Unless you meet at least one of the independent student criteria, you must file with your parent information. The criteria can be found at www.fafsa.ed.gov
The Department of Education will send you a confirmation email. It takes two to three days for the school to receive FAFSA data from the Department of Education
Initial Financial Aid Offers are based on a student's enrollment status for the semester. Award packages could be for fall and spring semesters, or summer awards could be included depending in what program a student is enrolled. Awards are determined based on academic and FAFSA information. Once your offer is received, if you have questions, please contact us at FinancialAid@letu.edu
Notice of a Financial Aid Offer is generally emailed after you are accepted to LETU and we have received your FAFSA
If you are selected for a process called verification, you will be requested to provide additional documentation and this may delay your Financial Aid Offer
Financial aid documents can also be viewed online at https://my.letu.edu/ics/financial_aid/
Let's review some options:
Verification is a process by which the university reviews the demographic and financial information on the FAFSA as selected by the Department of Education. Selection for verification does not imply that you have made an error or made false statements. If you are selected for verification, you will be notified through your LeTourneau email account. You will also be able to see if any additional documents are required (in an awaiting status) on our website at my.letu.edu/ics/financial_aid/
An IRS Tax Transcript is a document issued by the IRS which provides most line items from your originally filed federal tax return. The two fastest methods to request a transcript are either online at www.irs.gov/individuals/get-transcript or by calling the IRS at 1-800-908-9946
Tax transcripts issued by the IRS have to be requested after the IRS has accepted and processed your return, which is generally after you have received your refund. After the transcript is requested, the transcript has to be sent via U.S. Postal Service to the residence reported on your federal tax return.
The IRS will only send the IRS Tax Return Transcripts to the address reported on your return. IRS cannot guarantee that your transcript will be forwarded by the U.S. Postal Service.
To update your address with the IRS, please visit http://www.irs.gov/taxtopics/tc157.html or call the IRS at 1-800-829-1040. After changing your address, you will need to wait approximately two weeks for the IRS to update your record before requesting your transcript.
If you have amended your tax return, the changes made will not be reflected on the IRS Tax Return Transcript. You will need to provide the 1040 X which reflects changes made to your originally filed federal tax return. The Financial Aid Office will need BOTH the IRS Tax Return Transcript and the 1040 X.
These can be ordered online at www.irs.gov/individuals/get-transcript, or requested by phone at 1-800-908-9946.
If you are selected for verification and did not earn enough money to file taxes for the relevant year, you will still need to fill out the verification worksheet. Check the box "will not file and was not required to file." Also complete the IRS 4506-T and submit with copies of W-2's from your employer(s).
|Full Time||12+ credit hours||9+ credit hours|
|3/4 Time||9-11 credit hours||6-8 credit hours|
|1/2 Time||6-8 credit hours||4-5 credit hours|
Students must be enrolled at least 1/2 time to be eligible for Direct Loans and to keep prior student loans in deferment.
Yes. The Student Accounts Office will send an email stating the type and amount of aid posted. Additionally, you will receive an email if any aid is removed from your account.
Any credit balance created due to excess financial aid funds will be sent to you within 14 days of the funds posting to your student account.
Dropping courses may affect the amount of financial aid awarded and/or posted to a student's account. After a student's course is dropped, the Financial Aid Office will review the aid awarded and make any adjustments as needed. If funds are reduced, the difference will be removed from the student's account.
Many students utilize federal and state sources of funding. When a student withdraws from the university or drops their current course and does not continue in the semester, the Financial Aid Office reviews the account in regards to the federal (Return to Title IV) policy and calculates the amount, if any, that must be returned to the federal or state aid programs. The federal Title IV refund calculation is based on a percentage of attendance completed or the percentage of unearned charges within the term of withdrawal. Students with federal aid who withdraw (or are suspended) after a term begins, but before completing 60% of the term, may require a portion of their federal Title IV funds be returned. The amount to be returned is removed from the student’s account and return to the appropriate financial aid programs.
If the returned funds result in a balance on the student’s account, a hold will be placed on the student’s account and the student will be required to pay the balance in full prior to re-entry to the next term.
Please be aware that if you drop below half time status, lenders will be notified and repayment grace periods will start counting down from your last day of actual attendance. If you had older loans that were in re-payment before returning to school please contact your lender for an updated repayment schedule.
There are 3 requirements that must be maintained to be eligible for financial aid:
At the end of each spring semester, your Satisfactory Academic Progress (SAP) is evaluated. If students do not meet the SAP requirements, they will be placed on Financial Aid SAP Suspension and will not be eligible for future federal financial aid until SAP requirements have been met. Students may appeal. Please send letter explaining reasons why you did not meet criteria, and what you will do to regain passing status to FinancialAid@letu.edu or FinAidSAPAppeals@letu.edu.
Yes. Beginning July 1, 2012, students may receive Pell Grants for 12 semesters or 600%. Those who use less than full-time Pell Grant funds in a semester will be assessed at the fractional enrollment status.
Yes. There are annual loan limits and aggregate loan limits. The maximum amount you can borrow each year in Direct Subsidized and Unsubsidized Loans depends on your grade level and on whether you are a dependent student or an independent student. The following table shows the maximum amount of money you may borrow each academic year in Direct Subsidized and Unsubsidized Loans. If you do not qualify for subsidized funding the total award will be unsubsidized.
|Undergraduate 1st Year||Subsidized: $3,500
|Undergraduate 2nd Year||Subsidized: $4,500
|Undergraduate 3rd and 4th Year||Subsidized: $5,500
Regardless of your annual loan limits, you may not borrow in excess of the cost of attendance. Independent loan limits also apply to dependent students whose parents are unable to borrow a PLUS loan.
Federal laws regulate the total aggregate amount of loans you can take out during your undergraduate and graduate careers. Federal loans cannot exceed the limits listed below:
|Total Lifetime Aggregate Limits|
|Dependent Undergraduate||Subsidized: $23,000
|Independent Undergraduate||Subsidized: $23,000
These aggregate limits include both Direct Subsidized and Unsubsidized Loans and any subsidized and unsubsidized Stafford Loans received through the Federal Family Education Loan (FFEL) Program.
If you are awarded a subsidized loan, interest will not accrue on your loan while you are enrolled at least halftime.
If you are awarded an unsubsidized loan, you will be responsible for the interest while in school.
This information can be found on the Federal Direct Lending website: studentaid.ed.gov/sa/types/loans/interest-rates
You must begin repayment of your federal direct student loan once you:
If you have an alternative student loan from a bank, credit union or other lending institution (other than the U.S. Department of Education), contact your lender directly for repayment information.
If you have questions about missing financial aid documents, amounts of aid awarded, reduction in aid due to dropped courses, etc., contact the Financial Aid Office by calling 1-800-759-8811 ext. 4350 or email FinancialAid@letu.edu.
If you have questions about charges, tuition refunds, financial aid refunds, financial holds on web registration, student account statements, etc., contact the Student Accounts Office by calling 1-800-388-5327 ext. 4140 or email StudentAccounts@letu.edu.