Step 2: Watch Your Email

Step 2 iconStep 2: Watch Your Email

Filing the FAFSA is just the first step. After you and your parents sign and submit the FAFSA, it goes to a Central Processing Service (CPS). The CPS will analyze the data that you submitted and check it against a series of federal databases. After a few days it will be sent to Lane Community College.

We typically load FAFSAs on Mondays. When we load FAFSAs we are required to match your financial aid application with an admissions record. If your admissions record does not have your social security number on file, then your FAFSA will never load into our system. If its been more than two weeks since your filed your FAFSA and we have not sent you an email, please call the Financial Aid Office at 541-463-3400 to verify your student information.

When we load your file it may have additional requirements attached to it. We will email your myLane email address with instructions and information on how to satisfy these requirements.

More than 60% of the FAFSAs we load don’t have any requirements attached to them. That means when they come in, they are ready to be offered. Once a financial aid offer letter has been created, we will send you an email with instructions on how to review and accept your financial aid package.

Your Student Aid Report (SAR)

A Student Aid Report is a receipt of all the information that you have supplied to the Department of Education. Department of Education will email you a Student Aid Report (SAR) to the email you listed on your FAFSA. It will also tell you if there are any errors that you need to correct. If there are errors, you will need to log in to your FAFSA and make those as soon as possible. If your application was rejected, it will be noted on the SAR and Lane will not accept it until it is corrected.

Your SAR will also give you an estimate of how much financial aid you have been awarded. Please be aware that this is merely an estimate and not a financial aid offer letter. You will only receive a financial aid offer when you’ve completed all the steps with Lane Community College.

Even if you don’t have any errors, reviewing your SAR for any typos is a very good idea. It will really help expedite the financial aid process and prevent delays in payments.

Verification

About 30% of all FAFSAs are randomly selected for verification. It is a process by which the Department of Education requires Lane Community College to collect and review some additional information. We will send you an email with instructions on how to access and resolve these requirements. Here are some the most common requirements:

Verification Worksheet

The verification worksheet is comprised of five sections that ask you about the number of people in your household, any social service benefits you may have received, as well as information on how you filed your taxes for the selected year.

Tax Information

The best way to provide your tax information is to use the IRS Data retrieval tool on the FAFSA website. If you are able to link your FAFSA with the IRS information, it will save you a lot of time. Otherwise you will have to submit either a signed copy of your 1040’s or request a tax return transcript from the IRS. See information regarding Requesting a Tax Transcript or Get a Verification of Non-filing Letter from the IRS.

W2s

In many cases, the financial aid office will need copies of you, your spouse, and/or your parents’ W2s. The purpose of getting these is to make sure the financial aid office is properly assessing your financial situation.

Your Financial Aid Package

Your financial aid offer may consist of a mix of grants and loans. The college assumes that you would like the ‘free’ grant money. But, if you want a loan you will need to accept it and complete a few additional steps. When your financial aid offer package is ready we will send you an email to your myLane email with instructions on how to access it.

The offer letter can be a little bit confusing. It has five tabs that will give you information about your financial aid and the cost of attendance. The fourth tab will detail the terms and conditions of your financial aid and has a tick box you will need to mark. Once you have ticked that box, it will make the fifth tab active and you can accept your loans if you desire.

See the next section for information on how to read your financial aid offer letter.

Understanding your offer

There are three basic types of financial aid: grants, work study, and loans. Typically, students are offered a combination of these financial aid offers. Students must apply for financial aid each academic year to be considered for the types of aid listed below. Some program funding is limited, therefore, students should apply as soon as possible after October 1st each year for the upcoming academic year.

Grants:

Oregon Opportunity Grant: Administered by the Office of Student Access and Completion (OSAC). Available fall, winter, and spring terms. Students should apply early for consideration of this grant.

  • Must be enrolled at least half time.
  • The award is reduced by half for students enrolled in 6-11 credits.
  • Lifetime limit of four full time years.

Oregon Promise: Administered by the Office of Student Access and Completion (OSAC). Find out more regarding this grant and up-to-date information at Oregon Student Aid. Available fall, winter, and spring terms.

  • Attend at least half-time at an Oregon community college within 6 months of high school graduation or GED completion
  • Complete a First-Year Experience as directed by the community college where the student attends (must be completed during the first three terms).
  • Award is prorated based on enrollment level.
  • Limited up to 90 attempted college credits.

Federal Pell Grant: This need-based program is available summer, fall, winter and spring terms.

  • Award is prorated for less than full time enrollment levels (see Pell Grant Payment Chart)
  • Students may receive up to 150% of the scheduled Pell award in the aid year (must be at least half time in 4th term).
  • Lifetime limit of six full time years (600%).

Federal Supplemental Educational Opportunity Grant (SEOG): This is a need-based program and is available summer, fall, winter and spring terms.

  • Must be enrolled at least half time.
  • Students must apply for financial aid by January 31st each year and demonstrate exceptional financial need.

Work Study:

Federal Work Study (FWS): This is a need-based program and is available summer, fall, winter and spring terms. Employment opportunities are available on and off campus.

  • Must be enrolled at least half time.
  • Students must apply for financial aid by January 31st each year and demonstrate exceptional financial need.
  • Additional steps are required to accept the FWS offer. See the Federal Work Study Guide on our forms page for more information.

Student Loans

Student loans sometimes get a bad rap, but they can be a very effective tool to help you complete your education in a timely fashion. But, if you over borrow, they can become a real headache after you graduate. There are four kinds of loans you can take out at Lane. Additional steps are required to receive your loan disbursement, see Student Loan Requirements under Get Paid.

Federal Direct Subsidized Student Loans

Federal Direct Subsidized Student Loans: These are the only loans that Lane will award you as part of your initial financial aid package. These are the best student loans there are, because the Department of Education pays the interest on the loan while your in school and during your grace period.

Federal Direct Unsubsidized Student Loans

These are not as good as the subsidized loans because the interest starts accruing the minute you get the loan. The good news is that they have a low, fixed interest rate and are available to almost any student, regardless of how much money is reported on their FAFSA.

Parent PLUS Loans

These loans are only available to dependent students who need extra money. The loan is actually taken out by the parent and has a separate application process. These loans are credit based and may require your parents to find a cosigner.

  • Must be enrolled in at least half time (6 credits).
  • Parent must complete MPN (Master Promissory Note)

Alternative Student Loans

These alternative loans can be dangerous and should only be taken out in emergencies or when all other aid has been exhausted. They can have variable interest rates and may not have the same protections that federal student loans have, like deferment and loan forgiveness. Lane does not have a preferred lender list, but most banks and financial institutions have student loans available. Be sure to ask lots of questions if you are considering taking out a private student loan. View ELMSelect for a list of most commonly used private lenders at Lane.