Financial Aid

FAQ’s by Topic

Award Letter

Budget

Disbursements and Refunds

FAFSA

FERPA

Financial Check-in

Grants

Loans

SAP

Scholarships

Verification

Withdrawal/Drop Policy

Work Study

Updated as of 11/03/08

Award Letter (Tutorial)

• Why did I get one?
  Your Award letter is a list of all the aid you could potentially get and gives you instructions or links to information that explains what you must do to be sure you qualify for the individual types of aid. Changes may have been made to it recently so please view the current awards on your ASIST account.
   
• What do I do with it?
  It is intended to help you plan your finances as you prepare for college. Look at each item listed on your award letter and read what you need to do to secure those specific funds if you are interested in getting them.
   
• Are the ‘offers’ guaranteed funds?
  None of the amounts are guaranteed. They are calculated based on the information you have submitted on your FAFSA and to Liberty. If any of your information changes, you should expect a new Award letter that reflects changes to your eligibility.
  
  Some items on your Award letter require that you, the student, take action - such as filling out an application for a scholarship, etc.
  
  Things that might affect your eligibility are changes in enrollment, grade level, Satisfactory Academic Progress, etc.
   
• Can I see this information online?
  Yes, log onto your ASIST account to see your Award letter content.

• What is a budget?
  Your budget is established to help determine the maximum amount you should need to attend school. It is calculated based on your resident status (on-campus or off-campus), your degree level (undergrad or grad), your degree program, your enrollment level (full time vs. part time), etc.
   
• If I need more aid can I change my Budget?
  With your budget reflecting your enrollment, there is no a way to increase it upon request. Once your enrollment level reaches full time in your program of study, you automatically have the maximum budget possible for your degree.
   
• How does a budget determine my financial aid eligibility?
  Your budget sets the maximum amount of Financial Aid you may receive from all potential sources, including scholarships, grants, and loans.
   
• How can my enrollment affect my budget?
  Since part time enrollment costs less than full time, the budget for the two enrollment levels is different. If you change enrollment from part-time to full-time or vice-versa, your budget will change accordingly.
   
• Why was my budget different last year, if nothing changed?
  Your budget is adjusted annually to reflect cost-of-living increases, tuition, room and board, etc.

• Are my ‘disbursement’ and my ‘refund’ the same thing?
  No! We call the day that your loans arrive at Liberty the ‘disbursement day’. The loan funds then have to go through three steps between Financial Aid, Student Accounts and Higher One before your refund is released. So, the refund date is typically 7 days after the loan disburses. A disbursement occurs when funds are released from a lender to Liberty.
  
  For a LU Online student this typically occurs 2-4 weeks after the start of half-time enrollment.
  For a Resident student, disbursements usually occur the week before class begins.
  
  Refunds are monies that have been sent from Liberty to the student, via Liberty One. After a disbursement, Liberty University has three days if from an electronic (EFT) transaction to post the loan amounts to the student’s account and 14 days to send the funds to the students by federal law.
   
• How do I know when I will get my money? 
  You can track the progress of your loans by using ELM resources (www.elmresources.com) and creating a free login. After your loan has disbursed to the university, we have three days to post the amount to your student account. The refund may take up to 14 days (under federal law) but is usually completed within one week.
   
• My loans are already here and I’ve changed my mind.
  Once your loan disbursement has reached LU, the Financial Aid department will mail you a letter to let you know that you have 14 days from the date of the letter to cancel or reduce the loan. Fill out a ‘Loan Change Form’ from the Financial Aid website (www.liberty.edu/financialaid) and submit it to the Financial Aid office.
  
  If the 14 days have already passed when you decide you don’t want the loans, you need to contact the lender directly. The Financial Aid office cannot return the funds for you after the 14 days.
   
• How can I check the status of my money?
  Watch your ASIST account and ELM Resources (www.elmresources.com) to see the progress of your loan and your refund.

• What is it?
  FAFSA is the Free Application for Federal Student Aid. It’s a government form that is used to evaluate your family’s financial picture and establish what federal aid you may qualify for. You must submit your FAFSA before you can apply for Federal aid or qualify for Liberty University scholarships.
   
• How do I apply?
  The fastest and easiest way to apply is through the web. Go to www.fafsa.ed.gov and fill out the application there.
   
• What is involved in the application process?
  The first step is that you will need to request a PIN and have your parent/s do the same (unless you are an independent student). Also, make sure you have last year's taxes and W2's available. Then, fill out the application. Make sure that you and your parent/s (if applicable) sign the FAFSA using your PIN. The FAFSA will be sent to the school automatically 1-2 weeks after submission.
   
• What is a PIN?
  A PIN is a Personal Identification Number. It works as an electronic signature, since only you are supposed to have access to use it. If you are dependent your parent who is signing the FAFSA electronically will have to get a separate unique PIN from yours. To secure your PIN number go to www.pin.ed.gov.
   
• Can anyone other than my parents fill out the FAFSA with me?
  Grandparents, foster parents and legal guardians are not considered parents on this form unless they have legally adopted you.
   
• My parents were divorced. Whose information should I use?
  Since divorce and remarriage situations are so varied, the FAFSA included a list of possible scenarios to help you determine which information to use. You can find this information at www.fafsa.ed.gov. 
  
  It reads as follows:
  - If both your parents are living and married to each other, answer the question about them.
  - If your parent is widowed or single, answer the question about that parent. If your widowed parent is remarried as of today, answer the question about that parent and the person to whom your parent is married (your stepparent).
  - If your parents are divorced or separated, answer the question about the parent you lived with more during the past 12 months. If you did not live with one parent more than the other, give answers about the parent who provided more financial support during the past 12 months, or during the most recent year that you actually received support from your parent. If this parent is remarried as of today, answer the questions about that parent and the person to whom your parent is married (your stepparent).
   
• I’ve filled it out and submitted it. Now what?
  If you remembered to add Liberty University’s school code (010392), the information from your FAFSA will upload to LU about one week after you submit it. You will also get a copy of the Department of Education’s calculations sent to you. This is called your SAR, or Student Aid Report. The information will come to you by email if you added your email address to the FAFSA. If you didn’t add an email address, you’ll get a paper copy mailed to your home.
   
• How long does it take to process?
  We start downloading the first FAFSAs in February of each year. After that, FAFSA’s start coming in weekly. It takes one to two weeks from the time you submit your form until the time you get your copy and it uploads to Liberty.
   
• What is the difference between a dependent student and an independent student? (Tutorial)
  The dependent and independent categories are defined by the Department of Education. They influence the amount of Federal Aid you are eligible for. If you can answer ‘yes’ to any of the 8 questions listed below, you are ‘Independent’. If not, you are ‘Dependent’.

• What is an ISIR Reject?
  An ‘ISIR Reject’ is a FAFSA application that the federal government considers to be incomplete or seriously incorrect. The most common reasons for rejects are missing or incomplete social security numbers, missing signatures (PIN number of either the parent or the student not entered), or a missing school code (Liberty: 010392).
   
• What is a C-Code?
  A ‘C’ code means that there is a problem with a student's FAFSA data. Some C-Codes can be solved by students correcting basic FAFSA questions. Other C-Codes require the student to send some documentation to the school. Common C-Codes relate to citizenship, Selective Service Registration, aggregate issues, etc. The necessary documents will display on RPAAWRD.

• What is it?
  The acronym stands for the Family Educational Rights and Privacy Act of 1974. Because of this act, Liberty University is not allowed to discuss any information regarding your account with anyone you have not specifically listed on your FERPA release form. So, if you want someone else to be able to help you handle finances, academics or any other aspect of your school life, you MUST fill out a FERPA release form and submit it to the Registrar’s office. The FERPA becomes a necessity upon the first day of your first college course.
   
• How do I submit it a FERPA?
  You can print a FERPA form from the Financial Aid website. Fill it out and submit it to the Registrar’s office. They will put notes on your account accordingly.
   
• Does it apply to transfer students?
  Yes, the FERPA regulations apply to all students who have taken any college-level courses.
   
• What information can the school give out without a FERPA?
  Only very general information. We are not able to give information about parent plus loans or payment plans, even though it refers to the parent, without a FERPA.

• What is it?
  It is a process during which the student commits to attending Liberty University by entering into a financial agreement.
   
• Why do I need to complete it?
  Committing to coming reserves your spot at the university, reserves your spot in the classes you register for, and, subsequently, lets you submit housing and meal-plan choices.
   
• Where do I go to complete it?
  You can select the ‘Financial Check-in’ link off the main page, or log into your ASIST account and select the ‘financial check-in’ option from there.

• Federal
  The Federal Government offers 5 different grants to assist students in higher education. To be considered for all 5 of these, submit your FAFSA including the Liberty school code (010392). When your information is transferred to Liberty University, your profile will automatically be matched against the criteria for each of the grants and you will be awarded grants according to your eligibility.
  
  - Pell Basics
  Need based, per semester, undergraduate only, maximum eligibility $5350.00 for 09/10, minimum enrollment 3 hours, calculated proportionately to enrollment level.
  
  - Federal Supplemental Educational Opportunity Grant
  Distributed on a ‘first-come-first-served’ basis among students with a ‘Zero’ Expected Family Contribution (your Student Aid Report sent to you after submitting your FAFSA contains this information) to see your EFC.
  
  - Academic Competitiveness Grant
  For first and second year students who meet strict academic requirements as well as need criteria, must qualify for Pell, GPA of 3.0 or better, graduated from ‘rigorous High School academic program’, $750.00 for first year, $1300.00 for second year if you qualify.
  
  - National Science and Mathematics  Access to Retain Talent Grant – SMART Grant
  For third and fourth year Mathematics, Computer Science, Physical life, Technology, Engineering or a critical foreign language, must qualify for Pell, GPA of 3.0 or better, $4000.00 for third and fourth year for those who qualify.
  
  
  - Federal TEACH Grant
  Awarded to students enrolled in a Federal TEACH Grant eligible major with at least a 3.25 GPA. Students will be held to post-graduation teaching requirements of 4 years within 8 years of graduating from LU. Students must complete current year Free Application for Federal Student Aid (FAFSA).
   
• State
  
  - VTAG
  Virginia Tuition Assistance Grant is available to students who have lived in Virginia for at least one year prior to applying for the grant. It is not need-based. In other words, your's or your parent’s income will not keep you from qualifying for the grant. Must be enrolled full-time, cannot be pursuing a religion major, not available during the summer term, no GPA requirement, $3000.00/year undergraduate, $1,300.00/year graduate.
  
  
• Endowments
  A limited number of endowments are available through the Liberty University Financial Aid office. These are awarded based on need and criteria specified by the donor. To qualify for an endowment, watch the Splash Page. Applications are accepted through the Student Service Center during the Spring semester.

• Eligibility
  Your eligibility for Federal loans is determined directly from what you submit on your FAFSA combined with the information on file with Liberty. The result of this calculation will be listed on your Award Letter.
   
• FAFSA
  You must complete your FAFSA BEFORE you can receive federal or institutional funds.
   
• Enrollment
  Because your loan eligibility is in-part based on your enrollment level, any changes to your enrollment level can change your loan eligibility. Please be aware of your grade level. The following chart shows full-time status based on grade level.
  
  Anything less than this enrollment is considered part-time enrollment:
  - Undergraduate – 12 credit hours
  - Graduate – 9 credit hours
  - Doctorate – 3 credit hours
  
  The following break-down applies to Undergrad students:
  - No eligibility: less than 6 hours enrollment
  - Part-time eligibility: 6-11 hours enrollment
  - Full-time eligibility: 12 hours or more enrollment
   
• Grade-level
  Loan eligibility increases as your grade-level increases, with a freshman having the lowest eligibility and grad and professional students having the highest eligibility.
   
• Application (Tutorial)
  On-line or with lender
  It is up to you to decide if you want to apply for a Federal Student loan through Liberty’s Financial Aid lender site or directly with any lender offering Federal Student loans. In either case, you are strongly encouraged to follow-up with your lender or with Liberty to ensure you have completed, signed and submitted the loan application.
   
• Repayment
  While applying for your loan, you will be able to look at a ‘loan disclosure statement’. Please take time to read about the details of the loan you are considering. A loan disclosure statement will explain your interest rate and what your payments will look like when you start paying the loan back. Be aware that Liberty makes no decisions about your loan repayment. This is handled only by your lender. If you have questions about your repayment options, please contact your lender.
   
• I was automatically packaged for Fall/Spring/Summer, how can I change my loans to Fall/Spring only?
  If you prefer having your loans packaged for a semester combination other than the one you were set up for, please submit a loan change form to the Financial Aid office. You can print this form from the main Financial Aid page or pick one up at the Student Service Center. Please remember that changing your packaging to less semesters does not necessarily increase your loan eligibility, since decreasing your number of semesters will also decrease your total budget.
   
• I’m not going to attend for Summer, how can this affect my financial aid?
  If you were not packaged for Summer, nothing will change. If you were packaged for Summer, your total budget will be reduced and your eligibility will be re-calculated. Since there are many factors other than just the number of semesters that play into the picture, the actual totals of eligibility are calculated on an individual basis.
   
• How can I see the Federal Student loans that I have already taken out?
  This information is tracked by the National Student Loan Data System (www.nslds.ed.gov). You can link to your personal loan history through the Financial Aid web page under ‘Steps to get Financial Aid’ – ‘Apply or Check on my loans.’ This information is also available to you on the ELM Resources website.

• What is it?
  SAP stands for Satisfactory Academic Progress. It is the evaluation that LU runs at the end of every semester to make sure you are still eligible for Federal Student Aid.
   
• What happens if I’m on SAP suspension?
  Both your federal and your LU aid will be canceled immediately. This will only be reinstated if the suspension is appealed and approved.
   
• How can I get off suspension?
  You must submit an appeal to the Financial Aid office. The appeal form is posted on the Financial Aid web page. Remember to include 3rd party support material from a physician, counselor, lawyer, social worker, teacher, religious leader, a death certificate, a divorce decree, etc. (depending on circumstances) to support your statement. It should not be a family member.
   
• Once I have submitted my appeal, how long does it take to review?
  Appeals are reviewed once a week on Fridays. To have your appeal reviewed on Friday, you must have submitted it by Tuesday of that week. Otherwise it will be included in the following week’s review.
   
• How will I know if my appeal was granted?
  Once your appeal has been reviewed and the committee has reached a decision, you will be notified of the outcome by regular mail and by email. You can also see the outcome in real time on your ASIST account, under Financial Aid, sub-link ‘Eligibility,’ and then ‘Academic Progress.’
   
• What is the difference between Financial Aid Academic Suspension and Institutional Academic Suspension?
  Financial Aid academic suspension follows the guidelines established by the Federal government for the eligibility for Federal funds. That is why Federal funds are canceled if you don’t meet the Financial Aid Satisfactory Academic Progress criteria. Institutional Academic Suspension is assessed by Liberty University’s academic departments. To appeal or question, you will need to contact your CASAS or DLP Advisor.
   
• How can I get my financial aid reinstated after my appeal has been granted?
  Once your appeal is granted, the Financial Aid office begins the process to reinstate your financial aid. This typically takes 2-3 weeks. Please review your ASIST account to see when it has been reinstated.

• LU
  Most LU scholarships are awarded at the time of admissions. Please review your Award letter carefully for LU scholarships you may be eligible for. The Admissions web-site also lists available scholarships.
   
• Outside
  Review the On-line search resources suggested through the Advocate Office, look at the links offered through your ASIST account – ‘Financial Aid’ – ‘Financial Aid Quick Links’ – ‘Scholarship Search Tools’. Please remember that you must let the Financial Aid office know about any non-LU scholarships you receive. 

• What is it?
  If the Federal Government selects you for ‘Verification’, they are asking the Financial Aid office to collect specific information from you to compare against what you submitted on your FAFSA. The Department of Education selects 30% of all students for verification.
   
• What do I have to do?
  If you are selected for Verification, you will receive a letter that lists exactly what you need to submit. You can access the forms you need to fill out and send in on the Financial Aid webpage. As you submit your forms and documents, you can see what is still missing by logging into your ASIST account, selecting Financial Aid, ‘Eligibility,’ and then ‘Student Requirements’. This page updates to reflect any documents that are still missing.
   
• What if I don’t want to complete verification?
  Verification is a prerequisite for both Federal funding and LU funding to be applied to your account. If you do not complete verification, you will not be eligible for Federal or Institutional aid.
   
• What if I did not file taxes?
  If you did not file taxes, submit a signed statement that says you did not file taxes. Indicate the year, your Student ID, and your name; then sign the form and submit it to the Financial Aid office.
   
• What do I do if my spouse and I filed jointly?
  If you and your spouse file jointly, you will need to submit the ‘Independent’ Verification form and the tax form you filed jointly. Please make sure both parties sign the forms and the copies of the taxes before submitting them.
   
• How can I check the status of my verification?
  Your file will not be processed until you have submitted ALL the required forms. Please check your email and your ASIST account under ‘Financial Aid,’ ‘Eligibility,’ and then ‘Student Requirements’ to check what documents were submitted and what documents are still needed.

• What is a full withdrawal?
  A ‘Full Withdrawal’ is when you withdraw from ALL the courses you are enrolled in during any semester after the courses have started.
   
• What is a partial withdrawal?
  A ‘Partial Withdrawal’ is when you withdraw from one or more, but not all, of the courses you are enrolled in during any semester.
   

• How can a withdrawal affect my financial aid?
  Courses from which a student withdraws or receives a grade of incomplete will not be considered as satisfactorily completed. The courses, which will be considered courses attempted but not completed, may negatively affect eligibility for the next term. Additionally, they will factor into the measurement for the maximum time frame.

• What is the difference between a drop and a withdrawal?
  You can only drop a course before it starts. Once the course has started, you are withdrawing from, not dropping, the course. This is slightly different from Student Account’s calculation of the billing portion.

• How is eligibility for Work Study determined?
  Your eligibility for Work Study is calculated when your FAFSA is processed if you request Work Study when filling it out.
   
• What does it mean?
  If your FAFSA report (SAR) or your Award Letter says you are eligible for Work Study, it means that you may apply for a Work Study job on campus or through the Work Study program off campus to earn money toward your school expenses.
   
• What do I do, now that I’ve been approved?
  Once you have been approved for Work Study, you must submit a Work Study Application with HR. Once it has been approved, you can go to different departments and leave an application with the person in charge of hiring student employees. A list of open student positions is available at www.liberty.edu/jobs under the student employment link as well as in the actual HR office.
   
• I said ‘yes’ to work study on my FAFSA, but it’s not part of my financial aid award. Why not?
  If you said ‘yes’ to work study but don’t see it in your Financial Aid Award Letter, you did not qualify for this Federal Aid or, the school ran out of Federal Work Study funds.