Financial Rights & Responsibilities
To be eligible for financial aid you must:
- be a US citizen or eligible non-citizen
- be registered with Selective Service (males, 18-25)
- attend a participating college or university
- be working towards a degree or certificate
- be making satisfactory academic progress
- not owe a refund on a Federal Grant
- not be in default on a Federal Educational Loan
Your financial aid award letter is based on full time enrollment (for undergraduates, at least 12 credit hours per semester) and your living arrangements as indicated on your FAFSA. If at any time you change your enrollment and/or living arrangements, you must notify the Financial Aid Office. A change in one of these could result in a change to your financial aid awards.
Lewis University Institutional Aid is to be used by students pursuing their first undergraduate degree and for direct costs only at the University. To be eligible to receive institutional monies you must maintain full time enrollment status, except in your graduating semester, and not be enrolled in the adult accelerated program or a contract/cohort program.
Renewal of the Lewis University Merit Scholarships is based on maintaining the GPA listed in the announcement letter received from the Admissions Office.
Financial aid funds are disbursed to your University account on a semester by semester basis after the add/drop period. If your University account has a credit balance after all financial aid funds have been disbursed, you are eligible to receive those excess funds within 14 days from the date that credit balance occurs.
Financial Aid Award Letter
All students who are eligible for financial aid will be sent a financial aid award letter. It is your responsibility to review your award letter. If you need to make changes to any of your awards, they must be made in writing and directed to Financial Aid Services.
If you are awarded a Federal Stafford Loan on your award letter and you do not wish to participate in the program you must reject the loan on your award letter and return it to the Financial Aid Office or the loan will be processed as awarded.
For any student who is not awarded by November 15, Financial Aid Services cannot ensure that they will remain eligible for any funding for the fall semester.
Billing Disclosure Statement
If you are a returning student, the Authorization Form you completed in the prior academic year will be valid for all subsequent years you attend Lewis University. You have the right to rescind/change this authorization at any time during your academic career at Lewis University
If you are a new student to Lewis University, you must sign the Authorization Form that is attached to your award letter before your Federal financial aid will be disbursed to your University account. You have the right to rescind/change this authorization at any time during your academic career at Lewis University.
Title IV Return of Funds
All students who withdraw from the University are subject to this policy. During the first 60% of the enrollment period, a student earns Title IV funds in direct proportion to the length of time he/she is enrolled. The percentage of aid earned is determined by
- the date the student officially withdraws
- the total number of calendar days in the enrollment period and
- the calendar days the student completed during the period of enrollment.
State of Illinois Map Grant
By applying for financial aid and agreeing to share that information with the Illinois Student Assistance Commission (ISAC) you have been considered for the State of Illinois (IL) Monetary Award Program (MAP) Grant. If you were determined to meet the eligibility criteria for the MAP Grant, an award is included on this award letter. This award is an estimate made by the Financial Aid Office. MAP funding levels are appropriated by the Illinois General Assembly. Please be aware that in light of state funding constraints, reductions to estimated or actual MAP grants are possible.
Lewis University processes educational benefits for veterans who are enrolled in a degree seeking program. If you are eligible for these benefits, bring your DD214 and your completed Educational Benefit Form to the Financial Aid Office to get your benefits started.
If you are currently receiving these benefits and stop out for a semester, you must notify the Financial Aid Office that you have returned to the University.
If you withdraw from one or more of your classes it could affect your eligibility for VA Benefits. It is your responsibility to notify the Financial Aid Office if you withdraw from any or all courses.
You are responsible to report to Lewis University any other money you receive from sources outside of Lewis University (i.e. Rotary Scholarships, employee reimbursement, other private scholarships, etc.).
You are encouraged to apply for as many private scholarships as you are eligible to receive. Refer to the Financial Aid Office for a current listing of available scholarships.
If your financial aid award includes Federal work-study, you need to understand that this does not automatically assign you to a campus job. The University's policy is to give priority for campus employment to FWS eligible students. Once FWS students who are interested in working are placed, then those students who are not FWS eligible will be considered for campus employment. Contact the Assistant Director of Financial Aid in the FAO to determine when non work-study positions will become available.
All new students to the student employment program are required to attend a training session entitled 'Processes and Procedures'. There will be several sessions scheduled at the beginning of each semester. Consult the Financial Aid Office for place and time. Until this requirement is met, students will not be able to receive their paychecks.
- Students must complete a new Authorization Contract:
- each year when they return to a department
- for each department they work for
Whenever changing jobs during the academic year, refer to Student Employment Handbook for specific information regarding student employment.
Federal Perkins Loan
If your Financial Aid Award Letter contains a Federal Perkins Loan you must complete a Promissory note in the Financial Aid Office prior to the loan being disbursed.
If you are a new student to the Perkins Loan program you must complete an entrance interview. The Perkins Loan funds will be disbursed directly to your University Account.
Federal Stafford Loans (subsidized and unsubsidized)
With the Reauthorization of the Higher Education Act, Lewis University is eligible to participate in the Federal Stafford Loan Program using the Master Promissory Note (MPN). Lewis University utilizes the MPN on a serial basis. This means that a student is only required to submit one MPN for the loans they borrow during their academic enrollment.
If you are a returning student or a transfer student who borrowed a Federal Stafford Loan using an MPN, an additional MPN is not needed. If you are a new student, an MPN will be needed in order for the lender to process your Federal Stafford Loan. The lender will send the MPN to the student for completion and signature. The MPN must be returned to the lender before the loan can be processed.
If you are a new student borrower to Lewis University and eligible for a Federal Stafford Loan, federal regulations state that you must attend an entrance interview. This entrance interview must be completed before your loan will be certified. The loan proceeds will not be disbursed by the lender until 30 days after the start of the semester.
Lewis University participates in Electronic Funds Transfer (EFT) with the lenders participating in the Federal Stafford Loan program. This means that your loan proceeds will be credited to your account through an electronic media as long as you indicate on your MPN that you want your loan sent EFT.
If you do not return to Lewis University for the spring semester and have either not been awarded or not submitted an MPN for your Stafford Loan by the deadline, the Financial Aid Office cannot guarantee that you will remain eligible for the fall portion of that Stafford Loan.
If you are a new transfer student, the Stafford Loan you were awarded was based on the final evaluation of your transfer credits by the Admissions office. If that evaluation has not taken place prior to your Stafford Loan being certified it will be adjusted to reflect your correct class standing. It is your responsibility to ensure that your official academic transcripts are submitted to Lewis University.
Master Promissory Note
Lewis University utilizes the serial component of the Master Promissory Note (MPN). This means that you only need to submit only one MPN for your Federal Stafford Loan. You may complete your MPN with the department of education at http://StudentLoans.gov. You will be required to complete the application online or mail the paper copy back to the the department of education before your loan money can be disbursed.