LMRC Financial Aid - Direct Loans
On-Line Help

Helpful Links

  • FAFSA U.S. Department of Education online form.
  • Federal PIN # The PIN serves as your identifier to let you access your personal information in various U.S. Department of Education systems.
  • FAFSA4caster Federal Student Aid FAFSA simulator and EFC estimator
  • FinAid The SmartStudent Guide to Financial Aid..
  • FastWeb Free scholarship and college search plus Financial Aid tools.
  • Direct Loans Information on your Direct loan.
  • Loan Consolidation Consolidate your loans with the U.S. Department of Education.
  • NSLDS National Student Loan Data System.
  • SimpleTuition Compare alternative student loans for LMH/RC and find useful financial aid resources.

Student Eligibility

In order to be eligible for any type of financial aid, an applicant must:

  • be enrolled as a regular student in an eligible program
  • be a U.S. citizen or an eligible non- citizen
  • demonstrate financial need, except in the Federal Parents’ Loans to Undergraduate Students (FPLUS) and Unsubsidized Stafford Loan programs
  • maintain satisfactory academic progress as defined in the Financial Aid Handbook
  • not be in default on any student loan
  • not owe a refund on a grant received under the Federal Pell Grant or Federal Supplemental Educational Opportunity Grant (FSEOG)
  • sign a statement of educational purpose stating that financial aid funds will only be used for expenses related to attending school
  • be enrolled at least half-time to receive aid from the FPLUS and the Federal Stafford Loans (both Subsidized and Unsubsidized)

Application for Financial Aid

Students seeking financial assistance are required to submit the Free Application for Federal Student Aid (FAFSA) to Mt. Vernon, Illinois according to the directions on the form. The institutional code for the program is 006331. The information on the FAFSA establishes the student’s eligibility for financial aid. After the FAFSA is processed, the student receives a Student Aid Report. In order to apply for financial aid at Lawrence Memorial/Regis College, the student must also submit the following forms to the Financial Aid Office:

  • Lawrence Memorial/Regis College Financial Aid Application
  • Copies of U. S. Federal Income Tax forms of students and parents or spouse

Financial Aid Programs

Financial Aid is available through grants, scholarships, loans and employment. The following financial aid programs are available.

Government Grants and Scholarships

Awards that do not need to be repaid:

  • Lawrence Memorial/Regis College Grants
  • Federal Pell Grants
  • Federal Supplemental Educational Opportunity Grants (FSEOG)
  • Massachusetts Part-Time Grants
  • Massachusetts Performance Bonus
  • Massachusetts Gilbert Matching Scholarship Grant Program (MSGP)
  • Academic Competitiveness Grant (ACG)
  • Massachusetts Grants

Institutional Grants and Scholarships

  • Lawrence Memorial/Regis College
  • Numerous private scholarships available through the LMRC financial aid office

Loans

Borrowed money that must be repaid with interest

  • Federal Perkins Loan
  • Federal Stafford Loan (Subsidized, Unsubsidized and Additional Unsubsidized)
  • Federal Parents’ Loan to Undergraduate Students (FPLUS)
  • Nursing Student Loans

Federal Work Study

Federal Work Study: This need-based program provides an opportunity for students to earn a portion of their school expenses through part-time employment at the school, hospital, or selected community agencies. Many positions are available and full descriptions of each are available from the Financial Aid Coordinator.

Opportunities for student employment (non-need based) may also be available at the Hallmark Health facilities. An application can be submitted to the Human Resources Department at any of the facilities.

Tuition Reimbursement Incentive Program

Hallmark Health System, Inc. sponsors a tuition reimbursement incentive program for Lawrence Memorial/Regis College Nursing Program students to work in the nursing assistant/patient care technician role/home health aid role and for program graduates to work as RN’s in the in-patient units at Lawrence Memorial Hospital and Melrose-Wakefield Hospital and in home care at Hallmark Health VNA. Details of this program are available in the offices of the Registrar and the Director, Student and Alumni Services.

Frequently Asked Questions

>How do I apply for need-based financial aid?

Students wishing to apply for need-based financial aid must file the Free Application for Federal Student Aid (FAFSA). Prospective students are encouraged to complete their FAFSA by March 15 to ensure receipt of a tentative need based award prior to the May 1 Admissions decision deadline. Current students are encouraged to file the FAFSA by May 1. Students should request that their FAFSA data, including their EFC, be sent to LMH/RC by including LMH/RC's federal code, 006331, on the FAFSA.

 >Does LMH/RC require the CSS profile?

No. LMH/RC requires only the FAFSA.

 >What is Federal Need?

Federal Need is the difference between the total Cost of Attendance and the Expected Family Contribution (EFC).

The equation for determining need is: Cost of Attendance - EFC = Federal Need

 >What is included in the Cost of Attendance?

The Cost of Attendance usually includes tuition and fees, room and board, books and supplies, and personal expenses/miscellaneous expenses.

>How is the Expected Family Contribution (EFC) calculated?

The Federal government has established a standard formula which is used to calculate the EFC. The formula considers family size, the number of family members in college, and the student's and parent(s)' income and assets. Assets include cash, checking and savings accounts, equity in a business, investments and real estate, and in some cases, farm equity. It does not include equity in the family home. After certain allowances are made for family living expenses and retirement income, the EFC is calculated.

>Is there an appeal process if my family has extenuating circumstances that could not be filed on the FAFSA?

Yes, the student and parent(s) can write a letter concerning these circumstances. You may also submit with your letter a Request for Review Form, . The Financial Aid Office may request additional documentation of your letter.

>Do I need to re-apply for need-based financial aid each year?

Yes, you must file the FAFSA each year. You and your parent(s) can file the FAFSA for 2010-11 after January 1, 2010.

>Am I required to report my outside scholarships to the Financial Aid Office?

Yes, if you received need-based financial aid.

>How do outside scholarships impact my need-based aid award from LMH/RC?

Outside scholarships usually help to meet the unmet federal need. If federal need has been met, the federal work award can be reduced and the Federal Direct Loan can be adjusted.

>If  I defer my admission to LMH/RC for a year, what happens to my need-based financial aid package?

You would have to reapply for any need-based aid that you were awarded with no guarantee that the amount would equal the original need-based package.

 

More Questions?  E-Mail the Financial Aid Coordinator, LMRC at This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 

 

 

 
 
Direct Loan Information

Federal Direct Parent Loan for Undergraduate Students (PLUS)

To receive a Federal Direct PLUS loan, a parent must be a biological or adoptive parent of the student for which the loan is being borrowed. The loan is based on the credit worthiness of the parent. The maximum a parent can borrow is the cost of education minus all financial aid the student receives. The interest on this loan begins to accrue when it is disbursed to the student's account, and continues to accrue until the loan is paid in full.

Repayment

Repayment may be deferred until after the student graduates and has a ten year term.

Interest Rate

New Loans originated after July 1, 2010 will have a fixed interest rate of 4.6%. Parent borrowers are charged a four percent (4%) origination fee that is deducted from the gross loan amount. A 1.5% fee rebate is offered to all borrowers in anticipation of on time repayment. The net loan proceeds are credited to the student's account electronically 10 days prior to the beginning of the each semester in 2 equal disbursements.

Master Promissory Note (MPN)

The MPN is a promissory note that can be used to borrow multiple loans for multiple academic years (up to 10 years). The MPN requirement will be for all first-time borrowers of a Federal Direct PLUS Loan who do not have any adverse credit issues. Parents will only need to complete one MPN while their student is attending.

Application Process

  • Parents interested in a PLUS loan may now apply online at www.studentloans.gov
  • A federal PIN is required to sign into StudentLoans.gov. If you do not have a PIN, you may request one from the official PIN website.
  • First-time borrowers may also complete an Electronic Master Promissory Note (eMPN) at www.studentloans.gov.

Federal Direct Student Loans

Before the Federal Direct Loans can be disbursed to your account, you must actively accept your loans and First-Time Borrowers must complete Entrance Counseling and a Master Promissory Note.

For First-Time Borrowers Only - Sign in to www.studentloans.gov with your Federal PIN to complete your Electronic Master Promissory Note (eMPN) and Direct Loan Entrance Counseling.

If you wish to reinstate a loan you have already declined or modify a loan you have already accepted please print, complete and return this Federal Direct Loan Update Form [pdf]

If you wish to decline a Federal Perkins Loan, please contact the Financial Aid Office

Federal Direct Parent Loan for Undergraduate Students (PLUS)

If you did not use a PIN to electronically sign a FAFSA, or if you have forgotten your PIN, you may apply for one or request a duplicate here.

  • First-time PLUS borrowers may also complete an Electronic Master Promissory Note (eMPN) at www.studentloans.gov

 Alternative Student Loans

 
 
Award Notification

Tentative Award Notification

Beginning in late April, tentative need-based financial aid award notifications will be mailed to all accepted prospective students from whom LMH/RC has received FAFSA data.

 LMH/RC will continue to mail tentative financial aid award letters until June 1st. If a student files for aid after June 1, the financial aid file must be complete before a financial aid award will be made.

Applicants should carefully review their tentative award letter and the enclosed information sheet that provides details about each of the awards and how to finalize awards, if an applicant enrolls.

Final Award Notification

If an applicant enrolls:

1.      LMH/RC does require verification of federal data for all enrolled students who are receiving need-based aid. Enrolled students will be notified after April 1 to submit the following documents to the Financial Aid Office

  • Signed copies of parent(s)' prior year federal tax returns
  • Parent(s)' W-2 forms from prior year
  • Signed copies of prior year federal tax returns for the student
  • Federal Verification Worksheet
  • Signed non-filing statement (on Federal Verification Worksheet) if student and or parents are not required to file federal tax returns

2.      If the verification process reveals that changes to the initial FAFSA data are not required, the financial aid awards are final. A letter is mailed to the student indicating the initial aid package is final.

3.      If adjustments to the initial FAFSA data must be made in the verification process, then the financial aid awards may be adjusted. A revised award letter will be mailed to the student indicating the changes that were made to the awards.

4.      Final Award notifications will include instructions on how students can accept or decline the Federal Direct Loan(s) offered.

5.      If the tentative awards that disburse are finalized before the fall bills are generated on July 1, they will show as credits on the bill.

6.      Students who receive outside scholarships must inform the Financial Aid Office of the source and amounts of these awards

 
 
Application Process

Prospective Students

1.      Applicant and one of the parents must obtain a federally assigned PIN number at http://www.pin.ed.gov/ to satisfy the signature requirements for the FAFSA

2.      File the Free Application for Federal Student Aid (FAFSA) online at http://www.fafsa.ed.gov/ and designate LMRC to receive the information by putting in our federal code of 006331.

3.      Prospective students who are admitted to Denison are encouraged to complete their FAFSA by April 15.

4.      Families with financial circumstances that cannot be submitted on the FAFSA are encouraged to submit a signed letter of explanation to the Financial Aid Office

NOTE: Applicants who are independent for federal aid, based on federally defined criteria, do not have to submit parental information or have a parental signature on the FAFSA.


Returning Student

1.      Complete a Renewal Free Application for Federal Student Aid (FAFSA) online at http://www.fafsa.ed.gov/ by April 1st

2.      New applicants for need-based aid must complete the FAFSA by April 1st and designate LMRC to receive the information by putting in our federal code of 0036331. The applicant and one of the parents must obtain a federally assigned PIN number at http://www.pin.ed.gov/ to satisfy the signature requirements for the FAFSA

3.      Families with financial circumstances that cannot be submitted on the FAFSA are encouraged to submit a signed letter of explanation to the Financial Aid Office

4.      On the FAFSA, returning applicants will be asked "Have you ever been convicted for a drug offense that occurred while you were receiving federal financial aid?" For information on how answering "yes" may impact your financial aid eligibility, click here.

NOTE: Applicants who are independent for federal aid, based on federally defined criteria, do not have to submit parental information or have a parental signature on the FAFSA.

The financial aid file must be complete by June 15th to ensure that your financial aid will credit to the fall semester bill that is generated in early July.
 
Determining Financial Need

The information filed on the Free Application for Federal Student Aid (FAFSA) is used in a formula established by the U.S. Congress that calculates an Expected Family Contribution (EFC). The EFC is an amount that the family is expected to contribute toward the educational costs for that academic year. LMH/RC uses federal methodology to determine federal need. Federal need is computed by subtracting the EFC from the total cost of attendance. The difference is the federal need. In cases of high federal need, LMH/RC is unable to meet 100% of federal need.

 Total Cost of Attendance (Including personal expenses)
- Expected Family Contribution (EFC)
= Federal Financial Need

 When LMH/RC receives the EFC calculation from the FAFSA for need-based applicants, it is loaded into the mainframe system to determine a tentative need-based aid package for all students accepted for admission

 

Financial Aid Office

1st floor, Residence Building

Hours: 7:00am to 3:00pm Monday to Friday

Ask a question: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Federal FAFSA Code: 006331
 



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