Financial Aid Frequently Asked Questions
Here are answers to some common questions.
All individuals interested in receiving financial aid must complete a Free Application of Federal Student Aid (FAFSA) and submit all requested documents. The FAFSA must be completed yearly. All students interested in receiving summer financial aid must also complete a Summer Financial Aid Application and submit it between February 1 and May 27 of the year interested in attending.
Scholarships are considered to be a need-based aid. Therefore reducing loan eligibility. It is a federal regulation that a student receiving any form of federal aid (PELL, SEOG, CWSP, and loans) award total including scholarships can not exceed the total cost of attendance (COA). COA – Total Award = 0. However, there is an exception to the rule: if the student is only receiving PELL Grant funds, since it is an entitlement to the student, and scholarship funds, then and only then can the total award exceed COA.
Once Lincoln receives your FAFSA and all required documentation you should receive an award letter within 3 – 4 weeks. You are more than welcome to check Web Advisor for an online version.
You may the status of your financial aid by checking Web Advisor. To check if all documents are received, please view the correspondence menu. To check on your award letter, please select the award letter menu and specify for what academic year you are seeking. To check what financial aid has been transmitted to your account, please check account by term. Those are options you have using Web Advisor for internal information regarding your financial aid.
The loan disbursement schedule is available online for 2022-2023. These dates are "ANTICIPATED" not guaranteed. Funds will be received in two disbursements for the loan period. A loan period may be the academic year which will have one disbursement in the Fall and one in the Spring. If the loan period is for only one semester, there will still be two disbursements; one at the start of the semester and the other half way through the semester. (Please refer to the disbursement schedule for the anticipated dates.) If you're a first-year undergraduate or a first-time borrower at our institution, you must complete entrance counseling and your first disbursement can't be made until 30 days after the first day of your enrollment period. To be eligible for the funds at the time of disbursement, a student must not be in a pre-claim status and must meet the credit hour enrollment requirement for their academic level. For the Federal Direct Loans students must have a completed MPN on file with the Department of Education, and a completed Entrance Counseling session prior to loan disbursement. Disbursement rosters will only be received once a week – every Monday. Once the funds have been applied to your account (click here to check your account), the Office of Student Financial Services per federal regulations has 14 days to issue the student/parent a refund from any excess funds received of the total bill. For more information on refunds, please contact the Office of Student Financial Services at (573) 681-5278. Refund information is also available online at: Loans.
You will receive your work study pay check on the 15th of the following month unless otherwise posted (please check your Lincoln email for messages). Time Sheets are due into the Office of Student Financial Services by 5:00 PM on the 21st or closest business day if the 21st falls on the weekend. Students who have a completed "Work Study Authorization Form" on file will receive a paycheck. However, only students who were awarded CWSP funds are permitted to complete an authorization form, please refer to your award letter to verify. Please refer to the Student Employment Brochure for additional information.
In order to keep your financial aid, you must complete successfully your courses as stated in the Satisfactory Academic Progress Policy. If you drop a course, withdraw from the semester, or fail your courses effects your eligibility, please check with a financial aid counselor if you are unsure of your status.
Yes, your biological/legally adoptive parents may apply for a Federal Direct PLUS Loan. We encourage every parent to apply for a loan to assist the student in paying for college. For more information pertaining to a PLUS loan, please refer to the loan section under "Type of Aid," or view the "Dear Parent" letter online.
No! Financial aid is not guaranteed to cover 100% of charges incurred. It is an assistance to other personal means. It is the student's and/or parent's responsibility to make payment arrangements with the Office of Student Financial Services.
Financial aid received/awarded at Lincoln will not automatically transfer to another school. We encourage the student to add the other school's FAFSA code to their FAFSA by contacting the Processing Center at 1-800-433-3243 or making a correction via the web at www.fafsa.gov. Once that has been done, the student should contact the Financial Aid Office at the school they will be transferring to. Once the student has finalized their decision to transfer, they must complete a Student Request to Cancel Financial Aid Form and submit it to our office to adjust their award accordingly. (This is only required when transferring in the middle of an academic year.)
Yes, financial aid is available during the summer session but funds may be limited or not available depending on the individual student's eligibility. Therefore, we encourage all interested students to complete a Summer Financial Aid Application to allow a financial aid counselor to formally review their file and receive notification on appropriate status.
Yes, if you are interested in receiving assistance you must complete the FAFSA every year you plan on attending our institution.
You may add our school code, 002479, to your FAFSA by making a correction on the web at www.fafsa.gov or contacting the Processing Center at 1-800-433-3243.
Yes, you may apply after the priority date but if you do funds will be limited and may cause a delay in the processing time frame.