Financial Aid Renewal Process Application Deadline: May 1 All forms of need-based financial aid must be reapplied for annually. Renewal of awards will be based on the timely completion of all required documents and continued eligibility. To be considered for assistance for the 2023-24 academic year, all recipients of need-based aid must reapply. Any student receiving need-based federal, state or Lycoming College funds must file the Free Application for Federal Student Aid (FAFSA) at www.studentaid.gov/h/apply-for-aid/fafsa. Alternative Financing Options FEDERAL DIRECT PLUS LOAN (for parents only) www.studentaid.gov The federal direct PLUS Loan is a government sponsored loan that may be available to parents of dependent students. For the PLUS interest rate go to www.studentaid.gov/understand-aid/types/loans/plus/parent. Credit-worthy parents may borrow up to the cost of attendance for which the student is eligible. Parents can apply for this loan at www.studentaid.gov. Parent borrowers are charged a fee that goes to the federal government to help reduce the cost of this program. The fee is deducted from the amount your parents borrow before the College receives the funds. Go to www.studentaid.gov/understand-aid/types/loans/plus/parent for the fee amount. Loan funds are sent to the College in two disbursements, half for the fall semester and half for the spring semester. Repayment begins within 60 days after the loan is fully disbursed. There is no grace period with this loan. Terms of repayment includes 10-year repayment, which may be extended under certain circumstances. There is no penalty for early payment, and outstanding loans can be consolidated into one monthly payment. Parents also have the option of deferring payments or making interestonly payments while the student is enrolled in school. The PLUS Loan also provides a built-in insurance for death and disability that applies to both the borrower and student at no additional cost. If your parents have any questions regarding the Parent Plus Loan process, please have them contact the Financial Aid Office for more information. Monthly Payment Plan Lycoming is pleased to offer families the opportunity to meet educational expenses through a plan provided by a third party, Nelnet. The monthly payment plan is designed to relieve payment pressure by allowing families to spread the cost over each semester. You may contact Nelnet at 800-609-8056 to obtain personal financing counseling, a Payment Plan application or additional information. Visit their website at: www.mycollegepaymentplan.com/lycoming. 13
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