How do I apply for financial aid?
A FAFSA PIN number is the first thing you will need before you apply for federal aid online. Students and one parent of a dependent student will need a PIN number. This allows students and parents to sign online. You can choose your own PIN number. Keep PIN numbers secure and do not lose your number because it can be used multiple years. You can establish a PIN at www.pin.ed.gov. Once you have established PIN, complete the FAFSA application online at http://www.fafsa.ed.gov.
How often do I have to apply for financial aid?
You should complete a FAFSA each year that you plan to attend school. File your FAFSA early! Make it your goal to complete the FAFSA by March 1st of each year. The FAFSA will ask for tax information from the prior year. If you complete the FAFSA before you file taxes, we recommend you estimate your tax information and make a correction after you have filed.
Can I apply for financial aid before I am accepted at Lincoln College?
Yes, you can file the FAFSA before you are accepted. You can add our school code at the time you complete your FAFSA, or after it has been processed. Please keep in mind that the financial aid office will not calculate your aid or send an award letter until you have been accepted for admission to Lincoln College and valid FAFSA results have been received by our institution.
What’s the difference between subsidized and unsubsidized loans?
A subsidized loan is a need-based federal student loan. Students are not charged any interest while you are enrolled in school at least half time. The federal government “subsidizes” the interest during this time.
An unsubsidized loan is a federal loan that is not awarded on the basis of need. Interest will accrue (accumulate) on the loan from the time it is disbursed until it is paid in full.
Why am I getting my loan in two disbursements?
The Department of Education requires that federal loans be issued in a minimum of two disbursements for the loan period. Students who have a loan awarded for fall and spring semesters will receive one disbursement in the fall and one in the spring. Students who have a loan awarded for only one semester only will have two disbursements within the same semester.
How much loan money can I borrow?
The loan amounts you can borrow depend on your grade level in school and whether a student is considered an independent or dependent student based on FAFSA criteria.
Students who did not meet independent student criteria on the FAFSA and needed parent information.
- Freshmen level (0-29 credits) dependent students may borrow up to $5500 in loans annually.
- Sophomores level (30-59 credits) dependent students may borrow up to $6500 in loans annually.
- Third year (60+ credits) dependent students may borrow up to $7500 in loans annually.
Students who meet independent student criteria on the FAFSA, or dependent students who have a parent that is not eligible to borrow a PLUS loan.
- Freshmen level (0-29 credits) independent students may borrow up to $9,500 in loans annually.
- Sophomores level (30-59 credits) independent students may borrow up to $10,500 in loans annually.
- Third year (60+ credits) independent students may borrow up to $12,500 in loans annually.