Financial Aid Information

Financial aid assistance is available to most students meeting basic eligibility requirements.  Due to the number of applicants and the information that must be reviewed in the application process, processing a financial aid application may take up to 12 weeks from the date that the aid application is complete, so it's important that you apply as early as possible. 

An application checklist is provided below. Application deadlines and a summary of some of the more important financial aid requirements and policies are on pages 2-4.  Please review the following checklist and financial aid information carefully; you are responsible for keeping informed of application procedures and meeting all priority dates when applying.

Check our website for additional information.

 Financial Aid Checklist

  • ADMISSIONS  New students must apply for admission into an eligible degree or certificate program. 

  • FAFSA  Complete the Free Application for Federal Student Aid (FAFSA).  The 2014-2015 form is online.  You will need your 2013 tax/income information. LWTech's federal school code is 005373. Applying on-line is the fastest and easiest method. On-line FAFSA worksheets are available outside the Financial Aid Office.  After the federal processor reviews your application, you will receive a Student Aid Report at your home address or email address if provided. If you have listed Lake Washington Institute of Technology on your FAFSA, our financial aid office will receive your electronic student aid report.

  • ABILITY TO BENEFIT Students beginning their program on or after July 1, 2012,or after must have a high school diploma or  an equivalent such as a GED® to receive federal aid.   Students without a high school diploma or GED® may receive state aid if they are otherwise eligible and meet "Ability to Benefit" requirements (passing scores on the COMPASS test, or completion of at least 6 regular (not developemental) program credits). 

  • DATA SHEET  Complete the 2014-2015 Data Sheet, available in "Financial Aid Forms".

  • VERIFICATION DOCUMENTATION If noted on your Student Aid Report that you were selected for verification, you will need to provide a Verification Worksheet (the office will notify you regarding which Worksheet is required).  You  may also need to provide a  Tax Return Transcript for yourself, your spouse (if married), and your parents (if your parent's information was required on the FAFSA), as well as copies of all 2013 W2s; OR use the IRS Data Retreival Tool available on the FAFSA website.   Other verification documentation may be needed per federal requirements. Verification Worksheets may be accessed at www.lwtech.edu/financialaid

  • ADDITIONAL DOCUMENTATION If noted on your Student Aid Report, you must document citizenship, selective service registration, or defaulted loan status, etc. The financial aid office may also request further documentation.

 

Student Loans  Students interested in obtaining a Stafford Student Loan must complete: 

  1. Loan Request Form available online under "Financial Aid Forms".

  2. If you are a first time loan borrower at Lake Washington Institute of Technology, you must complete an on-line Loan Entrance Counseling Session and an on-line Master Promissory Note. Go to Financial Aid and click on "Student Loans". Links to both items are located in the drop down menu. Please note that your Direct Loan Request Form cannot be processed unless these items are completed.

  3. You will receive notification (award letter) after your student loan has been processed.

 

Application Deadlines

To receive priority processing consideration for the academic year completed application forms must be received by March 15, 2014

Students applying after the priority processing deadline of March 15, 2014, must meet the priority deadlines for each quarter below to be considered for funding before quarter start. Funding is limited and there is no guarantee funds will be available after the priority date. Students who do not meet the published priority date will be considered for funding in the next cycle.  

 

Quarter Priority Dates

First Quarter Attending

Priority Deadling

Summer 2014

March 15, 2014

Fall 2014

June 20, 2014

Winter 2015

October 3, 2014

Spring 2015

January 2, 2015

 

*STUDENTS  MUST  RE-APPLY FOR AID EACH  YEAR. CONTACT THE FINANCIAL AID OFFICE TO VERIFY WHEN NEW  APPLICATIONS WILL BE  AVAILABLE.

 

Award Year

The financial aid award year for LWTech is from July 1st through June 30th the following year (Summer through Spring quarters).

Most grant aid (Pell, SEOG, and State Need Grant) must be awarded over a maximum of 3 quarters in an academic year. This means that students who begin school in Summer Quarter may only receive certain types of aid from summer through winter quarters (there may not be a spring quarter disbursement). The Washington State Need Grant is awarded beginning fall quarter.  Please see the Financial Aid Office for questions about annual disbursements of aid.     

 

Eligibility

  • Generally, students are eligible for financial aid if they meet the following conditions:

  • Enrolled in an eligible program at LWTech for the purpose of obtaining a degree or certificate  Note: Students who are not fully accepted into a program (enrolled as completing pre-requisites) are only eligible for student loans, and may receive the loans for a maximum of one calendar year from the date the loan was first received.

  •  Citizen of the United States or an eligible non-citizen

  • Making satisfactory academic progress as defined by LWTech's Satisfactory Progress policy (see page 4 for details)

  • Not in default on any student loans, or owing a refund on any federal or state grants

  • If male, registered with the Selective Service

  • Students beginning their program on July 1, 2012 or after must have a high school diploma or an equivalent such as a GED® to receive federal aid.  Students without a high School diploma or GED® may still receive state aid if they meet "Ability to Benefit" requirements (see below).  

  • ABED and ESL classes are not eligible for most federal and state financial aid at LWTech.  Some lab classes are also not eligible; see the Financial Aid Office for details.

  • Students with a Bachelor's Degree are not eligible for state or federal grants (this includes a Bachelor's Degree or the equivalent earned in a country other than the U.S.)

* STUDENTS MAY RECEIVE AID ONLY FOR COURSEWORK THAT IS PART OF THEIR PROGRAM. AID MAY BE RECEIVED FOR A REPEATED COURSE ONLY IF IT IS DEEMED ACADEMICALLY NECESSARY. A PASSED CLASS MAY ONLY BE FUNDED ONE ADDITIONAL TIME IF  ACADEMICALLY NECESSARY.

 

Ability To Benefit

Students beginning thier program on or after July 1, 2012 must have a high school diploma or equivalent such as a GED® to receive federal aid.   Students without a high school diploma or GED® may receive state aid if they are otherwise eligible and have completed 6 regular (not developmental) program credits or by meeting the minimum COMPASS test score as noted below:  

COMPASS

Writing Skills: 32
Reading Skills: 62
Pre-algebra/numerical: 25

 

Application Procedure

Due to federal and state regulations, the Financial Aid Office cannot offer any aid until all required forms or documentation is received. If there is conflicting information, or if a student is selected for verification, the necessary documentation needed to resolve the conflicting information or to complete verification must be received before aid can be offered.  It is important that students apply as early as possible to avoid any delays in receiving aid.

TO AVOID DELAYS IN PROCESSING OR NOTIFICATION, STUDENTS MUST NOTIFY THE FINANCIAL AID OFFICE PROMPTLY OF ANY CHANGES IN ADDRESS OR PHONE NUMBER. 

 

Cost of Attendance

Student budgets are an estimate of cost of attendance expenses for a nine month academic year, or 3 quarters. Budgets are primarily limited to the students' educational expenses. Please note that students cannot receive financial aid funds in excess of their cost of attendance for an academic year. This includes all aid from grants, loans, work study, WRT, WTA, etc.

Estimated 9 month resident student budgets at LWTech for 2014-2015:

Living with Parent

Not Living with Parent

Tuition & Fees

$4791

$4791

Books & Supplies

$1416

$1416

Room & Board

$3414

$10209

Transportation

$1440

$1440

Misc. Personal

$1737

$1929

TOTAL

$12,798

$19,785

Expected Family Contribution

The federal government and the Department of Education determine the process used to calculate a student's eligibility. The student's and their spouse's income (or parent's income, if the student is considered a dependent student by federal guidelines) from 2013 is used as the basis for determining a student's "EFC" or Expected Family Contribution. This figure in turn helps to determine the need and amount of aid a student may receive. If a student feels their families' financial circumstances have changed significantly from the preceding year (i.e., loss of job, etc.) the student should contact the Financial Aid Office.

 

File Review

During the file review process, additional information may be needed to determine eligibility. if so, students will be notified by email or letter. It is important that any required information be submitted in a timely manner, as files may not be processed until they are complete. Completed files are processed on a first come, first serve basis.

Awards will be based on available funding and the student's eligibility at the time the student's file is complete and correct. 

 

Enrollment Status

Because of limited funds, students will be awarded as full time (12 or more credits) initially. If there is a change in enrollment status, the Financial Aid Office will adjust the student's award accordingly. 

* STUDENTS WHO DROP FROM CLASSES AFTER AID HAS BEEN DISBURSED BEFORE OR ON THE 5TH BUSINESS DAY OF THE QUARTER MAY OWE A REFUND OR REPAYMENT. THE FINANCIAL AID OFFICE CANNOT INCREASE ANY AWARDS FOR ADDING CLASSES AFTER THE 5TH BUSINESS DAY OF THE QUARTER.

* STUDENTS AWARDED A STATE NEED GRANT MAY NOT RECEIVE FUNDS IN EXCESS OF THEIR TUITION AND ALLOWABLE FEES. STATE NEED GRANT AWARDS MUST BE REVIEWED AND ADJUSTED, IF NEEDED, EACH QUARTER.

Aid will be awarded or pro-rated (reduced) according to the following enrollment levels:

Full Time:  12 credits or more
Three-quarter time: 9 - 11 credits
Half-time: 6 - 8 credits
Less than half-time: 1 - 5 credits

 

Notification of Award

When eligibility and need are determined, the Financial Aid Office will attempt to meet the student's need based on the student's enrollment level and available funding. When awarded, students are mailed an award letter which indicates the financial aid program and the amount awarded quarter by quarter. It is important that students read all of the information on the award letter.  Students ineligible to receive grant aid will be notified by email or letter. Please be sure that the Financial Aid Office has your current address as award letters may not be forwarded. 

 

Registration Information

Registration is the official process of enrolling into specific classes; tuition is due on the first day of the quarter.  Students not meeting application priority dates need to make arrangements to pay tuition costs until a financial aid determination has been made.  Under some circumstances, a student whose file has not yet been awarded may request to have thie tuition deferred by completing a payment deferral form at the Financial Aid Office.   Any portion of tuition and fees not covered by aid must be paid at the start of the quarter. 

 

Disbursement of Funds

Financial aid pays any outstanding tuition first.   Any remaining amount is disbursed to the student as a financial aid refund.   LWTech has partnered with HigherOne, a financial institution, to disburse all financial aid refunds.   Students will receive a debit card from HigherOne after their file is complete with instructions and options on how to receive their financial aid refund. (First quarter loan disbursements for first -time, first-quarter Stafford student loan borrowers are delayed for 30 days from the start of the quarter per federal regulations; loan requests for one quarter only must be disbursed in two disbursements).

* Go to Financial Aid and select "Receiving Your Aid" from the menu for details.

 

Refund and Repayment

Students who do not complete all classes funded by aid in a quarter are subject to satisfactory academic progress requirements and federal and state refund and repayment regulations for financial aid, as well as the college's own refund policy. Students must attend classes funded by financial aid. If attendance cannot be documented for the minimum enrollment level funded, aid may need to be re-calculated and the student may owe a repayment to an aid program.

*For students who have received federal or state aid and have withdrawn before 60% of the quarter has been completed, aid eligibility must be reviewed and re-calculated on a pro-rated basis as appropriate.  Students are also subject to the college's own refund policy.

 DUE TO THIS REQUIREMENT, STUDENTS WHO WITHDRAW EARLY MAY OWE A REFUND OR REPAYMENT OF AID. 

Refunds for dropping individual classes funded by aid are determined by the college's tuition refund policy (see school catalog) and regulatory requirements. A copy of the Financial Aid Office's refund policy is available upon request. 

 

          2014 - 2015 Academic Calendar *

Summer 2014: July 7 to August 29
Fall 2014: Sept. 29 to December 12
Winter 2015: January 5 to March 23
Spring 2014: April 6 to June 17         

* Dates are estimated at time of printing

 

Ethical Requirements for Financial Aid

Students receiving financial aid must comply with all applicable federal and state financial aid regulations.   Information supplied on the FAFSA, and to the Financial Aid Office, must be truthful and accurate to the best of the student's knowledge at the time the information is provided.  Students purposely giving false or misleading information may be subject to institutional penalities as well as federal and/or state penalties, including fines of up to $20,000, sent to prison, or both.

Financial aid must be used for direct or indirect educational purposes only, and may not be used for non-educational expenses such as purchase of a car or other vehicle, vacation or recreational purposes, etc. 

 

Available Financial Aid


Federal Pell Grant

The federal Pell grant, like other grants, is aid that is free monetary assistance for educational expenses. Students who have earned a baccalaureate degree are no longer eligible. Like other grants, the Pell Grant is adjusted for less than full-time enrollment.

Effective July 1, 2012, the federal Pell grant may not be received for more than the equivalent of 6 years of full-time awards (determined retroactively; all previous quarters and awards must be considered) per federal regulations.

 Federal SEOG Grant

(Supplemental Educational Opportunity Grant) This grant is awarded to high need students who apply early in the year (funds are limited).  Students must be Pell eligible.

Washington State Need Grant

Students apply by filling out the FAFSA. This grant is available for Washington residents only. The State Need Grant is adjusted for less than full time enrollment and may not exceed the amount of allowable tuition and fees each quarter.

Scholarships

Scholarships, like grants, offer free monetary assistance for educational needs. Scholarships are offered by organizations associated with the college and by outside agencies. See a current list of resources at Financial Aid.                              

Work Study

Work Study is part time employment funded by federal or state financial aid funds. Students apply by marking they are interested in work study on their FAFSA.  Funds are limited and are awarded to students on the basis of need who apply early. Students may work up to a maximum of 19 hours a week. Students must be enrolled at least half-time. See Finanicial Aid for more information.

Stafford and PLUS Loans

The federal Stafford loan is a loan guaranteed by the federal government. Repayment usually begins 6 months after you leave school or drop below half-time. There are 2 types of Stafford loans: a "Subsidized" Stafford Loan requires unmet need and means no interest is charged while the student is in school at least half-time. An "Unsubsidized Stafford Loan" accrues interest while the student is attending. 

Stafford Annual Maximums: Students may receive up to $3,500 a year as a first year student and up to $4,500 in the 2nd year of an AAS or BTAD program.  3rd and 4th year students in the BTAD program may receive up to $5,500. Students completing preparatory coursework for full admittance into a program may borrow up to $2,625 (eligibility while completing preparatory coursework is limited to one calendar year). In addition to the amounts above, independent students may borrow up to $6,000 (or $7,000 for 3rd and 4th year BTAD students), and dependent students fully admitted into an eligible program may borrow up to $2,000 in additional unsubsidized loans.  Effective 7/1/2013; first-time borrowers lose subsidized loan eligibility after 150% of their program's length has been attempted.

The Parent PLUS Loan is available for dependent students, and parents may borrow up to the cost of the student's budget, minus any other aid, with this loan if approved.

A Direct Loan Request Form, on-line Loan Entrance Counseling Session and an on-line Master Promissory Note are required to apply for and receive a student loan. 

 

Maintaining Eligibility for Financial Aid

To continue to receive financial aid, students must meet Satisfactory Academic Process (SAP) requirements. These include qualitative and quantitative measures, as well as maximum time frame requirements. 

 

Qualitative Measure

Students must maintain a quarterly and cumulative G.P.A of at least 2.0. 

 

Quantitative Measure

Students must complete the minimum number of credits for the enrollment level attempted each quarter: full-time students need to complete at least 12 credits, three -quarter time students at least 9, and half-time students at least 6. Less than half-time students must complete all credits attempted. Students who fail to meet the qualitative, quantitative, or pace of progression requirements (see below), may be placed on warning status for the next quarter and may receive aid. Students who fail SAP for 2 consecutive quarters, or fail to complete at least 50% of credits (or all credits for less than half-time students), for the minimum enrollment level attempted in a quarter will be placed on suspended status,  and are ineligible for further aid. 

 

Maximum Time Frame Limitation and Pace of Progression

Students must complete their program in 150 % of the length of their program as measured in attempted credits, and 125% for the State Financial Aid. For example, if a program requires 100 credits to complete, the maximum time frame would be 150 (or 125 for State Financial Aid) attempted credits, regardless of whether the credits were funded by aid or not. Students must also meet pace of progression standards. Pace of progression requires that a student meet at least a 67% completion rate, as determined by completed credits divided by the number of attempted credits (see complete policy for details). If it is determined mathematically that a student cannot complete their program in the maximum time frame allowed the student may no longer receive aid. Students may receive financial aid for a maximum of two (2) programs, whether the program is completed or not. 

 

Appeal Process

In some cases there may be extraordinary circumstances (beyond the student's control), which may be considered for students whose aid has been suspended.  A written petition, along with supporting documentation, may be submitted for consideration. Students whose appeal is approved will be placed on probation status or an academic plan in their next quarter of attendance. Students who fail to meet satisfactory academic progress while on probation, or who fail to meet the terms on their academic plan if approved, will be placed on suspended status and are no longer eligible for aid. 

 

Reinstatement

Financial aid may be re-instated after students have completed, at their own expense, a quarter at the minimum level they were enrolled in (full-time, half-time, etc.), during the quarter for which their aid was suspended (this does not apply to students who have reached the maximum time frame limitation). The credits must be completed at LWTech and the student must meet all applicable satisfactory academic progress requirements while completing these credits. Awarding of financial aid for reinstated students is on a funds-available basis only. The complete satisfactory academic progress policy may be viewed at Financial Aid.