Financial Aid
Application Procedure
The Office of Financial Aid works with students to facilitate the process of receiving financial assistance. To apply for any type of financial aid at Lincoln College-Normal, the student must
- Complete the FAFSA, (Free Application for Federal Student Aid) naming Lincoln College, Lincoln, Illinois, as the first college choice. In the blank requesting a school code, enter 001709. The FAFSA must be completed each year by ALL degree-seeking students and should be completed as soon as possible after January 1. The FAFSA priority processing deadline is March 1.
- Have the Financial Aid application processed by March 1 in order to be considered for an Illinois State Monetary Award.
The FAFSA must be completed each year by ALL students. When the FAFSA is submitted electronically, results will generally be returned within 3 to 5 working days. If the FAFSA is mailed to the federal processor, the applicant will receive a Student Aid Report in the mail within 4 to 6 weeks. The priority processing deadline for all students is April 1. The Student Aid Report
The Student Aid Report (SAR) is issued by the federal processor after the FAFSA is submitted. All LCN financial aid is determined from the SAR. This includes Lincoln College Scholarships, Illinois State Monetary Awards, Federal Pell Grants, Federal Direct Stafford Loans, and Federal Work Study.
Upon receiving the SAR, the student should make any corrections online at www.fafsa.ed.gov. After all revisions are complete, the student and the College each receive a final copy of the report. The College will then send a Financial Aid Award Letter to the student’s permanent address showing the financial aid that the student is eligible to receive. No scholarships or grants will be awarded until the Office of Financial Aid receives a processed SAR from the federal processor.
Determination of Financial Aid
The amount of any federal and state aid awarded to students is based on need. Need is determined by subtracting the estimated family contribution from the cost of education as illustrated below. The estimated family contribution is identified on the Student Aid Report issued by the federal processor after the FAFSA is processed.
Cost of Education (College Budget) – Parent/Student Contribution (EFC or Expected Family Contribution) = Student’s Unmet Need
Unmet need may be met with scholarships, grants, loans, and Work Study employment or a combination of these as funds are available. The Parent/Student Contribution may be met with Unsubsidized Federal Family Education Loans and/or Parent Loans.
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 |
|---|---|
| 01-16 | 1.70 |
| 17-32 | 1.85 |
| 33-48 | 1.95 |
| 49+ | 2.00 |
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”.
Financial Aid Suspension
A student’s financial aid may be suspended for any of the following reasons:
- Failure to maintain the required GPA as specified above. Failure to meet the required completion rate of credit hours attempted.
- Complete withdrawal from the College during a semester for which aid was received.
- Failure to complete all credit hours attempted during the semester with a passing grade.
- Exceeding the maximum time frame for the students program of study.
Appeal Procedure
A student whose financial aid eligibility has been suspended may appeal in writing to the Director of Financial Aid, Financial Aid Office, Lincoln College, 300 Keokuk St., Lincoln, IL 62656. The appeal must explain the mitigating circumstances that kept the student from meeting the satisfactory progress requirements and what has changed that will assure student success. Appeals are reviewed on a case-by-case basis. If an appeal is approved, the student must achieve satisfactory academic progress according to the guidelines above to maintain eligibility for future financial aid.
Financial Aid Refund Policy
If a student receiving financial aid withdraws from the College, a portion of that student’s financial aid may be forfeited.
Title IV Fund Recipients
The term Title IV Funds refers to the federal student aid programs authorized under the Higher Education Act of 1965 (as amended) and includes, but is not limited to, the following programs:
Federal Unsubsidized Stafford loans, Federal Subsidized Stafford loans, Federal PLUS Loans, Federal Pell Grants, and the Federal Supplemental Educational Opportunity Grants.
During the first sixty percent of the semester, a student will receive only the amount of Title IV funds that have been earned in direct proportion to the length of time he or she remains enrolled. Earned financial aid is based on the percentage of days that the student was enrolled compared to the total number of days in the entire semester.
A student who remains enrolled beyond the sixty percent point earns all aid for the semester.
All Lincoln College students submitting a Free Application for Federal Student Aid (FAFSA) must name Lincoln College, Lincoln, Illinois as the college choice (code #001709). Awards are disbursed by semester and are renewable based upon institutional satisfactory progress policies. Lincoln College assistance is granted after other sources of assistance are exhausted. Because Lincoln College aid is used as part of a total financial package, amounts may vary according to the availability of external funds. Stated amounts are maximum annual values and are subject to yearly review and change.
The Office of Financial Aid is located in rooms 113 of the main academic building. Office hours are 8:00 am to 5:30 pm Monday through Thursday, and 8:00 am to 5:00 pm on Friday. Contact the Office of Financial Aid at (309) 268-4318 or email rclark@lincolncollege.edu.