Applying for financial aid doesn’t have to be difficult! Learn the ground rules by browsing these frequently asked questions.
My parents aren't helping me pay for college. Do I need parental information on the FAFSA?
Even if your parents don't contribute money toward your education, you are considered a dependent of your parents and need their information unless you can answer yes to any of these questions.
I received my Award Letter and did not get enough money to pay my tuition and fee bill. Is there any additional funding available to help with the costs?
Yes, there are additional loans that can provide additional assistance for students.
Lake Area Technical Institute Federal School Code for the FAFSA is 005309
Yes. If the parent has remarried as of the date you complete the FAFSA, answer the questions on the form about that parent and the person whom your parent married.
If you are eligible for and take out a subsidized Stafford loan, the federal government will pay the interest for you while you are in school and up to six months after you cease to be a student (at least half-time), at which time you will need to begin repaying the loan.
If you are eligible for and take out an unsubsidized Stafford loan, you are responsible for all the interest that accumulates. You will have the option of either paying the interest as it accumulates or capitalizing the interest (adding it to the principal balance). If you choose to pay the interest back as it accumulates you will pay less in interest overall. Like a subsidized loan, you will have to begin payment six months after you cease to be a student (at least half-time).
Yes. You need to fill out either a FAFSA or a Renewal FAFSA for the academic year for which you would like to receive federal financial aid. After the first year you fill out the FAFSA, you should receive a Renewal FAFSA thereafter. Complete the FAFSA or Renewal FAFSA online at www.fafsa.ed.gov and use your PIN (student and parent) available at www.pin.ed.gov.
Generally, a priority date refers to dates established for scholarships and the FAFSA. Students who meet these priority dates will receive first consideration for awards. Sending in an application after the priority date does not eliminate you from receiving an award. However, it does lessen your chances as many types of aid have limited funding. Yet, meeting the priority date does not guarantee you certain types of aid since other criteria are taken into consideration. To meet the FAFSA priority date, we recommend that you complete your taxes early so that you will have the necessary information to complete the application.
30% of FAFSA applications are chosen for verification by the FAFSA processor. It is a random selection and does not mean that you made an error on the initial FAFSA.
A letter and Verification Form will be sent from LATI to the student at the address listed on the FAFSA. The Verification Form and copies of the signed federal income tax forms need to be returned to LATI. Prompt return of these forms will speed up the awarding process.
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1201 Arrow Avenue - PO Box 730 - Watertown, South Dakota - 57201 | General Information: (605) 882-LATI or 1-800-657-4344 - Fax 1-605-882-6299