Financial Aid Office
Available Financial Aid
Federal Financial Aid
Pell Grant
All students filing the FAFSA are automatically reviewed for Pell Grant eligibility. Pell Grants amounts vary according to the year and the number of credits taken each semester. The maximum amount that you may qualify for the 2009-2010 academic year is $5,350 if your EFC is zero. To qualify, your Expected Family Contribution (EFC) as determined by the FAFSA must be less than $4,618. Although awards are made through the University, the U.S. Department of Education determines your eligibility when you file the FAFSA. Pell Grants do not have to be repaid.
All students filing the FAFSA are automatically reviewed for Pell Grant eligibility. Pell Grants provide assistance to which other forms of aid may be added.
Pell Grant amounts vary according
to the year ($609-$5,350 for 2009-10).
To be eligible for a Pell Grant,
students must:
- be determined to have financial
need.
- be undergraduates accepted
for admission and enrolled in eligible programs and meet satisfactory progress standards.
- be U.S. citizens or permanent residents or qualified Jay Treaty
students.
- not be in default on a Direct Stafford or Perkins Loan, and not owe a refund for a Pell
Grant or other federal aid.
- not be disqualified due to prior
drug offense convictions.
Although awards are made through
the University, the U.S. Department
of Education determines eligibility.
The University Financial Aid
Office uses a standard procedure
established by the Department of
Education to calculate the award.
To apply, complete the Free
Application for Federal Student Aid
(FAFSA). Forms are available at high
schools, colleges and financial aid
offices or online at www.fafsa.ed.gov.
Supplemental Educational Opportunity Grant (Priority aid)
The Higher Education Act of
1965 created this program of
financial assistance to help college
students with the greatest financial
need. Supplemental Educational
Opportunity Grants may be used to
meet all or part of student financial
need (up to $4000 in any one year).
Financial need is the primary
consideration in the selection of
grant recipients. Priority is given to
the neediest Pell Grant recipients.
Recipients are selected from those
applying for all forms of financial
aid by using the FAFSA.
FSEOG is a priority fund that is
distributed first to students who file
their FAFSA by March 1st.
Recipients of this award must
reapply each year and maintain
the regular satisfactory progress
standards to be considered for a
renewal award.
Academic Competitiveness Grant (ACG)
Established in 2006, this program
provides additional grant funds for
students that meet the following
requirements:
- be a U.S. citizen.
- be a Federal Pell Grant recipient.
- be enrolled full-time in a degree program.
- be enrolled in first or second year of an associate or baccalaureate program.
- have completed a rigorous program of study in high school
Federal ACG recipients will receive
up to $750 for their first year (up
to 24 credits) and $1,300 for their second year (25-48 credits) provided
they maintain eligibility and earn a minimum GPA of 3.0 after one year.
National Science & Mathematics Access to Retain Talent Grant (SMART)
Established in 2006, this program
provides additional funds to Pell
recipients who meet certain conditions
in their third and fourth academic
years. Students must meet
the following requirements:
- major in physical, life, or
computer science, engineering,
mathematics, technology, or a
critical foreign language.
- have at least a cumulative GPA
of 3.0 or higher each semester
in the major.
- be enrolled in at least one
course with their major each
semester.
Students qualifying for the SMART
grant will receive up to $4,000 per
year for their third and fourth academic
years provided their award
does not exceed their financial
need.
Work Study (Priority aid)
College Work-Study is a job for undergraduate students with financial need, allowing them to earn money to help pay educational expenses. The federal and state governments provide limited funds for the program.
The average Work-Study award is $2,000 per academic year or $1,000 per semester. A student should work approximately 9 hours per week to earn this amount over the two-semester academic year.
Your Work-Study pay rate will be at least the current state minimum wage, but may be higher, depending on the type of work you do and the skills required. You will be paid by the hour, every other week.
If you have demonstrated financial
need, you may be eligible for
employment by Lake Superior
State University under the federally
supported Work-Study Program.
You must file a FAFSA to be
considered for this program and
have financial need.
Students may work up to 19 hours weekly while attending classes
more than half time. During the
summer or other vacation periods
when you do not have classes, you
may work full time (40 hours per
week) under this program.
The basic starting rate tends to be
commensurate with the current
minimum wage. Higher rates are
paid for highly specialized work.
America Reads Program at Lake
Superior State University is another
work study opportunity for
students. Students work as reading
tutors in the local elementary
schools and are paid through the
Federal Work-Study Program.
Interested students should request
this unique employment experience
when submitting their applications
for employment at the Office of
Human Resources.
Bureau of Indian Affairs Scholarship Grant
Bureau of Indian Affairs
Scholarship Grant: Members or
those eligible for membership in a
federally recognized tribe showing
need, may apply for Bureau
of Indian Affairs Scholarship
Grants by contacting their tribal
education office for an application. It is possible to receive up to full
university expenses per year in
scholarship grants if financial need
is demonstrated. The average award is $800 per year. All applicants
must complete a Free Application
for Federal Student Aid
(FAFSA).
Bureau of Indian Affairs Vocational Training Assistance
Native students enrolled in
certificate or associate degree programs are eligible for assistance
to pay for tuition, books and living
expenses. You must be a member
or eligible for membership in a
federally recognized tribe.
Awards are based on financial
need. Applicants must complete
a Free Application for Federal
Student Aid (FAFSA). Applications
may be obtained by contacting the
Tribal Education Office.
Perkins Loan (Priority aid)
The Federal Carl Perkins Loan
program is for students enrolled at
least half time in an eligible program
who need a loan to meet educational
expenses.
Students may borrow up to $4,000
for each year of undergraduate
study. The maximum debt for
undergraduates is $20,000. The
amount awarded by the University
is generally less due to limited
funds. Repayment begins nine months
after students graduate or drop
below half-time enrollment. There
is a 10-year pay back period, at
five percent interest on the unpaid
balance of the loan principal.
The amount of the repayment
depends on the size of the debt and ability to pay. In most cases,
students must pay at least $40 a
month. Any agreement for a lesser amount must be attributable to
extraordinary circumstances such as
prolonged unemployment. Default: If a student defaults on
a Perkins Loan and the school
is unable to collect, the federal
government will take action
to recover the loan. In cases of
bankruptcy, total or permanent
disability or death, loan obligations
are canceled.
Deferment of payment is available if:
1. you are enrolled and attending
as at least a half time student
at an institution of higher
education.
2. for any period not to exceed
three (3) years
A. unable to find full-time employment.
B. experiencing economic hardship.
C. certain military service.
Cancellation: Loans may be canceled for:
- certain types of teaching,
- full-time qualified provider of early intervention services for the disabled,
- full-time nurse or medical technician,
- full-time law enforcement or corrections officer,
- death or disability of the student,
- full-time staff of Head Start Educational Program,
- full-time provider of services to high-risk children at a child or family service agency.
- certain military service.
Print
the Perkins Master Promissory Note, Statement of Rights & Responsibility, and the entrance interview form by clicking here.
Federal Nursing Loan
The Nursing Education Loan
Program provides loans of up
to $4000 a year for bachelor’s
degree or completion nursing
programs. Eligibility requirements
include United States citizenship,
enrollment of at least half time and
demonstrated financial need.
Attn: Nursing Students
Apply for loan forgiveness with the Department of Health and Human Services by clicking here.
Direct Subsidized and Unsubsidized Student Loan
Qualified applicants must be a
United States citizen or eligible
alien. Students may borrow up to $3,500 the first year of
undergraduate study, $4,500 as a
sophomore and $5,500 as a junior
or senior. The lifetime maximum
amount is $23,000. Eligibility
is based on financial need for
subsidized loans.
Subsidized loans are eligible
for federal interest benefits. For
subsidized loans, the federal
government does not charge interest while attending school at least half
time, during the six-month grace
period, and during deferments
(postponements of repayments).
Financial need must be shown to
receive this type of loan.
For students without financial need,
the Direct Loan Program offers
Direct Unsubsidized Loans. The
federal government charges interest on these loans while attending
school, in the grace period, and in
deferment.
The student loan program is administered through the Financial
Aid Office under the Direct Loan
Program. A loan fee is charged
on all loans, under federal law.
Loans are disbursed in two equal
disbursements (one-half in the fall
semester; one-half in the spring
semester).
Once enrolled at Lake Superior State University, students must meet the
satisfactory progress standards to be
eligible for additional loans. Students
must file a Free Application
for Federal Student Aid each year to
qualify for a student loan.
Repayment begins six months after
graduation or the date the student
attends school less than half time. Interest rates are set each June for
the following academic year.
Important News for Federal Student & Parent Loan Borrowers
On May 7, 2008, President Bush signed H.R.5715 into law (Public Law: 110-227).
The student and parent loan programs are being amended to assist families in meeting their educational expenses beginning July 1, 2008.
Undergraduate students may be eligible for an additional federal student loan for up to $2000 under the unsubsidized loan program. For example, freshmen students (less than 26 earned credits) who were awarded $3500 in student loan for 2008-09 may now receive an additional $2000 in student unsubsidized loan for this year.
The Parent PLUS Loan program will also change under the new bill. Parents may choose to defer payments on a PLUS loan until six months after the date the student ceases to be enrolled at least half time. Accruing interest could either be paid by the parent borrower monthly or quarterly, or be capitalized quarterly.
Incoming LSSU students will receive notification of their additional student loan eligibility shortly. No loan changes will be made without their written authorization. Returning LSSU students will receive the Official Offer of Financial Aid with the additional loan eligibility included in their original offer.
Direct Parent PLUS Loan
NEW REPAYMENT INFORMATION FOR PLUS LOAN BORROWERS
For PLUS loans that are first disbursed on or after July 1, 2008, Parent PLUS borrowers the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed or not until six months after the dependent student on whose behalf the parent borrowed ceases to be enrolled at least a half time basis.
Parent borrowers can call Borrower Services at 1-800-848-0979 to request an in-school deferment for their dependent child. This change is only for PLUS loans that are first disbursed on or after July 1, 2008. Parents should wait until the first half of the loan is disbursed in September to make this call.
Parents may borrow up to the difference
between the cost of education
and other financial aid for which
the student is eligible. The interest
rate is adjusted annually for new
loans; the 2009-10 fixed interest rate
is 7.9%.
Students must meet the satisfactory
progress standards to be eligible and
must file a Free Application for Federal
Student Aid each year to obtain
a Federal Direct PLUS loan.
An origination fee is deducted from
each of two disbursements made in
a school year. Repayment begins
within 60 days of disbursements.
Interest rates are set each June for
the following academic year.
Michigan Financial Aid
Tuition Incentive Program
The TIP Program pays tuition and
fees for students of lower-income
families. Eligible students must be
Michigan residents; be graduates
from high school or have obtained
a GED after May 1, 1988 but before
reaching age 20; be accepted for
admission into an associate’s
degree program; and accept TIP by
submitting certification while in
high school. Acceptance must be
filed before high school graduation.
For more information visit the TIP web site at http://www.michigan.gov/
Michigan Competitive Scholarship
These State scholarships range from
$100 to $1,300 at Lake Superior State
University. Applicants must:
- have been continuous residents
of Michigan for a 12-month period before July 1 of the award year.
- be a Michigan high school graduate.
- attain qualifying American College Test (ACT) sum score of 90 or higher.
- file FAFSA by March 1st and demonstrate financial need.
Good academic standing with at
least a 2.00 grade point average
and meeting satisfactory progress
requirements is required to renew
a scholarship. High school seniors
must take the ACT by December of
their senior year.
For more information visit the Michigan Competitive web site at
https://treas-secure.state.mi.us/osg/welcome.asp
Michigan Promise Scholarship (beginning in 2007-2008)
Established in 2006, this program
provides up to $4,000 to high
school graduates for successfully completing two years of post secondary
education beginning with
the graduating class of 2007.
To be
eligible a student must:
- be a Michigan resident.
- have completed the Michigan
Merit Exam (MME) with qualifying scores.
- have graduated from a Michigan
high school or passed the
General Educational Development
(GED) or any other graduate equivalency exam
approved by the State Board of
Education.
- self-certify eligibility with the
State to receive funds.
The Michigan Promise Scholarship
recipients may receive up to $1,000
per academic year for each of their
first two years of college enrollment
and up to $2,000 after the successful
completion of two years with at
least a cumulative 2.5 GPA.
Students must self-certify by November 15th to activate their award for that academic year.
For more information visit the Michigan Promise web site at http://www.michigan.gov/mistudentaid
Michigan MERIT Scholarship (prior to 2007-2008)
To be eligible for a Michigan Merit Award, a student must: Take all four MEAP high school tests prior to the end of the student's senior year of high school ... Writing, Reading, Mathematics and Science. Social Studies and Listening are not required to earn a Michigan Merit Award. Achieve Level I (“Exceeded Michigan Standards”) or Level II (“Met Michigan Standards”) on all four tests. Meet all other eligibility requirements.
For more information visit the MERIT web site at http://www.michigan.gov/mistudentaid/
Michigan's Educational Opportunity Grant and Adult Part-time Grant
Established in 1986, the Michigan Educational Opportunity Grant provides up to $1000 a year to Michigan residents enrolled at
least half time. Recipients must be
Michigan residents for the prior
12 months, U.S. citizens making
satisfactory academic progress and
have demonstrated financial need.
The Adult Part-time Grant was established in 1986 to aid
independent students with
financial need who are enrolled
for three to 11 credit hours, self-supporting,
out of high school at
least two years, Michigan residents
for prior 12 months, U.S. citizens
and making satisfactory academic
progress. Maximum grant is $600
a year and limited to two years of
study.
These grants are offered to students for summer semester on a first-come, first-serve basis.
Michigan Nursing Loan
The Michigan Nursing Loan is a
limited award available to Michigan
residents enrolled at least halftime
at an eligible institution in
a program leading to a Licensed
Practical Nurse (LPN) certification,
Associate Degree in Nursing (ADN), or Bachelor of Science in
Nursing (BSN).
Students may borrow up to $4000
per academic year for full-time
attendance, not to exceed the cost
of attendance minus other grants
and scholarships. To qualify for
forgiveness of this loan, students must work as direct care-givers in
Michigan for one year for each year
of assistance.
Awards are $4000 per year for
full-time students, $3000 per year
for three-quarter time students and
$2000 for half-time attendance, for
up to four years.
General eligibility requirements
include:
- at least half-time enrollment
- Michigan resident for one year prior to beginning nursing program
- U.S. Citizen or permanent resident
- agreement to gain nursing
licensure and work in direct
care in Michigan within one year of completing academic program
- agreement to repay the loan if the work requirement or other program provisions are not met
- maintain satisfactory academic
progress standards
- have not been convicted of a violent felony crime
Recommendation of candidates for
the award is made by the Nursing
Department and the Financial Aid
Office when funds are available.
Institutional (LSSU) Aid
LSSU Scholarships
- Michigan Incoming Freshman
- Ontario Incoming Freshman
- Transfer Students
- Out of State and Foreign Incoming Freshman
- Current Students
- Departmental Scholarships
- Additional Scholarships
Learn more about our scholarships by clicking here
Board of Trustees Grant Program (Priority aid)
This program provides assistance
to incoming and currently enrolled
students based on financial need.
The grant is considered a form of
“priority aid”, requiring the on time
filing of the FAFSA each year.
Recipients must be Michigan residents
and enrolled full time in Lake
Superior State University classes.
Native American Tuition Waiver
The value is full tuition for full tuition waiver for
qualified North American Indian
students who have been residents
of Michigan 12 months prior to
enrollment.
Applicants must submit a
certification of one-quarter blood
quantum to their tribal chairperson
or tribal certification officer. The
Intertribal Council will attach
a certification letter to the tribal
certification and forward it to
the Financial Aid Office at the
University. The University will
then issue a credit for the tuition
for eligible students each semester.
Students must be accepted for
admission into an eligible program
and submit their certification of
eligibility and proof of Michigan
residency prior to starting classes.
Other Aid Sources
Alternative Loans
Alternative loans provide additional monetary assistance to students who have been awarded their maximum eligibility in aid but require additional funding. Some students will automatically be offered an Alternative loan on their Financial Aid Notification or the loans can be requested through some of the following web sites or at the Financial Aid Office.
The Lake Superior State University Financial Aid Office recommends the alternative loan lenders shown below. In the spring of 2008, several lenders were asked to respond to a Request for Information and submit detailed information for our evaluation. The details are summarized on the attached chart for your review.
Preferred Alternative Loan Lenders:
- WELLS FARGO
- SALLIE MAE (Sallie Mae has recently increased their credit standard. Apply with a creditworthy cosigner who has a strong credit score.)
- CHASE
For a helpful comparison of these and other alternative lenders, go to Certified Simple Tuition for more information.
Students are free to select the lender of their choice for alternative loans, up to the amount shown on their Official Award Letter, and must disclose all loans taken for educational purposes to the Financial Aid Office.
Loan Processing Deadlines
Due to the processing time, loan requests can not be honored during the last two weeks of the semester. Please submit any requests for alternative or direct loans to the LSSU Financial Aid Office before the last two weeks of the semester.
Canada Student Loans (OSAP)
Canadian students who need
financial help to earn a degree at
an institution of Lake Superior
State University may apply for
aid through the Ontario Student
Assistance Program.
To qualify for a loan, the student
must:
- be a Canadian citizen or have
landed immigrant status;
- be a resident of a province that participates in the plan;
- have attained a satisfactory scholastic standard;
- be enrolled, or qualified to
enroll in a post-secondary course of studies;
- be taking at least 60 percent
course load (eight credits);
- complete an application for OSAP at osap.gov.on.ca;
- bring Program Information
Form to the LSSU Registrar’s Office to be completed and mailed by LSSU.
The loans are interest free for full time
students and until six months
after graduation or termination of
full-time studies. After the interest free
period has expired, students
are responsible for the repayment
of principal and the interest on the
outstanding balance at a loan rate in
effect when repayment begins.
Application forms and more information are available online
at http://osap.gov.on.ca/
OSAP FAQ's
Application forms are also available from Student Awards Branch, Ministry of Education and Training, P.O. Box 189 Red River Road, 4th Floor, Thunder Bay, Ontario P7B 6G9. Telephone 1-800-645-3013.
Veterans Educational Benefits
Lake Superior State University’s VA
Certifying Official acts as a liaison
between the Department of Veteran
Affairs and eligible students.
Student eligibility for veterans
educational benefits is determined
by the United States Department
of Veterans Affairs. Students
who believe they are eligible for
veterans educational benefits are
encouraged to contact the U.S.
Department of Veterans Affairs
and the Michigan Department of
Military and Veterans Affairs for
educational assistance programs.
Additional information is available
at LSSU’s Veterans Benefits web site
at www.lssu.edu/registrar/va. A Veterans Educational Benefits
recipient must be admitted into
a degree program or as a guest
student. The student is required
to provide the University’s VA
Certifying Official with a degree
audit form from their department.
All transfer credit is evaluated
and recorded as “credit for
previous training”. Classes may
not be repeated if passing grades
were received. Each semester the
student must provide a completed
certification form of scheduled
classes within their declared major
to the University’s VA Certifying
Official. The student must
also notify the University’s VA
Certifying Official of any change to
their scheduled classes, academic
program, or withdrawal from the
University. These activities along
with attendance are monitored and
reported to the U.S. Department of
Veterans Affairs.
Standards of Progress
requirements for recipients of
Veterans educational benefits
follow the University’s “Academic
Probation and Dismissal Policy”
as stated. If a student fails to meet
these standards, the University’s
VA Certifying Official must
notify the U.S. Department of
Veterans Affairs and the student’s
benefits will be terminated for
unsatisfactory progress.
Michigan Educational Trust
(MET)
MET allows parents, grandparents, businesses and others to pre-purchase undergraduate tuition for a child residing in Michigan at any Michigan public university or college, including 28 public community colleges. Under the contract, MET will guarantee payment of tuition and mandatory fees without further charge. MET guarantees in-state tuition at public four-year colleges and universities in Michigan or in-district tuition at public community colleges in Michigan.
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