LSB OPEID: 007779听听听听
One of the first steps to understanding the financial aid process is to learn the language you will听hear and read. Here are a few key terms to know:
- 骋谤补苍迟:听Free money 鈥� yes, money that does not听have to be paid back.
- Loan:听Borrowed money – it has to be paid back over a period of time, usually after you’ve graduated.
- Interest:听The amount of money you pay back in addition to the principal amount you borrow. Interest rates vary. Some loans may be subsidized. This type of student loan carries/accrues no interest charge while you are in school.
- Capitalization:听 The practice of adding unpaid interest charges to the principal balance of an educational loan,听which increases the size of the loan. Interest is then charged on the new balance, including both the unpaid principal and the accrued interest. Capitalizing the interest increases the monthly payment and the amount of money you will eventually have to repay.听A听Cost of Interest Capitalization calculator听can assist in determining the cost of interest capitalization.听You can access an interest听calculator at听听/肠补濒肠耻濒补迟辞谤
- Need-based aid:听Aid awarded to students on the basis of their听financial need. This type of aid is re-evaluated each year by the FAFSA renewal process or as a student’s financial situation changes.
- Dependent/Independent:听According to the federal government, you must meet at least one of the criteria listed below to be considered听Independent听for the听2023-24 academic year. (Your dependency status affects the amount of financial assistance available to you)鈥� born before January 1, 1999
鈥⑻齛 veteran of the U.S. Armed Forces
鈥⑻齟nrolled in a graduate or a professional program
鈥⑻齧补谤谤颈别诲
鈥⑻齢ave legal dependents whose sole financial support you provide
鈥⑻齛n orphan or ward of the court until age 18 or under legal guardianship
鈥⑻齛n emancipated minor听or听an unaccompanied youth who was听homeless - Financial information:听 Tax and assets听information for you, the student, your spouse (if you are married or were married when you filed your tax return) and your parents, if you are dependent for financial aid.
- Tax information:听The federal tax returns you and your parents filed and all the W-2鈥檚 used to calculate the income reported on the 1040 forms.听Federal tax returns include 1040, 1040A or a 1040EZ), and all the schedules filed for the prior year.
- Tax Return Transcripts:听IRS issued documents containing your (and your parents if you are dependent for financial aid) filed tax return. A tax return transcript is now required if your ISIR is selected for the process called verification. A transcript can be ordered online at: 听and printed directly from this website.
- OPEID:听听the number that identifies the school that receives your FAFSA information and your EFC results.听 LSB听听OPEID is听007779
- 听NSLDS:听National Student Loan Data System containing information on your loan record and your loan servicer information.听 You will need your FSA ID to log on to the website.