aid is committed to the fair and equitable delivery of financial assistance to all eligible applicants. Lake Erie College is required by federal law to conduct verification of selected student's financial aid. To ensure that the application information used to determine financial assistance eligibility is complete and accurate, student records may be selected for further review at any time during a period of enrollment to determine the reliability of the information. If requested, the required documents and information must be provided or aid may be denied.

Rights and Responsibilities

As a recipient of federal student aid, you have rights you should exercise and responsibilities you must meet. Knowledge of these rights and responsibilities will put you in a better position to make decisions about your educational goals.

You have the right to know:

  • What financial aid programs are available.
  • Deadlines for submitting applications for aid.
  • How your financial aid will be distributed.
  • How your financial need was determined.
  • How much of your need has been met.
  • The College's refund policy.
  • What portion of your aid package is "gift aid" and what must be repaid.
  • If the aid is a loan, you have the right to know the interest rate, repayment amount and procedures, length of time to repay and when repayment begins.
  • How the college determines if you are making satisfactory academic progress, and what happens when you are not.
  • You have the right to accept, decline or seek adjustment to your financial aid award(s).
  • Information you give to the Office of Financial Aid will be treated confidentially.
  • You may contact the Office of Financial Aid if you believe that special conditions exist affecting your financial need that warrants an adjustment to your financial aid package. If you experience a change in family circumstances, such as loss of employment, death, separation or divorce, extremely high medical expenses that affect your ability to pay your educational costs, an appeal may be appropriate.

It is your responsibility to:

  • Apply for financial aid every year.
  • Complete the FAFSA application form accurately and submit it on time
  • Provide correct information. Information found to be knowingly falsified may be referred to the U.S. Department of Education, Office of Inspector General.
  • Provide all additional documentation requested by the Financial Aid Office
  • Read all forms you sign.
  • Keep copies of all your financial aid records.
  • If required, you must register with the Selective Service System
  • Complete the required entrance and exit loan information.
  • To repay all loans in accordance with the terms of your promissory notes.
  • You must notify your lender if any of the following occurs before your loan is repaid: change of name, change of address, graduation, withdrawal or less than half-time attendance and transfer to another institution.
  • Use your LEC email to receive information about your financial aid
  • Notify the Financial Aid Office if you:
    • Change your name
    • Change your residency/housing plan
    • Change your marital status
    • Change your major
    • Change your graduate/undergraduate status
  • Notify the Registrar if you change your address/phone number

The following links contain information to explain the financial aid process:

Financial Aid Policies Affecting Your Eligibility

General
If you owe money from a prior over-award of federal funds, you must repay it. You are not eligible for financial aid if you owe federal funds to any institution.
You are not eligible for financial aid if you are in default on any federal loans from any institution.
You must complete all required Promissory notes.

Degree Status Policy
You must be admitted to and enrolled in a degree or certificate program to receive financial aid.

External Award Policy
You must notify the Financial Aid Office if you receive any outside scholarships or grants, private loans and other tuition assistance. If an over-award is created by an outside gift, the Financial Aid Office may make adjustments to your award package as necessary. Unless otherwise specified by the donor organization, all external awards will be divided equally to cover the entire academic year.

Satisfactory Academic Progress Policy (S.A.P.)

Federal regulations require that schools monitor academic progress of each applicant for federal financial assistance and that the school certify the applicant is making satisfactory academic progress (SAP) toward earning his or her degree. To be eligible to receive financial aid from federal, state and institutional sources at Lake Erie College, students must make satisfactory academic progress in their degree or certificate programs. The measure of SAP is threefold: GPA, maximum time-frame and completion rate. Students who fail to meet the SAP requirements become ineligible to receive financial aid until compliance with these requirements are met.

The Financial Aid Office evaluates SAP after the completion of each semester or term. All terms of enrollment, including summer, must be considered in the determination of SAP including periods in which the student did not receive federal student aid funds.

Students academically dismissed from their academic program will be recognized as failing to meet SAP standards.

The policy and terms described in this SAP policy is for financial aid purposes only and is separate from academic probation policies for academic standing with the college.

Full SAP Policy

Change in Enrollment Policy

Financial aid awards are based on your enrollment status per semester as defined as follows:

Full- time undergraduate: 12 credit hours
Half-time undergraduate: 6 credit hours
Full-time graduate: 6 credit hours
Half-time graduate: 3 credit hours

Students must be enrolled at least half-time in order to receive financial aid. Reduction in credit hours may result in loss of aid; you are advised to consult with the Financial Aid Office before changing your enrollment status.

If you withdraw or drop below half-time enrollment during the refund period, a corresponding proration of financial aid eligibility must be made, possibly resulting in the return of funds to one or more financial aid programs. If your enrollment status changes after the disbursement of financial aid awards, you may be required to repay the College in order to reimburse the financial aid programs. Refunds are subject to the approval of the Director of Financial Aid and the Bursar.

Return of Federal Financial Aid Policy

As of the 2000-01 academic year, any student receiving Title IV Funds at Lake Erie College will be subject to the following policy regarding return of those funds if they withdraw from all classes:

The amount of Title IV aid earned is the percentage of the semester completed. This is calculated by dividing the number of days the student attended classes by the number of days in the semester. This is measured in calendar days including weekends and holidays, excluding breaks of more than 5 days.

Any student who withdraws on or before the 60% point in the semester will have to return or repay unearned Title IV funds. A student who withdraws after the 60% point of the semester is considered to have earned 100% of the aid received and will not have return funds to the Title IV programs.

A student's withdrawal date is determined by Lake Erie College to be:

  1. the date the student began the withdrawal process (as previously outlined in this catalogue) or notified the school of the intent to withdraw
  2. the midpoint of the semester if the student fails to officially notify the college of the withdrawal
  3. the student's last date of attendance at a documented academically related activity.

Funds will be returned to the programs in the order specified by federal guidelines.

A repayment to the Title IV programs may be required by the student when cash has been disbursed to the student from financial aid funds in excess of the amount of aid earned during the term. If the student owes a repayment to the programs, loan funds are returned within the terms of the promissory note. Grant funds owed by the student will be returned at 50% of the amount owed.

If less aid for which the student was eligible was disbursed than was earned, the student may receive a post-withdrawal disbursement for the difference. The Office of Financial Aid will notify the student within 30 days of notification of withdrawal that these funds are available. The student must request these late disbursements in writing to the Office of Financial Aid.

Institutional and state aid refunds will be calculated according to the Lake Erie College refund policy as posted in the official Schedule of Classes each semester.

Financial Aid and Your Student Account

Federal and state grants, Perkins loan, college grant and most institutional scholarship will appear on your bill as a credit. Stafford loans and PLUS loans will be posted to your student account when the funds are received by the college. Guarantee and origination fees of up to 4% will be deducted from the awarded loan amounts. If your financial aid awards are not sufficient to cover your bill, you must pay the remaining balance by the due date as follows:

Summer semesters: May 1st
Fall Semester: August 1st
Spring Semester: December 1st

 
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