When will I receive my financial aid package?
The deadline to apply for financial aid at Lawrence is March 15, though we
do encourage you to submit the FAFSA and the Lawrence Application for Financial
Aid as soon as possible after January 1. Provided that all the necessary
financial aid forms have been received by the time you get a positive admissions
decision from us, you should expect a complete financial aid package within
about three weeks of hearing your admission decision.
What do I do if I’ve been selected for verification,
and how long will this delay my financial aid package?
If you’ve been selected for verification, you must complete the 2007-08
Verification Worksheet and submit it with your federal tax documents (signed
copies of your parents’ and your own Federal Tax Forms and W-2s) to
the Office of Financial Aid. We cannot consider your application complete
or finalize a financial aid package until the Office of Financial Aid has
received and reviewed all these materials.
When and where will I complete the paperwork for
my loans?
Paperwork for the Federal Direct Stafford Loan will be completed during the
summer. In early July you will receive a notice from the Office of Financial
Aid that outlines what must be completed, the Master Promissory Note and
Direct Loan Entrance Counseling. Both of these can be completed online,
although paper versions are available if needed. Paperwork for the Federal
Perkins Loan will be completed in the Business Office when you arrive on
campus in September.
Where can I find more information about PLUS loans?
A Federal Direct PLUS loan is a non-need based loan program that is available
to parents. The maximum amount of the loan cannot exceed your total cost
of education minus other financial aid received. The annual interest rate
is based on the weekly average of a one-year constant maturity Treasury
yield plus a statutory add-on percentage, capped at 9%. Repayment of both
principal and interest begins within 60 days after full disbursement of
the loan for the period of enrollment. In order to apply for a PLUS loan,
you must request and complete the Direct PLUS application. More information
on these loans is available on our website here.
Will the amount of loans in my financial aid package increase after my
first year?
The maximum amount of Stafford
Loan for which you qualify will increase after
your first year, as will the number of hours you can work on campus. This
means that it is likely that the amount of loan and work-study in your financial
aid package will increase.
How will my financial aid package change from year to year?
Lawrence strives to meet the institutionally demonstrated need of all domestic students who apply for financial aid. Assuming that your family's financial situation does not
change dramatically from one year to the next, your financial aid award
will remain relatively constant for all four years you attend Lawrence.
The configuration of that award may vary, however, as Stafford
Loan eligibility
and work-study hours increase.
When will I receive the first tuition bill, when is the payment due, and
what are my payment options?
The Business Office will send out your first tuition bill in mid-July. First
term tuition is due on August 15th.
When and where will I be able to find a job to fulfill my work-study
or campus employment commitment? What are some examples of student jobs on
campus? How many hours does a typical freshman work each week?
When you arrive on campus in fall, you’ll be responsible for applying
for the various jobs in which you’re interested. Many available positions
are posted online as well as on the bulletin board outside the Office of
Financial Aid, but you will need to apply directly to the department or office
with the job opening. Any student who wants a job on campus will be able
to find one – students at Lawrence have jobs within academic departments,
in administrative offices, in the library, with food services, and many more.
Students may earn up to the amount listed in their financial aid packages,
and how many hours they work will depend on the hourly wage of the job(s)
they have. (Wages for employment are paid by check bi-weekly and are not
credited to your bill.) Visit our website here for more information about campus employment.
How do I notify Lawrence about outside scholarships I have received?
How will those scholarships affect my financial aid package?
You are encouraged to apply for outside scholarships for other sources such as foundation, service organizations, churches and businesses. You should notify the Office of Financial Aid about the details of any outside
scholarships you have won. Federal regulations (34 CFR 673.5(b)) require
colleges to take into account any resources they know about or can anticipate
a student receiving when
awarding and disbursing aid. Your aid package will be adjusted to reflect
the outside award according to the following policy: the self-help (loan
and
work-study) portion of your package will be reduced for the first $1,000
in outside awards; if you receive more than $1,000 in outside awards, the
amount over $1,000 will be used to replace equal shares of self-help and
Lawrence need-based grant funds. In most cases, the total amount of gift
aid will be increased due to the addition of the outside award. Please note
that Lawrence merit (scholarship) aid will never be reduced due to an outside
scholarship.
Does Lawrence recognize National Merit students with any kind of scholarships?
National Merit Finalists who have officially listed Lawrence with the National
Merit Scholarship Corporation as their first-choice college will receive
a $2,000 Lawrence Scholarship in addition to any other Lawrence-sponsored
scholarship they have received (with the exception of the National Achievement
Scholarship). Students who are recognized as Semi-Finalists, Commended
Scholars (as well as Finalists who do NOT list Lawrence as their first
choice) will receive a $1,000 award.
Do I need to accept my financial aid
award immediately, or should I wait until I’ve made the final decision
to attend Lawrence?
You should wait until you’ve officially decided to attend Lawrence
to send in acceptance of your financial aid package and scholarships.
Do I need to accept all the different components of my financial aid
package?
You do not need to accept the entire financial aid package. You can accept
parts of it and decline other portions if you choose.
How do I inform the financial aid office about
special circumstances that weren’t addressed in the FAFSA, for example,
one-time medical expenses, private school tuition?
If you have a financial situation that you feel was not sufficiently addressed
by the FAFSA, you should fill out the Special
Circumstances Form and submit it to the Office of Financial Aid with
the appropriate documentation.
How much will it cost me to buy books?
The amount of money spent on books varies from student to student, and from
term to term, depending on what type and how many books you need for each
class you’re taking. When putting together your financial aid package,
the Office of Financial Aid estimates that most students will spend approximately
$600 per year on books.
When do I have to start paying my loans?
You will need to start repaying your Stafford Loan six months after the month
in which you cease at least half-time enrollment. Repayment of the Perkins
Loan begins nine months after you fall below half-time enrollment.