Consumer Information Disclosures
In accordance with federal regulations set forth by The Higher Education Act of 1965, as amended by the Higher Education Opportunity Act of 2008, Lakeland College is required to make available to enrolled students, prospective students and their parents certain consumer information. To meet the requirement, information for Lakeland College is provided below:
Determining financial need & awards
The amount of financial aid for which you are eligible is determined by the formula listed below -
Student's Cost of Attendance (budget)
- Expected Family Contribution (EFC)
= Financial Need
The student's cost of attendance is an estimate of possible annual expenses while attending Lakeland College. The budget includes tuition, room & board, books & supplies, miscellaneous, transportation, and loan origination fees for Federal Stafford Loan borrowers.
The Expected Family Contribution (EFC) is a measure the parent's and/or the student's financial strength and is calculated according to a formula established by federal law. The EFC figure is calculated based on responses to questions on the Free Application of Federal Student Aid (FAFSA). The EFC figure is used to determine your federal, state and institutional student aid eligibility.
The EFC is subtracted from the budget to determine the student's financial need. The amount of need-based financial aid cannot exceed the financial need. Examples of need base aid includes: scholarships, federal, state, and institutional grants, federal work-study and federal subsidized loans. The financial aid office first awards any federal, state, and institutional grants and scholarships for which you are eligible. If a matriculated student has secured a job on campus, federal work study or regular employment is awarded. For prospective students, employment is awarded if there are funds available at the time the award is being completed. Lastly, federal direct loans are awarded to your aid package. The financial aid office attempts to award grant, loan and work-study funds equitably among all eligible applicants who apply by the priority date. Award amounts are determined by a combination of financial need, federal award limits, and available funding, among other factors. Additionally, students and/or parents of dependent students may apply for federal parent loans or private alternative loans to meet the difference between the cost of attendance and awarded financial aid.
Disbursement of financial aid
All financial aid funds, expect Federal Work Study funds, are applied directly to your Lakeland College student account established through the Business Office. Financial aid funds will automatically apply towards tuition, housing, meal plans, books and other charges.
If you receive a scholarship check from a source outside of Lakeland College, you should mail the check to the Business Office at P.O. Box 359, Sheboygan, WI, 53082. Be sure to include your Lakeland College student ID number on any correspondence.
The financial aid award is required to be equally divided between all semesters in the academic/award year in which the student is enrolled or plans to enroll. Financial aid is paid to the student's account when the following conditions are met:
- The student is determined to be eligible and is awarded.
- The student has accepted his/her financial aid award(s).
- The student has submitted/completed all required documents -such as loan entrance counseling, master promissory note, etc.
- The student is enrolled in the correct number of credits, for the semester.
- The student is determined to be maintaining Satisfactory Academic Progress.
- The disbursement date for the semester has been reached.
Federal work study
As you earn Federal Work Study funds, you will be paid through Lakeland College's monthly payroll system. Federal work study funds are distributed monthly via direct deposit to the student's chosen bank account.
If your financial aid exceeds your student account charges, the balance is paid to you in a form of a refund check.
Satisfactory academic progress (SAP) policy
Lakeland College is required to establish and consistently apply standards of Satisfactory Academic Progress (SAP) for all students who receive funds from Title IV programs of financial assistance. The policy requires that the college use quantitative and qualitative methods to measure student's academic progress. This policy requires a review of student progress after every term. For additional information, please refer to the Lakeland College's Financial Aid Satisfactory Academic Progress Policy.
An appeal process exists for anyone whose financial aid eligibility is terminated as a result of the Financial Aid Satisfactory Academic Progress Policy. Those students affected will receive written notice of the appeal process. Find out more here.
Statement of ethical principals and code of conduct
The Lakeland College Financial Aid Office has adopted and will follow the Statement of Ethical Principles and Code of Conduct for Financial Aid Professionals as created by the National Student Financial Aid Administrators (NASFAA). The Lakeland College Financial Aid Office is dedicated to providing customer service to our students and their families with the appropriate level of professionalism and commitment to ethical standards.
National Association of Student Financial Aid Administrators (NASFAA)
STATEMENT OF ETHICAL PRINCIPALS
NASFAA's Statement of Ethical Principals provides that the primary goal of the institutional financial aid professional is to help students achieve their educational potential by providing appropriate financial resources. To this end, this Statement provides that the financial aid professional shall:
- Be committed to removing financial barriers for those who wish to pursue postsecondary learning.
- Make every effort to assist students with financial need.
- Be aware of the issues affecting students and advocate their interests at the institutional, state, and federal levels.
- Support efforts to encourage students, as early as the elementary grades, to aspire to and plan for education beyond high school.
- Educate students and families through quality consumer information.
- Respect the dignity and protect the privacy of students, and ensure the confidentiality of student records and personal circumstances.
- Ensure equity by applying all need analysis formulas consistently across the institution's full population of student financial aid applicants.
- Provide services that do not discriminate on the basis of race, gender, ethnicity, sexual orientation, religion, disability, age or economic status.
- Recognize the need for professional development and continuing education opportunities.
- Promote the free expression of ideas and opinion, and foster respect for diverse viewpoints within the profession.
- Commit to the highest level of ethical behavior and refrain from conflict of interest or the perception thereof.
- Maintain the highest level of professionalism, reflecting a commitment to the goals of the National Association of Student Financial Aid Administrators.
Title IV loan code of conduct
Lakeland College, as a participant in the Title IV federal loan program, is required by the Department of Education to develop, publish, and enforce a code of conduct. The code of conduct requirements are set forth in the Higher Education Opportunity Act (HEOA) signed into law on August 14, 2008. The following code of conduct applies to all officers, employees, and agents of Lakeland College.
Reason for policy
The HEOA program participation agreement which must be executed by all colleges and universities participating in Title IV financial aid programs, including student loan programs, requires a code of conduct with which the institution's agents and employees shall comply. Such code must prohibit a conflict of interest with the responsibilities of an agent or employee of an institution with respect to such loans, and include the provisions set forth in HEOA related to conflicts. The law further specified that the code shall be displayed prominently.
Ban on revenue sharing agreements
Neither Lakeland College, nor any of its officers, employees, or agents will enter into any revenue-sharing arrangements with any lender. A lender as defined by the Higher Education Opportunity Act of 2008, amending the Higher Education Act of 1965, Pub. L. #110-315 (2008), (HEOA) as any arrangement between a school and a lender that results in the lender paying a fee or other benefits, including a share of the profits, to the school, its officers, employees or agents, as a result of the school recommending the lender to its students or families of those students.
Ban on gifts
No officer or employee of Lakeland College's Office of Financial Aid or any employee or agent who has responsibilities with respect to educational loans shall solicit or accept any gift from any lender, guaranty agency or loan servicer. This is not limited just to those providers of Title IV loans. HEOA does provide for some exceptions related to specific types of activities or literature. This includes:
- Brochures or training material related to default aversion or financial literacy.
- Food, training or informational materials as part of training as long as that training contributes to the professional development of those individuals attending the training.
- Favorable terms and benefits to the student employed by the institution as long as those same terms are provided to all students at the institution.
- Entrance and exit counseling as long as the institution's staff are in control and they do not promote the services of a specific lender.
- Philanthropic contributions from a lender, guarantee agency or servicer unrelated to education loans.
- State education, grants, scholarships, or financial aid funds administered by or on behalf of the State.
For purposes of this prohibition, the term "gift" means any gratuity, favor, discount, entertainment, hospitality, loan, or other item having a monetary value of more than a de minimum amount. The term includes a gift of services, transportation, lodging or meals, whether provided in-kind, by purchase of a ticket, payment in advance, or reimbursement after the expense has been incurred.
Ban on contracting arangements
No officer or employee of Lakeland College's Office of Financial Aid or any employee or agent who has responsibilities with respect to educational loans should accept any fee, payment or financial benefit as compensation for any type of consulting arrangement or other contract to provide services to or on behalf of a lender relating to education loans.
Prohibition against steering borrowers
Lakeland College and its officers, employees or agents are prohibited to steer borrowers to particular lenders, or delaying loan certifications. The prohibition includes assigning any first-time borrower's loan to a particular lender as part of their award packaging or through other methods.
Prohibition on offers of funds for private loansLakeland College and its officers, employees or agents are prohibited to request or accept offers of funds for private loans. The prohibition includes any offer of funds for loans to students at the institution, including funds for an opportunity pool loan, in exchange for providing concessions or promises to the lender for a specific number of loans, or inclusion on a preferred lender list.
Ban on staffing assistance
Lakeland College and its officers, employees or agents will not request or accept any assistance with call center staffing or financial aid office staffing. However, HEOA does not prohibit schools from requesting or accepting assistance from a lender related to:
- Professional development training for financial aid administrators.
- Providing educational counseling materials, financial literacy materials, or debt management materials to borrowers, provided that such materials disclose to borrowers the identification of any lender that assisted in preparing or providing such materials.
- Staffing services on a short-term, nonrecurring basis to assist the school with financial aid-related functions during emergencies, including State-declared or federal declared natural disasters, and other localized disasters and emergencies identified by the Secretary.
Ban on advisory board compensation
Lakeland College and its officers, employees or agents may not receive anything of value from a lender, guarantor, or group in exchange for serving on an advisory board. They may, however, accept reimbursement for reasonable expenses incurred while serving in this capacity.