If students wish to apply for all types of Financial Aid administered by the Office of Financial Aid, they must:
- Complete the Free Application for Federal Student Aid (FAFSA) which is available on-line at 1. www.fafsa.ed.gov. This on-line application must be submitted each year. The processing deadline is March 1 each year. List Lincoln College as the first college choice. Lincoln College’s school code is 001709.
- Students who have previously applied for Financial Aid are considered to be Continuing 2. Students and must have their Financial Aid application processed by March 1 each year in order to be considered for an Illinois State Monetary Award.
- Students should forward the completed FAFSA and a copy of their and their parents’ previous year’s tax returns to the Office of Financial Aid as soon after January 1 as possible. The FAFSA will be submitted electronically with results returning in three to five working days. However, if students mail the FAFSA to the federal processor, they will receive a Student Aid Report in the mail within four to six weeks.
Determination of Financial Aid
Federal and State Aid is based on need and is determined as follows:
Cost of Education (College Budget) – Parent/Student Contribution (EFC) = Student’s Unmet Need
Unmet need can be met with grands, scholarships, loans, and employment, if funds are available. The Parent/Student Contribution can be met with unsubsidized Federal Family Education Loans and/or Parent Loans.
Student Aid Report (SAR)
- No scholarships or grants will be awarded until the financial aid office receives notification of a processed Student Aid Report (SAR).
- All financial aid (including Lincoln College scholarships, Illinois State Monetary Award, Federal Pell Grant, Federal Direct Loans, and Federal Work-Study) is determined from the Student Aid Report.
- Once Lincoln College receives notification that the Financial Aid application has been processed (and all other requested documents have been received), students will be sent a Final Financial Aid Award Letter showing the financial aid they are eligible to receive.
Students who officially withdraw or are dismissed from the College shall be entitled to a credit/refund of net tuition, room, board, and mandatory fees. Net tuition is defined as gross tuition less Lincoln College scholarship aid. An administrative charge of $25 will be applied to the credit/refund calculations.
The following Fall and Spring semester credit/refund rates apply to students who officially withdraw or are dismissed from the College.
|Official Withdrawal/Dismissal Occurs||Credit/Refund Rate|
|Prior to first day of classes||100%|
|During first week of classes||90%|
|During second week of classes||85%|
|During third week of classes||80%|
|During fourth week of classes||70%|
|During fifth week of classes||65%|
|During sixth week of classes||60%|
|During seventh week of classes||55%|
|During eighth week of classes||50%|
|During ninth week of classes||40%|
|During tenth week of classes||No credit/refund|
Credit/refund rates for students enrolled in summer terms are similar to those listed above but apply to the number of days enrolled rather than the number of weeks.
Reduction in Hours
Student aid eligibility is based on the number of credit hours enrolled on census day. Students who change from full- to part-time status or part-time students who reduce the number of credit hours carried may receive a reduction of net tuition according to the following schedule:
- If the reduction is on or before the census day, all net tuition not applicable to the new part-time status is reduced.
- If the reduction is after the census day but no later than the end of the fifth week of classes, twenty-five percent of the difference in net tuition charge only is reduced.
Return of Title IV Funds
Students receiving Title IV funds earn aid based on the period of time the students remain enrolled. During the first 60% of the semester, a student will receive only the amounts of Title IV funds that have been earned in direct proportion to the length of time the student remains enrolled. A student who remains enrolled beyond the 60% point earns all aid for the semester. Earned financial aid is based on the percentage of days that the student remained enrolled versus the total number of days in the entire semester. The Financial Aid Office must determine the amount of unearned Title IV aid and return those funds to the appropriate federal programs. The student is then responsible for returning the unearned aid received, if any, to the College.
Federally Legislated Consumer Information is available upon request through the Office of the Vice President for Enrollment Management and Student Services.
“Lincoln College does not discriminate on the basis of race, color, creed, religion, national origin, handicap, age, sex, sexual orientation or status in any group protected by federal, state or local law in admission to and participation in its educational programs, College activities and services, or its employment practices. The College does not tolerate sexual harassment by or of its students or employees. It is the College’s intent to comply with all equal opportunity regulations including, but not limited to, Title IX of the 1972 Educational Amendments and Section 504 of the Rehabilitation Act of 1973. Inquiries may be directed to Office of the President, Lincoln College, 300 Keokuk Street, Lincoln, Illinois 62656. Telephone: (217) 732-3155, ext. 200.
Satisfactory Academic Progress (SAP) Policy
Federal regulations require that institutions monitor the academic progress of recipients of federal and state aid. Schools are required to withhold funds from students who do not make satisfactory and measurable progress toward their educational goal. Lincoln College students receiving Title IV (Pell Grant, SEOG Grant, Federal College Work-Study and all federal loans) and state funds (MAP Grant) must meet the satisfactory progress guidelines listed below. Students who do not meet ALL of the following standards will lose their financial aid eligibility. Satisfactory Academic Progress (SAP) will be measured at the end of each Spring semester. Students who fail to meet the minimum progress requirements will be placed on financial aid suspension.
A. Minimum Grade Point Average (GPA) for classes taken at Lincoln College - A student is determined to be making SAP when the student meets the minimum cumulative grade point average for their cumulative hours attempted:
|Cumulative Hours Attempted||Minimum Cumulative Grade Point Average|
B. Minimum Hours Earned – A student must earn a minimum number of credit hours each year in order to graduate within a specified time frame. Withdrawing from Lincoln College or repeatedly dropping courses may affect student ability to maintain academic progress and could jeopardize financial aid eligibility. Students are required to pass at least 67% of all credit hours attempted (including transfer, withdrawal, incompletes, failed, and repeated hours).
C. Maximum Time Frame – Students are allowed a maximum of 150% of a program’s length in order to complete a degree. For example, a student enrolled in the Associate of Arts (AA) degree program may attempt a maximum of 91 credit hours (60 X 150% = 90) towards the degree’s 60 credit hour requirement. Included in the number of credit hours attempted are: transfer hours (accepted from another institution), withdrawals, incompletes, repeated courses, and grades of “F”.
A student whose financial aid eligibility has been suspended may appeal in writing to the Director of Financial Aid. Students who are not making SAP will be notified in writing each spring the week after finals. The appeal must explain the mitigating circumstances that caused the student not to meet the satisfactory progress requirements and how the student expects to continue making progress toward a degree. Appeals are reviewed on a case-by-case basis. If an appeal is approved, the student must follow the conditions set by the Financial Aid Office.
Note: This appeal is different from a petition required for an academic suspension.