BUSINESS OFFICE FINANCIAL AID Key Points to Remember

BUSINESS OFFICE & FINANCIAL AID Key Points to Remember about Bill Payment, Scholarships, Grants, and Loans

Authorized User � Remind your student to add you as an authorized user.

Deadlines � Dates to have financial arrangements complete � Fall – August 1 � Spring – December 1 � Summer – May 1

How does a student know they have completed Financial Arrangements?

Notification of Bill

This is where you will also find the annual 1098 -T Tax form that is ready every year in late January.

Control +P to Print

Payment Plans � � When and how to enroll Fall and Spring � 5, 4, and 3 -month plans � Summer � 2 -month plan Check your spiral for important deadlines.

Communication � � Your student’s Lipscomb email account is the primary means of communication. Sign up for text messaging.

Communication

Refund Account � Remind your student to set up an e. Refund Account in Touch. Net.

Dewar Insurance 70% injury & sickness withdrawals and 70% mental health withdrawals

Business Office � Contact us Email us at bursar@lipscomb. edu � Call us at (615) 966 -1778 � Visit us on the lower level of the Crisman Administration Center �

FINANCIAL AID Information you need to know! ADVANCE 2018

Financial Aid Office � Tiffany Summers, Director (966 -1791) Jimmy Morris, Associate Director, TN HOPE Administrator (966 -6224) Maggie Kersten, Assistant Director (966 -6207) Tamera Spivey, Scholarship Counselor (966 -6202) Alana Pettit, Loan Counselor (966 -6201) Deidra Cummings, Graduate Loan Counselor (966 - � Denise Forgette, Verification & Technical Support � � � 6203) (966 -6206) **Email us at firstname. lastname@lipscomb. edu

Financial Aid Pop Quiz Kahoot. it � � Use your phone’s internet browser (Safari) No need to download the App

#1 � Students and parents from Tennessee need to know the rules to maintain and receive the TN HOPE Scholarship.

Tennessee HOPE Scholarship Initial Eligibility: � Student must have graduated from an eligible TN high school and be a resident of the state. � Student must have scored a 21 or higher on a national ACT or a 980 on national SAT tests (does not include essay portion) OR student has a 3. 0 final cumulative high school GPA. HOPE Scholarship Amounts: � Student receives $3, 500 per year as a Freshman and Sophomore � After 60 EARNED hours, student receives $4, 500 per year (Junior and Senior) � HOPE Aspire is available for an additional $1, 500 if family verified adjusted gross income is less than $36, 000 (amounts determined on verified FAFSA) � HOPE General Assembly Merit Award (GAMS) is available for an additional $1, 000 for students who have a national ACT score of 29 or higher AND a 3. 75 cumulative final High School GPA. (Cannot be verified until final high school GPA is provided by Guidance Counselor at high school to the state of TN). Renewal of HOPE Scholarship: � FAFSA must be completed each year � A HOPE GPA (TELS) of 2. 75 must be maintained through 48 attempted hours � At 72 attempted hours, a 3. 0 cumulative HOPE GPA is required. � The HOPE can be regained if lost BUT only at Benchmarks (24, 48, 72, 96, 120) � Students eligible up to 126 attempted hours � Strong caution on Dropping Classes All Rules and Requirements for TN HOPE scholarship can be found at www. collegepaystn. com

#2 � Other Lipscomb scholarships have different rules and renewal criteria. It is important to read the Terms and Conditions of the award, the University’s Direct Cost Policy and Probation rules.

Lipscomb Memorial Grants � � � Awarded based on Need from FAFSA and availability of funds Not guaranteed each year Always applied last, if other scholarships from any other source are added the Memorial grant may change Once school has started, the Memorial grant will be “cancelled” and replaced with a specific scholarship fund. It is simply replaced, the total amount will not change. Students are required to write a Thank You Note for the Memorial Scholarship they received. � � � We send students multiple email reminders Usually begins late October of the school year Failure to complete the Thank You Note will forfeit scholarship in the following semester.

For Lipscomb Scholarships please review Terms and Conditions along with the Undergraduate Catalog � � Different University scholarships have different requirements. Please read the Terms and Conditions of your award(in my. Lipscomb) to determine eligibility to receive and maintain University, Federal and State scholarships. � Example #1: Several University scholarships require a student to live on campus to be eligible. If the student does not have a dorm and meal charge for on campus housing, then the scholarship will be cancelled. � Example #2: Certain University scholarships have limits and restrictions on how they are applied. If the scholarship states that “in combination with all other gift aid the scholarship may not exceed full tuition. ” This means that the scholarship is applied last and would be reduced or cancelled if it in combination with other scholarships exceeded full tuition. Also, if other aid is applied after the initial award, it could continue to change since it is still applied last.

Lipscomb follows a Direct Cost Policy regarding gift aid on a student’s account. � The total amount of gift aid, from all sources, that a student may receive is limited to the actual costs billed to them for the term. Examples of gift aid are PELL grants, HOPE scholarships, state grants, Lipscomb institutional scholarships, outside scholarships, etc. � Gift aid that includes any Lipscomb scholarships that exceeds direct costs on an account cannot be refunded to the student � When deciding to move off-campus, a student should carefully review the impact to the financial aid award � Meal plans for off-campus students cannot be covered with institutional aid

Travel Courses and Graduate Courses � � Institutional financial aid (scholarships, discounts, assistantships) may only be applied to Lipscomb University semester-long study abroad programs. Short-term Global Learning and domestic travel programs are not eligible for institutional aid, including funds toward travel costs and tuition. Most Lipscomb scholarships (academic and need based) are limited to undergraduate programs ONLY. � If your student wants to complete a bridge program only courses toward the undergraduate degree will be counted for institutional scholarship purposes.

Students placed on any type of probation while at Lipscomb will forfeit ALL institutional scholarships, usually in the next semester. � � Three types of probation: Chapel, Academic and Disciplinary Can get scholarships back when probation is removed, BUT ONLY BY REQUEST � Reinstatement applications available online

#3 � If your student is selected for Federal Verification it must be completed before ALL Aid is FINAL on the Financial Aid Award

Verification � � � � � The Department of Education (DOE) may select you to “prove” your FAFSA answers through a process called Verification. The IRS Data Retrieval Tool on the FAFSA for both parent and student is the current preferred, quickest, and most reliable way to verify your financial information. If unable to use the IRS DRT then an official Tax Return Transcript from the IRS for both student and parent is required for verifying tax information. If the student did not file taxes, then a Non-Tax Filer Form is required to be completed. The Verification Worksheet verifies any other information required by the DOE and can be different each year. Selection can be every year. No Federal Aid can be processed or paid until verification is complete. May change your financial aid award Notified of selection by student SAR report from the DOE, by Lipscomb email or through my. Lipscomb. Priority Deadline to submit Verification is March 15, 2018

#4 � Student Loans and Parent PLUS loans are available but do have requirements that must be met in order for the funds to pay toward the student bill. Also, Federal Work Study can be a benefit to both student and parent.

Federal Direct Stafford Loans � � Students must accept loans in my. Lipscomb Students must also complete Entrance Counseling and a Master Promissory Note before the funds can disburse. � � Federal Direct Loans are based on Year in School: � � � Missing this important step will cause a delay in future registration Freshmen (0 -29 earned hours) $5, 500 Sophomore (30 -59 earned hours) $6, 500 Junior (60 -94 earned hours) $7, 500 Senior (95+ earned hours) $7, 500 Interest rate as of July 1, 2018 is 5. 045% for subsidized and unsubsidized student loans. � � Subsidized Loans – Government pays interest while in school. Unsubsidized Loans – Interest begins at disbursement.

Parent PLUS Loans � � � Parent Loans may be available for undergraduate, dependent students Borrow up to Cost of Attendance minus all other aid 10 year repayment and can be deferred while student is enrolled. Interest Rate as of July 1, 2018 is 7. 595% Credit approval required through www. studentloans. gov. If Credit Denied, additional unsubsidized Stafford loans available for student � � � $4, 000 additional unsubsidized for Freshmen and Sophomores $5, 000 additional unsubsidized for Juniors and Seniors. Private Student Loans also available in student’s name but will require co-signer � � � Apply online through bank of choice Most have variable interest rates Notify Financial Aid Office of bank and approved amount

Federal Work Study � � � Eligibility based on FAFSA information Work on campus in return for paycheck Cannot be used toward student bill in current semester, can be saved or paid to account for future semester Job Fair for eligible students during first week of classes in August Over 700 student work jobs available last year! Great way for student to earn extra money and gain experience

#5 � Yes, you must complete the FAFSA (FREE Application for Federal Student Aid) every year.

The FAFSA � � � Website is www. fafsa. ed. gov Can’t get a federal loan or grant without it Application for the Tennessee HOPE (lottery) scholarship Recommend filing in October for TN residents The 2019 -20 FAFSA will use 2017 Tax Information Remember both parent and student FSA username and passwords for use each year

#6 � Students must maintain a 3. 0 cumulative Lipscomb GPA in order to renew Academic Scholarships.

For most academic scholarships, students must maintain a 3. 0 GPA. � � � This is a cumulative GPA and is not rounded Students are offered one semester of grace during the freshman year (not checked after fall) Can get scholarship back once cumulative GPA is 3. 0, BUT ONLY BY REQUEST � Reinstatement applications available online � � Other institutional scholarships (memorial, athletic, etc. ) require a 2. 0 GPA Highest scholarship (Trustee) requires 3. 25 GPA

#7 � Lipscomb University scholarships (institutional funds) are available up to 126 ATTEMPTED HOURS and require a minimum 12 credit hour load for fall and spring.

For most areas of study, institutional scholarships are renewable to a maximum of 126 attempted hours. � � � Maximum based on attempted hours, not earned hours Double majors or minors not reason for extension Exception made for some majors that require more than 126 hours to graduate – Music Teaching and Engineering � Requires Scholarship Special Request Form � � Scholarship information for summer is available on Lipscomb’s Summer Program website. Seniors in their last semester who need less than 12 credit hours to finish can request their scholarships be pro-rated through the Financial Aid Office.

#8

We can sum it up in One Word… $ MONEY $

MONEY$ � M: my. Lipscomb – View bill, accept financial aid, and view � O: Officially Registered or Financial Arrangements Complete � N: Necessary Requirements met. GPA, TN HOPE Scholarship, � E: Lipscomb Email is the official form of communication for the � Y: YES, you must file your FAFSA each year. terms & conditions. with the Business Office prior to due date each semester. Entrance Counseling, MPN, Verification, No dropped classes. University. Check it often. We (Business Office and Financial Aid) only send emails when action is needed– Never Junk Mail!

financialaid. lipscomb. edu my. Lipscomb/Business Office *This presentation will be available online shortly after Advance.