What steps are needed to receive financial aid?
- Complete the Free Application for Federal Student Aid (FAFSA) at https://studentaid.gov/ You will need the following:
- Go to studentaid.ed.gov to request an FSA ID and password
- Use the IRS Data Retrieval Tool when prompted
- LETU's school code is 003584
- Quickly respond to any email requesting additional documents
- Receive email notification of Financial Aid Offer
- Accept or Reject all aid offered at my.letu.edu/ics
- If a first Federal Direct Loan is accepted, go to and complete the following:
- The Student Accounts Office will send any financial aid refund to the student's Nelnet Refund Method preference within 14 days of posting.
How do I file my FAFSA if I am self-supporting and do not live with my parents or legal guardian?
Unless you meet at least one of the independent student criteria, you must file with your parent information. The criteria can be found at https://studentaid.gov/
I completed a FAFSA. How will I know when LeTourneau University has received it?
The Department of Education will send you a confirmation email. It takes two to three days for the school to receive FAFSA data from the Department of Education.
Financial aid documents can also be viewed online at https://my.letu.edu/ics/financial_aid/
If the school did not receive my FAFSA, what should I check?
- Make sure that you added LeTourneau University's school code (003584) to your FAFSA. Return to the FAFSA website https://studentaid.gov/ and click on "Add or Delete a School Code."
- Make sure you completed a FAFSA for the correct year. Return to the FAFSA website at https://studentaid.gov/ and click on "Check Status of a Submitted FAFSA" to verify which year was submitted.
- Make sure we have your SSN or that your SSN is entered correctly.
- If your SSN is incorrect on the filed FAFSA please start a new FAFSA application.
- Please contact the Financial Aid Office if you have any questions.
How is my Financial Aid Offer determined?
Initial Financial Aid Offers are based on a student's enrollment status for the semester. Award packages could be for fall and spring semesters, or summer awards could be included depending in what program a student is enrolled. Awards are determined based on academic and FAFSA information. Once your offer is received, if you have questions, please contact us at FinancialAid@letu.edu
When will I receive my Financial Aid Offer?
Notice of a Financial Aid Offer is generally emailed after you are accepted to LETU and we have received your FAFSA.
If you are selected for a process called verification, you will be requested to provide additional documentation and this may delay your Financial Aid Offer.
Financial aid documents can also be viewed online at https://my.letu.edu/ics/financial_aid/
I signed/accepted my financial aid offer, and the aid still hasn't posted. What's wrong?
Let's review some options:
- Double-check the Financial Aid Document Tracking at my.letu.edu/ics/financial_aid/ for any missing documentation.
- If the Direct Loan Master Promissory Note or Loan Entrance Counseling have not been competed, please go to https://studentaid.gov/h/complete-aid-process
- Aid will not post until you have actually attended class. It could take up to two weeks for aid to post once you have attended.
What is verification?
Verification is a process by which the university reviews the demographic and financial information on the FAFSA as selected by the Department of Education. Selection for verification does not imply that you have made an error or made false statements. If you are selected for verification, you will be notified through your LeTourneau email account. You will also be able to see if any additional documents are required (in an awaiting status) on our website at my.letu.edu/ics/financial_aid/
What is an IRS Tax Return Transcript and where can I get one?
An IRS Tax Transcript is a document issued by the IRS which provides most line items from your originally filed federal tax return. The two fastest methods to request a transcript are either online at www.irs.gov/individuals/get-transcript or by calling the IRS at 1-800-908-9946
Why does it take so long to get a Tax Return Transcript by mail?
Tax transcripts issued by the IRS have to be requested after the IRS has accepted and processed your return, which is generally after you have received your refund. After the transcript is requested, the transcript has to be sent via U.S. Postal Service to the residence reported on your federal tax return.
I have moved since I filed my tax return. How can I receive the transcript at my current address?
The IRS will only send the IRS Tax Return Transcripts to the address reported on your return. IRS cannot guarantee that your transcript will be forwarded by the U.S. Postal Service.
To update your address with the IRS, please visit https://www.irs.gov/taxtopics/tc157or call the IRS at 1-800-829-1040. After changing your address, you will need to wait approximately two weeks for the IRS to update your record before requesting your transcript.
If I amend my tax return, what form is needed to complete the verification process?
If you have amended your tax return, the changes made will not be reflected on the IRS Tax Return Transcript. You will need to provide the 1040 X which reflects changes made to your originally filed federal tax return. The Financial Aid Office will need BOTH the IRS Tax Return Transcript and the 1040 X.
These can be ordered online at www.irs.gov/individuals/get-transcript, or requested by phone at 1-800-908-9946.
I did not file a tax return. How do I complete verification?
If you are selected for verification and did not earn enough money to file taxes for the relevant year, you will still need to fill out the verification worksheet. Check the box "will not file and was not required to file." Also complete the IRS 4506-T and submit with copies of W-2's from your employer(s).
How many credit hours equals full time, half time, etc.?
| Undergraduate | Graduate | |
|---|---|---|
| Full Time | 12+ credit hours | 9+ credit hours |
| 3/4 Time | 9-11 credit hours | 6-8 credit hours |
| 1/2 Time | 6-8 credit hours | 4-5 credit hours |
Students must be enrolled at least 1/2 time to be eligible for Direct Loans and to keep prior student loans in deferment.
Will I be notified that funds have posted to my student account?
Yes. The Student Accounts Office will send an email stating the type and amount of aid posted. Additionally, you will receive an email if any aid is removed from your account.
When will I receive a refund from my student account?
Any credit balance created due to excess financial aid funds will be sent to you within 14 days of the funds posting to your student account.
What will happen to my financial aid if I drop a course during a term/semester?
Dropping courses may affect the amount of financial aid awarded and/or posted to a student's account. After a student's course is dropped, the Financial Aid Office will review the aid awarded and make any adjustments as needed. If funds are reduced, the difference will be removed from the student's account.
I will be withdrawing from the University or dropping all my remaining courses this year. What will happen?
Many students utilize federal and state sources of funding. When a student withdraws from the university or drops their current course and does not continue in the semester, the Financial Aid Office reviews the account in regards to the federal (Return to Title IV) policy and calculates the amount, if any, that must be returned to the federal or state aid programs. The federal Title IV refund calculation is based on a percentage of attendance completed or the percentage of unearned charges within the term of withdrawal. Students with federal aid who withdraw (or are suspended) after a term begins, but before completing 60% of the term, may require a portion of their federal Title IV funds be returned. The amount to be returned is removed from the student's account and return to the appropriate financial aid programs.
If the returned funds result in a balance on the student's account, a hold will be placed on the student's account and the student will be required to pay the balance in full prior to re-entry to the next term.
Please be aware that if you drop below half time status, lenders will be notified and repayment grace periods will start counting down from your last day of actual attendance. If you had older loans that were in re-payment before returning to school please contact your lender for an updated repayment schedule.
What is Financial Aid Satisfactory Academic Progress (SAP)?
There are 3 requirements that must be maintained to be eligible for financial aid:
- Qualitative - must maintain a cumulative GPA of
- 2.0 (Undergraduate programs)
- 3.0 (Graduate programs)
- Quantitative - must earn credit for 66.67% of all courses attempted within the period
- Maximum credit hours for a program - must complete your program within 150% of the minimum hours required for the degree. For example, if the degree required 124 minimum hours, you must complete your degree within 186 hours (124 * 150% = 186). Transfer hours are applied as both attempted and earned hours.
When will my Satisfactory Academic Progress be evaluated?
At the end of each spring semester, your Satisfactory Academic Progress (SAP) is evaluated. If students do not meet the SAP requirements, they will be placed on Financial Aid SAP Suspension and will not be eligible for future federal financial aid until SAP requirements have been met. Students may appeal. The financial aid SAP appeal form can be found under 'Resources & Forms' on the main financial aid screen.
Are there limits to the number of terms/semesters for which I may receive a Federal Pell Grant?
Yes. Beginning July 1, 2012, students may receive Pell Grants for 12 semesters or 600%. Those who use less than full-time Pell Grant funds in a semester will be assessed at the fractional enrollment status.
Is there a limit as to the amount of Direct Loan funds I may borrow?
Yes. There are annual loan limits and aggregate loan limits. The maximum amount you can borrow each year in Direct Subsidized and Unsubsidized Loans depends on your grade level and on whether you are a dependent student or an independent student. The following table shows the maximum amount of money you may borrow each academic year in Direct Subsidized and Unsubsidized Loans. If you do not qualify for subsidized funding the total award will be unsubsidized.
| Annual Limits | ||
|---|---|---|
| Dependent | Independent | |
| Undergraduate 1st Year | Subsidized: $3,500 Unsubsidized: $2,000 Total: $5,500 |
Subsidized: $3,500 Unsubsidized: $6,000 Total: $9,500 |
| Undergraduate 2nd Year | Subsidized: $4,500 Unsubsidized: $2,000 Total: $6,500 |
Subsidized: $4,500 Unsubsidized: $6,000 Total: $10,500 |
| Undergraduate 3rd and 4th Year | Subsidized: $5,500 Unsubsidized: $2,000 Total: $7,500 |
Subsidized: $5,500 Unsubsidized: $7,000 Total: $12,500 |
| Graduate | Subsidized: $0 Unsubsidized: $20,500 Total: $20,500 |
|
Regardless of your annual loan limits, you may not borrow in excess of the cost of attendance. Independent loan limits also apply to dependent students whose parents are unable to borrow a PLUS loan.
Federal laws regulate the total aggregate amount of loans you can take out during your undergraduate and graduate careers. Federal loans cannot exceed the limits listed below:
| Total Lifetime Aggregate Limits | |
|---|---|
| Dependent Undergraduate | Subsidized: $23,000 Unsubsidized: $8,000 Total: $31,000 |
| Independent Undergraduate | Subsidized: $23,000 Unsubsidized: $34,500 Total: $57,500 |
| Graduate | Subsidized: $65,500 Unsubsidized: $73,000 Total: $138,500 |
These aggregate limits include both Direct Subsidized and Unsubsidized Loans and any subsidized and unsubsidized Stafford Loans received through the Federal Family Education Loan (FFEL) Program.
What is the difference between a subsidized and unsubsidized loan?
If you are awarded a subsidized loan, interest will not accrue on your loan while you are enrolled at least halftime.
If you are awarded an unsubsidized loan, you will be responsible for the interest while in school.
What is the current interest rate on Direct Loans and Direct PLUS Loans?
This information can be found on the Federal Direct Lending website: studentaid.gov/sa/types/loans/interest-rates
When does repayment on my federal student loan begin?
You must begin repayment of your federal direct student loan once you:
- Withdraw from school
- Drop below half-time status (6 credit hours for undergraduate and 4 credit hours for graduate programs)
- Graduate
If you have an alternative student loan from a bank, credit union or other lending institution (other than the U.S. Department of Education), contact your lender directly for repayment information.
I have further questions. Who should I contact?
If you have questions about missing financial aid documents, amounts of aid awarded, reduction in aid due to dropped courses, etc., contact the Financial Aid Office by calling 1-800-759-8811 ext. 4350 or 903-233-4350 or email FinancialAid@letu.edu.
If you have questions about charges, tuition refunds, financial aid refunds, financial holds on web registration, student account statements, etc., contact the Student Accounts Office by calling 1-800-759-8811 ext. 4140 or 903-233-4140 or email StudentAccounts@letu.edu.
