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Financial Aid Data Form 2022-2023

Applying for Financial Aid

Follow the steps below to apply for financial aid at Our Lady of the Lake University.

Step One:

Create a Federal Student Aid ID (FSA ID) – The FSA ID can be created at any one of the following sites:

fafsa.gov
studentaid.gov
fsaid.ed.gov

Note: FSA ID will be used to log in to all U.S. Department of Education websites.

 

Step Two:

Complete your 2022-2023 Free Application for Federal Student Aid (FAFSA) using your current 2020 tax return at www.fafsa.gov .

Most students will also need their parents 2020 tax return to complete the FAFSA.

Be sure to list OLLU’s school code 003598 on the FAFSA so we may access your information

Step Three:

Financial Aid will mail you documents to complete your student file approximately two weeks after we have received your completed FAFSA from the U.S. Department of Education.

Complete and submit all requested documents to the Financial Aid Office. Requested forms can be found at https://www.ollusa.edu/costs-aid/financial-aid-forms-resources.html

Important Note: Please make sure all documents submitted to Financial Aid Office have your legal name and your OLLU student ID or date of birth.

Step Four:

Once your file is completed, you will receive an award notification. Please review your award notice and if you have any questions, please contact the Financial Aid Office.

If you choose to accept your Federal Direct Loan award, you will need to complete the following steps:

First-Time Borrowers at OLLU

Complete Direct Loan Entrance Counseling and complete an Electronic Promissory Note (eMPN) at studentaid.gov

Returning Student Borrowers at OLLU

Returning students who received direct loans in the previous academic semester do not need to complete a new Master Promissory Note or loan counseling.

Note: If you choose not to accept your student loan award, please notify our office via email, mail or in person.

Are you a United States citizen? *
Are you a Texas resident?*
If you are a Texas resident, check all that apply:
Indicate the number of hours you plan to enroll each semester:
Indicate your expected class status for 2022-2023:
Are you a member of a religious order that provides you with support?

The next section of this form contains OLLU Financial Aid policies, deadlines, rules, regulations, information on loans, and other pertinent data about the financial aid process. Please read each section. At the end of each section, you must acknowledge that you have read and understand the section. All sections must be complete. If you do not understand the information included on this form, do not complete the form. Contact the OLLU Office of Financial Aid for assistance at
Phone: 210-434-6711 or 800-324-4310
Email: finaid@ollusa.edu

Awarding Philosophy for Gift Aid Funds: At Our Lady of the Lake University, a student may be eligible to receive gift aid up to the cost of tuition only.

Note: Gift aid funds include scholarships, grants and discounts that are received from federal, state, institutional and private sources.
Awarding Philosophy 

Awarding Philosophy for Gift Aid Funds: At Our Lady of the Lake University, a student may be eligible to receive gift aid up to the cost of tuition only.

Note: Gift aid funds include scholarships, grants and discounts that are received from federal, state, institutional and private sources.
I have read and I understand the OLLU Financial Aid Awarding Philosophy: *
Deadlines and Timelines

Deadlines and Timelines
  • Please complete your financial aid file by May 1, 2022 to ensure that your financial assistance will be processed in time for the start of school. A complete file includes this data form, a processed FAFSA, and all required U.S. Department of Education documents, which include:
  • 2022-2023 Independent/Dependent Verification Worksheet if selected for verification by the Federal Government
  • 2020 IRS Tax Return Transcript if selected for verification by the Federal Government
  • Social Security Card in the event that we are unable to verify your social security number with the Federal Government
  • Certificate of Naturalization, Birth Certificate or Resident Alien Card in the event that we are unable to verify your citizenship status
  • Selective Service Registration Verification in the event that we are unable to verify your registration with Selective Service

Additional documents may be required depending on individual circumstances. Frequently requested documentation includes receipt of food stamps, child support paid, selective service confirmation and amended tax return.
All forms may be found here.

  • OLLU Financial Aid Application Deadline: May 1, 2022. Financial aid requests received after May 1, 2022 will be processed in the order received and may result in a delay in the awarding of financial aid. Students who submit financial aid forms after the May 1 deadline may be required to make payment arrangements with the OLLU Student Business Office to meet financial obligations until the financial aid award is disbursed.
  • If you plan on attending summer school, you will need to complete a separate summer application. This application will be available in April at the Financial Aid Office or online at www.ollusa.edu/FinancialAidForms.
I have read and I understand the OLLU Financial Aid Deadlines and Timelines*
General Rules and Regulations

General Rules and Regulations
  • Federal aid is awarded based on the information you provide on your Free Application for Federal Student Aid (FAFSA) and the resulting expected family contribution number (EFC).
  • Summer 2022 aid is additional aid. If you do not exhaust all of the aid for which you are eligible during the 2022-2023 academic year, you may be eligible for summer aid.
  • Cost of Attendance Budget (COA) is the maximum amount of aid you may receive for an academic period.
  • According to federal requirements, regardless of what other departments on campus may indicate, financial aid defines enrollment status as:
Undergraduate Less than half time — 5 or less credit hours attempted
Undergraduate Half time — 6 to 8 credit hours attempted
Undergraduate ¾ time — 9 to 11 credit hours attempted
Undergraduate Full time — 12 or more credit hours attempted
Graduate Full time — 6 or more credit hours attempted
Graduate Half time — 3 credit hours attempted
  • All financial aid recipients should contact the Financial Aid Office before dropping any class. Dropping a class may result in cancellation of grants, scholarships or loans, and you will be responsible to pay these funds back to the program.
I have read and I understand the OLLU Financial Aid General Rules and Regulations*
Student Loans

Student Loans
  • First-Time Borrowers must complete an Electronic Master Promissory Note (eMPN) and loan entrance counseling before their loan proceeds can be disbursed. Please go to Student Loans online and sign in with your FAFSA ID.
  • To be eligible for Federal Direct, Federal PLUS and Perkins Loans, you must be enrolled at least half time per semester. In the event that you drop below half time per semester, you will become ineligible for any of these federal loan programs.
  • To maintain eligibility for your loan(s), you must maintain satisfactory academic progress as outlined in this data form.
  • All students applying for a Federal Direct Loan and parents applying for a Federal PLUS Loan, must be U.S. citizens or eligible non-citizens.
  • Some federal loans are subject to disbursement fees. All fees are deducted proportionately from loan proceeds before the money is disbursed.
Loan Amounts:
The amount of loan dollars you can receive are to be determined based on your Cost Of Attendance (COA), upon your dependency status as determined by the FAFSA, and whether you are an undergraduate or a graduate student. Please refer to this chart for the maximum yearly loan amount that you may borrow:
Undergraduate Students
Dependent Freshman - $5,500 ($3,500 subsidized + $2,000 unsubsidized)
Dependent Sophomore - $6,500 ($4,500 subsidized + $2,000 unsubsidized)
Dependent Junior/Senior - $7,500 ($5,500 subsidized + $2,000 unsubsidized)
Independent Freshman - $9,500 ($3,500 subsidized + $6,000 unsubsidized)
Independent Sophomore - $10,500 ($4,500 subsidized + $6,000 unsubsidized)
Independent Junior/Senior - $12,500 ($5,500 subsidized + $7,000 unsubsidized)

Graduate Students
Graduate or Professional - $20,500 unsubsidized Direct Loan
  • The maximum total Direct Loan amount a dependent undergraduate student can borrow to complete an undergraduate degree program is $31,000.
  • The maximum total Direct Loan amount an independent undergraduate student can borrow to complete an undergraduate degree program is $57,500.
  • The maximum total unsubsidized Direct Loan amount a graduate student can borrow to complete a graduate degree program is $138,500.
I have read and I understand the information about OLLU Financial Aid loans.*
Outside Resources
Reporting outside Resources: Financial assistance awarded by OLLU may be adjusted if student receives additional resources (from grants, scholarships or employee benefits), which may cause their demonstrated need to change. Financial aid recipients must notify the financial aid office of all assistance received from other sources, including OLLU. This will prevent “overawards” and will allow for equitable distribution of OLLU’s limited resources.
I have read and I understand the information about outside resources and how they impact OLLU financial aid.*
Satisfactory Academic Progress
  • To remain eligible for all Title IV financial aid programs, you must maintain satisfactory academic progress. Satisfactory academic progress for undergraduate students is defined as passing 75 percent of your attempted credit hours per semester or session, and achieving a minimum cumulative grade point average of at least a 2.0 during any semester, session or academic year. A graduate or professional student must also complete 75 percent of their attempted classes as well as maintain a cumulative grade point average of at least a 3.0 during any semester, session or academic year. If the above requirements are met, you may continue to receive Title IV financial aid, as long as you are eligible, until you graduate or until you have attempted 150 percent of the credit hours required to obtain your degree of choice.
  • Please note that if you are an undergraduate receiving the Tuition Equalization Grant, you must maintain a 2.5 cumulative grade point average to continue receiving this grant.
  • If you do not meet all of the requirements of the satisfactory academic progress policy, you will be placed on financial aid suspension. You may appeal your financial aid suspension if there are legitimate circumstances that caused you to fail to meet academic progress standards. An appeal form can be obtained from the Financial Aid Office or through the financial aid web site here.
  • Students pursuing private educational loans that must be certified by the OLLU Financial Aid Office will not be approved if the student is not making satisfactory academic progress.
Please review full details of OLLU's satisfactory academic progress standards online here.
I have read and I understand the information about satisfactory academic progress.*
Return of Title IV Policy
  • If you withdraw or otherwise terminate your enrollment during the first 60 percent of the semester or session, and you receive financial assistance from Title IV programs (TEACH, Federal Pell Grant, Federal Supplemental Educational Opportunity Grant, Federal Perkins Loan, Federal Direct Loan and Federal PLUS Loan), your aid will be reduced in direct proportion to the length of time you were enrolled. The percentage of time during the period that you remained enrolled is the percentage of disbursable aid for the semester/session that you have earned. The percentage of the period that you remained enrolled is calculated by dividing the number of days you attended by the number of days in the semester/session. Only calendar days are used. Breaks of at least five concurrent days are excluded from the calculation.
  • Title IV program reimbursement monies will be withheld from any institutional refunds (tuition, room, board, fees, etc.) due to you. If these monies are not sufficient to cover the reimbursement required, you will be billed for the remaining amount. Failure to comply with this federal Return of Title IV Funds Policy will make you ineligible to participate in any Title IV aid program from any post-secondary institution until you become compliant with the Return of Title IV Funds Policy.
  • The federal government has established the following priority for the distribution of unearned aid: Unsubsidized Direct Loan, Subsidized Direct Loan, Federal Perkins Loan, PLUS Loan, Federal Pell Grant, TEACH and Federal Supplemental Educational Opportunity Grant.
  • Unofficial Withdrawal/No Passing Grades - Federal regulations require that any student who fails to earn a passing grade in at least one course in the semester shall be considered as having unofficially withdrawn.
At the end of each semester, OLLU is required to review academic transcripts. Students who have received all F’s or No Credit grades, will have their financial aid recalculated and will see their aid reduced or canceled to comply with federal requirements.
I have read and I understand the Return of Title IV Funds Policy.*
Pell Grant Recipients
Public Law 112-74, signed into law on December 23, 2011, reduces the maximum period for which a student may receive Pell Grants to 12 full-time semesters. This includes all semesters that Pell funds were received at other institutions.
I have read and I understand the information about Pell Grant recipients.*
Tuition Equalization Grant
If you are an undergraduate you must complete at least 12 credit hours during each of the fall and spring semesters to maintain TEG eligibility. If you are a graduate student you must complete nine credit hours during each of the fall and spring semesters to maintain TEG eligibility. You also must maintain, a cumulative 2.5 grade point average for undergraduate and a cumulative 3.0 grade point average for graduates to maintain eligibility for this grant. Failure to meet these requirements will result in forfeiture of your grant.

If you officially withdraw from all classes, you will have to return grant proceeds according to the University’s refund policy.
I have read and I understand the information about the Tuition Equalization Grant (TEG).*
Verification of High School Completion Status
Effective July 2012 Budget Control Act of 2011 Public Law 112-74: All undergraduate students must submit a final high school official transcript that shows the date the high school diploma was awarded.
I have read and I understand the information about verification of high school completion status. *
Understanding the Verification Process

Important Note: Please make sure all documents submitted to Financial Aid Office have your legal name, OLLU student ID or date of birth.

What is verification?
Verification is a process by which the Financial Aid Office is required to verify the data that was submitted on a FAFSA application. Students selected must submit documentation to validate the information used to file the FAFSA. Any discrepancies found during the Verification Process will be adjusted on the FAFSA to correspond with documentation.

If you are selected for verification, you cannot receive any federal or state aid until verification is completed.

How will I be notified if my FAFSA record has been selected for verification?
You will receive an email from the Department of Education that you have been selected for the verification process and you will be directed to contact the financial aid office at your school. You will also receive an official request for verification documents from the Financial Aid Office at OLLU.

How are FAFSA records chosen for verification?
A FAFSA record is selected for verification for one of two reasons
  • random selection by the Department of Education
  • institution finds conflicting information
What documentation will be required in the verification process?
Students may be asked to submit one or all of the following documents based on their individual verification tracking group:
  • 2022-2023 Dependent Verification Worksheet
  • 2022-2023 Independent Verification Worksheet
  • Copy of student 2020 IRS Tax Return Transcript (and spouses if married and filed separately)
  • Copy of Parent (s) 2020 IRS Tax Return Transcript (submit both parents if married and filed separately)
  • Statement of Education Purpose & Certification of Identity

Important Note:Please make sure all documents submitted to Financial Aid Office have your legal name, OLLU student ID or date of birth.

Will these be the only documents required for verification?
Additional documents may be required depending on individual circumstances; those may include documentation regarding: receipt of food stamps, child support paid, selective service confirmation, amended tax return, W-2, etc.

How do I obtain an IRS Tax Return Transcript for 2020?
You can order an IRS Tax Return Transcript by calling 1-800-908-9946 or online at www.IRS.gov – click on “order a Return Transcript” and request the 2020 IRS Tax Return Transcript.

What if I am a non-filer?
If you or your parents are non-filers, you will need to submit an IRS Form 1722-Verification of Non-filing. This is an official IRS letter confirming that a taxpayer did not file taxes for a particular tax year. IRS Form 1722 can be requested by completing IRS Form 4506-T, checking the box marked “Verification of Non-filing,” and mailing it to the IRS, or by calling the IRS at 1-800-908-9946.
You will also need to submit 2020 W2’s for each employer, if applicable.

Is there a deadline for submitting and completing Verification?
There is no specific “deadline” for submitting the Verification documents; however, Verification will need to be completed before a student is awarded.

What if I have questions about this process?
Contact the Financial Aid office via Email at finaid@ollusa.edu or by phone at 210-431-3960.

I have read and I understand the information about the Financial Aid Verification process.*
Statement of Educational Purpose

I certify the following to be true:
  • I will use federal or state financial aid only to pay costs associated with my attendance at Our Lady of the Lake University (OLLU) in the 2022-2023 academic year.
  • I understand that purposely providing false or misleading information to obtain student financial aid is a federal offense punishable by fines and imprisonment.
  • I understand that the U.S. Secretary of Education has the authority to verify information used to apply for federal student aid with the Internal Revenue Service and other federal agencies.
  • I understand that OLLU has the authority to request documentation required to verify the accuracy of my financial aid application.
  • If I sign any document related to the federal student aid programs electronically using a FSA ID I certify that I am the person identified by the FSA ID and I have not disclosed that FSA ID to anyone else.
  • I am not in default of a federal student loan or I have made satisfactory arrangements to repay it.
  • I will notify OLLU if I default on a federal student loan.
  • I do not owe money back on a federal student grant or I have made satisfactory arrangements to repay it.
  • I will not receive Federal Pell Grant from more than one school for the same period of time.
  • I understand that to remain eligible to receive financial aid I must maintain Satisfactory Academic Progress toward the completion of my academic program, the requirements for which are published in the financial aid data form.
  • I understand that withdrawing, dropping or not attending my classes may lead to the reduction or cancellation of financial aid and that it is my responsibility to consult with the OLLU Financial Aid Office prior to changing my course load.
  • I understand that OLLU and the U.S. Department of Education will pursue collection efforts for cancelled or reduced aid that I received and to which I am not entitled.
I have read and I understand the Statement of Educational Purpose.
Financial Aid Policies

Family Education Rights and Privacy Act (FERPA)
To protect your privacy, all records and conversations between the student and the Financial Aid Office are confidential. No public announcement shall be made of need-based amounts awarded to students. No information concerning the students’ financial aid records will be released to anyone outside of the Financial Aid Office without the students’ permission in accordance with FERPA. If the student wants information released, a letter of consent must be submitted.

All Awards Are Subject to Change
The most common reasons for adjusting aid include insufficient enrollment, change in residency status, and receipt of aid from other sources (tuition discounts, outside scholarships, VA benefits, etc.). Awards may also be reduced or cancelled due to changes or inaccuracies in any of the information provided, failure to maintain degree-seeking status, make Satisfactory Academic Progress, or comply with other federal, state and institutional guidelines.

The Financial Aid Office reserves the right to replace all gift aid (grants and/or scholarships) awarded by OLLU with other gift aid sources in the same amounts in order to maximize limited resources. Please note that if gift aid is replaced, the total amount of gift aid awarded will not be reduced.

Reduced tuition Programs
Students enrolled in Reduced Tuition Rate Programs will only be considered for the PELL Grant (if qualified) and student loans.

Students Enrolled in Seven or Eight Week Terms
If the student completely withdraws from a seven or eight-week term, financial aid awarded may be reduced or cancelled. As a result, the student may have a balance due to Our Lady of the Lake University even though funds may have been disbursed prior to withdrawal.

Our Lady of the Lake University reserves the right to discontinue any tuition discount for any program(s).
I have read and I understand the financial aid policies.
Unusual Enrollment History

What does this mean?
Our Lady of the Lake University must review the student’s enrollment history and determine whether or not the student is enrolling only long enough to receive cash refunds of federal student aid. OLLU is required to review the National Student Loan Data System (NSLDS) to verify the names of all schools attended during the prior four academic years. This information will be compared to the post-secondary academic transcripts submitted to OLLU. If all academic transcripts have not been submitted, eligibility for financial aid cannot be determined.

How to resolve?
Students with this requirement should ensure that all post-secondary academic transcripts have been submitted to Our Lady of the Lake University. If Federal Pell Grants were received and credit hours (passing grades: A – D) were not earned at each institution attended during these award years, the student may be determined ineligible for further federal financial aid.

Appealing the ineligibility determination
Students who have been notified that they are ineligible for aid because they have failed to earn academic credit at an institution during the period of enrollment under review may submit an Unusual Enrollment Petition to document unusual circumstances that resulted in the failure to gain academic credit.

Regaining Federal student aid eligibility
Students whose aid eligibility is denied as a result of their Unusual Enrollment History can be re-considered for federal student aid after the completion of the unusual enrollment academic requirements:
  • Enrolling for three consecutive academic terms of enrollment only in courses that are required by their program, AND• Maintaining GPA of at least 2.5 for each of these academic terms, AND
  • Not withdrawing (officially or unofficially) from any courses after the term begins, AND
  • Meeting all other eligibility requirements for federal aid
I have read and I understand the information about unusual enrollment history.
Certification
I certify that I have read and understand the policies presented in this Financial Aid Data Form. I understand that my financial aid award may change if any additional information is received after I receive my award letter.
 

 

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