INVESTING 2 0 2 3 - 2 4 GUIDE TO YOUR FINANCIAL AID
Get to know this link … www.studentaid.gov Any student interested in applying for federal or state student loans or grants, or Lycoming College needbased financial aid, should become familiar with this website. Students can go here to establish their Federal Student Aid Account (FSA ID), which allows them to complete their original FAFSA or the renewal FAFSA electronically. The FSA ID also allows access to other helpful federal student aid sites. Studentaid.gov provides information that helps students understand aid, apply for aid, complete the financial aid process, and manage their student loans. Just an FYI:
our application for financial aid has been carefully reviewed. Based on the information submitted and in conjunction with College, state and federal guidelines, the Financial Aid Office has prepared your financial aid offer. Please carefully review this guide to your financial aid. It will provide you with a detailed explanation of your financial aid offer. If you have any questions after reviewing this guide, do not hesitate to call (570) 321-4040 to speak with a member of the Financial Aid Office. The Financial Aid Office is committed to assisting you throughout the financial aid process. Y Key Financial Aid Information Financial Aid Self-Service (Lyco Advisor) Using your Lycoming credentials, log into https://collslfsrv-live.lycoming.edu/Student to review important financial aid information. Once in Lyco Advisor, clicking on the Financial Aid tab takes students to the Financial Aid landing page. Financial Aid Self-Service provides vital financial aid information to students. Once on the landing page, the student will be able to view their current financial aid status, as well as access links to valuable resources. Clicking Financial Aid at the top of the landing page provides access to Required Documents, My Awards, the Offer Letter, and for returning students, their Satisfactory Academic Progress standing. 1
2 Bill Payment Students are billed for each semester. Your Fall bill will be uploaded and available to view online in early July. Lycoming College does not mail paper statements. For more information regarding billing statements and due dates, visit the Business Office website. When returning your payment to the College, you may indicate any aid which is pending, including Federal Stafford loans, PLUS loans and private scholarships that have not yet been deducted from your charges. Fall semester bills are due the first week of August. Spring semester bills are due mid-December. Disbursement of Aid One-half of each scholarship, grant and loan will be credited to your account each semester. The Financial Aid Office will credit your account no earlier than the end of the add/drop period, or once your financial aid file is complete. If your Stafford Loan is approved for a full academic year, your loan funds will be disbursed in two equal disbursements—one-half will be disbursed in the fall semester, and the second half will be disbursed in the spring semester. Typically, disbursements will be made within four (4) weeks after the start of each semester, but no earlier than the end of the drop/add period. Disbursements will not occur unless your file is complete. Your Aid Offer At the time your application was evaluated, you were considered for all types of assistance, including scholarships, grants, loans and student employment. The Financial Aid Office determined your eligibility for each type of aid and assigned a combination of assistance in accordance with your eligibility. The specific components of your aid notification are dependent upon the availability of funds and your demonstrated financial need. Lycoming College reserves the right to review, modify or cancel your financial aid components at any time on the basis of information affecting your eligibility. This may include, but is not limited to, changes in your financial or academic status, or changes in the availability of federal, state or institutional funds. Your total amount of assistance from all sources may not exceed your cost of attendance. The Financial Aid Office will determine your cost of attendance. Financial Need Students must demonstrate “financial need” to qualify for assistance from “need-based” programs. Students do not necessarily have to be from a low-income family. “Need” is the difference between the cost of attending Lycoming College and what the student and/or family can contribute as calculated by a financial aid formula that is approved by the U.S. Department of Education.
3 Grants/Scholarships Grant or scholarship funds appearing on the offer are funds that do not have to be repaid by the student. These types of awards are commonly known as “gift aid.” Lycoming grants and scholarships are available for use in the first eight (8) semesters of full-time enrollment on the Lycoming campus. Lycoming Grant The Lycoming Grant is awarded to full-time students who have documented financial need, as determined by federal methodology and Lycoming College. This grant is funded solely by Lycoming College. Funds are limited and are therefore distributed as equitably as possible to students with financial need. A student must complete the Free Application for Federal Student Aid (FAFSA) annually to be considered for this grant.
Lycoming Academic Scholarships The Office of Admissions may award academic scholarships to full-time students who have met certain academic requirements established by Admissions. Students eligible for a scholarship receive written notification of their annual scholarship amount directly from the Office of Admissions. Academic Scholarships will automatically be renewed up to eight (8) semesters of on-campus study as long as the student maintains satisfactory academic progress. No more than one-half of an annual Lycoming scholarship will ever be applied to a single semester. Talent scholarships are available only to new freshmen students in Art, Music, Theatre, Film and Video Arts or Creative Writing. Important Note About Institutional Aid PLEASE NOTE: Students receiving Lycoming College scholarships or grants cannot receive total scholarship and grant aid from all sources in excess of the student’s Cost of Attendance (COA). The Lycoming scholarship and/or grant will be reduced to meet this requirement. If a student receives a Tuition Remission Fee Waiver, a Tuition Exchange Scholarship, Chapter 33 Yellow Ribbon Benefits, or an ROTC Scholarship, any previously awarded Lycoming scholarships and awards become honorary and the dollar value becomes zero. Students receiving a Presidential, Trustee, Faculty, Provost, Deans’, or other Lycoming Scholarship may add only one additional Lycomingfunded scholarship to their financial package. Examples of funded Lycoming scholarships include the Pennsylvania Free Enterprise Week (PFEW) scholarship, and talent awards in music, theatre, art, creative writing and film and video arts. Federal Pell Grant The U.S. Department of Education determines a student’s eligibility for the Federal Pell Grant. The Pell Grant Program is designed to aid exceptionally needy students. Federal Pell Grants do not need to be repaid and are only awarded to undergraduate students who have not earned a bachelor’s degree or professional degree. Federal Supplemental Educational Opportunity Grant (SEOG) The SEOG is awarded to students with exceptional financial need, as determined by federal methodology. Priority is given to students who qualify for the Pell Grant. Funding is limited. 4
Pennsylvania State Grant The Pennsylvania State Grant is awarded to Pennsylvania residents whom PHEAA (PA Higher Education Assistance Agency) has determined to be eligible for grant assistance. PHEAA must have received your FAFSA results prior to May 1 to be eligible. The grant may appear as an estimated amount on the award notice. PHEAA officially notifies students of eligibility usually beginning mid-May. The satisfactory progress requirements for a Pennsylvania State Grant differ from federal requirements. Students must earn at least 24 credits for each year of PA State Grant assistance a student received. PHEAA limits students to eight (8) semesters of PA State Grant eligibility. Visit https://www.pheaa.org for other possible grant opportunities. Private Scholarships or Grants Students must inform the College if they have been awarded a grant or scholarship from a source other than the government or the College. Such awards typically come from parents’ employers, churches, civic organizations, high schools and other sources. Awards such as these, by federal regulation, must be considered as being part of the total financial aid award. Sometimes this means that we will be required to make an adjustment to the student’s financial aid package. If an adjustment to a financial aid award is required due to the receipt of a miscellaneous grant or scholarship, it is College policy to reduce the student’s loan eligibility (or work-study eligibility if the student chooses). 5
Student Loans Student loans can be an excellent resource to assist in paying for one’s education. The Federal Direct Stafford Loan is the most widely used education loan sponsored by the U.S. government. If you have been offered a student loan as part of your financial aid package, you have the option of reducing or refusing the loan altogether. If you are refusing or reducing the amount of the loan, please let us know by emailing the Office of Financial Aid at finaid@lycoming.edu. If you do not change the loan amount, it will be processed for the amount offered. Declining a loan will not affect any other portion of your financial aid award. All loans MUST BE REPAID whether or not the loan recipient completes his or her academic program. Students must be aware of their rights and responsibilities if they decide to participate in the student loan programs. Subsidized Stafford Loan (for interest rate go to www.studentaid.gov/understand-aid/types/loans/interest-rates). A subsidized Stafford Loan is a need-based loan. The interest on this loan is paid by the government while you are in school. Lycoming determines eligibility for the subsidized Stafford Loan based on your FAFSA data. Eligibility for the subsidized loan may change if you receive additional non-college aid that was not known by the College at the time the award notice was printed, or if corrections, which change the EFC, are made to the FAFSA. Unsubsidized Stafford Loan (for interest rate go to www.studentaid.gov/understand-aid/types/loans/interest-rates). Students who do not qualify for a subsidized Stafford Loan will likely qualify for an unsubsidized Stafford Loan. The unsubsidized Stafford Loan is not a need-based loan. Borrowers are responsible for any interest that accrues on the loan from the time the loan is disbursed. Borrowers have the option to pay the interest while in school or defer the interest until repayment. If the interest is deferred, then it will be capitalized or added to the principal amount of the loan. 6
Disbursement If your loan is approved for a full academic year, your loan funds will be disbursed in two equal disbursements electronically—one-half of the loan will be disbursed in the fall semester and the second half will be disbursed in the spring semester. At Lycoming, we stagger disbursements for each semester so it may take until late September (late January for second semester) for your account to be credited with your loan funds. We will not be able to give you any credit balances on your account until these funds have been disbursed. Applying for a Federal Direct Stafford Loan Students borrowing from the Federal Direct Stafford Loan for the first time must complete a two step process: 1). Go to www.studentaid.gov/entrance-counseling and complete the Entrance Counseling. Log in using your FSA ID. If you have not previously received a Direct Loan, the Federal Government requires you to complete entrance counseling to ensure that you understand the responsibilities and obligations you are assuming. This step is only required before receiving your first Stafford Loan. 2). Go to www.studentaid.gov/mpn and complete the Master Promissory Note (MPN). Log in using your FSA ID. The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s). This step is only required before receiving your first Stafford Loan. 7
Academic Grade Level Gross (earned credits) Amounts Freshman (0-23.5 credits) $5,500 Sophomore (24-55.5 credits) $6,500 Junior (56-95.5 credits) $7,500 Senior (96 credits or more) $7,500 Aggregate Loan Limit $31,000 • Any combination of subsidized and unsubsidized Stafford Loans cannot exceed these limits. • The Federal government charges a fee for each loan: Therefore, the net amount will be slightly less than the amount applied for. For the fee amount, go to www.studentaid.gov/understand-aid/types/loans/interest-rates. • Freshman and sophomore students are eligible to borrow an additional $4,000 unsubsidized Stafford Loan if their parent(s) are denied a Parent PLUS loan. • Junior and senior students are eligible to borrow an additional $5,000 unsubsidized Stafford Loan if their parent(s) are denied a Parent PLUS loan. Borrowing Amounts for Stafford Loans Employment The work-study program is designed to provide students with an opportunity to find part-time employment on campus. A limited number of off-campus community service positions are available for students who have been awarded Federal Work-study. Work-study earnings will not be credited to your student account to reduce your College bill. Instead, earnings may be used to assist you in meeting expenses such as books, supplies, laundry, and other miscellaneous expenses. Being eligible for the program does not guarantee you a job. Most students who are eager to work, however, will find a workstudy position. Students who are eligible for work-study are under no obligation to seek employment. FEDERAL WORK-STUDY The Federal Work-Study Program provides on- campus and off-campus employment to students who demonstrate financial need. • Repayment of the loan principle is deferred until six (6) months after you graduate or cease to be enrolled on at least a half-time basis, whichever comes first. The six (6)-month period between graduation and repayment is considered the grace period. • Repayment is made on a monthly basis and the repayment period is typically 10 years, but may be more. • There is no penalty for prepayment of the loan, and early repayment of the loan would reduce or eliminate interest charges. 8
INSTITUTIONAL WORK-STUDY The Institutional Work-Study Program provides on-campus employment to students who are ineligible for the federal work-study program. Funding is provided solely by the College. Since any Lycoming student can seek employment through this program, it will not appear on the award notification. What jobs are available? A variety of work-study positions are available. In addition to the usual manual and clerical-type positions, there are some positions that require special skills. Most academic departments and many administrative offices employ work-study students yearly. Major campus employers include the cafeteria, buildings and grounds, the library and the recreation center. How do I find a job? The Financial Aid Office will not place you directly in a job. The College maintains a work-study job board at https://lycoming-csm.symplicity.com. The job board is updated as employers post their vacant positions. You can begin seeking employment when you arrive in the fall. As you might expect, securing more “desirable” positions is a very competitive process; therefore, you should begin the job search immediately upon arrival to the campus. You may interview with any number of supervisors in order to obtain a job commitment. As with any job, the interview provides the supervisor with an opportunity to assess your aptitude, availability and general “fit” for the job. 9
Verification of FAFSA Information The U.S. Dept. of Education selects certain FAFSA applications to be verified. This means the school is required to collect certain documents and income information to verify the accuracy of the FAFSA application. Students and parents must comply with all verification procedures before aid will be disbursed. Changes in the application information as a result of the verification process may require an adjustment to your financial aid package. Failure to submit the requested documents within the appropriate time frame may result in a reduction in your financial aid. An official award notification will be sent upon completion of verification, either through the mail or electronically. Reduced Income If, after completing and submitting the required financial aid forms, the family suffers a drastic change of income, please contact the Financial Aid Office. A drastic change of income is defined as unemployment for a period of ten (10) Satisfactory Academic Progress Financial aid recipients are required to maintain a cumulative grade point average and make steady progress toward the completion of their degree as described below. 0-32.5 1.20 67% of attempted credits 33-48.5 1.40 67% of attempted credits 49-64.5 1.60 67% of attempted credits 65-80.5 1.80 67% of attempted credits 81 2.00 67% of attempted credits or more weeks or more, divorce or separation, death, retirement or permanent or total disability of the major wage earner. In such cases, the Financial Aid Office will re-evaluate the student’s financial aid package based on the new, estimated data. Additional assistance is only awarded if any remaining funds are available. Attempted Credits Min. Cum. GPA Progress Completion Requirement 10
Satisfactory academic progress is evaluated at the end of the spring semester. Failure to maintain satisfactory academic progress may result in the cancellation of financial aid eligibility. The College’s Satisfactory Academic Policy is available in the Financial Aid Office or online at http://www.lycoming.edu/catalog/financial.aspx Financial Aid Available for Study Abroad Programs Students who wish to study abroad are ineligible for Lycoming funded aid, except for students who are studying at one of five locations. For additional information please see http://www.lycoming.edu/study-abroad/semester-programs.aspx. Federal and state aid may be used for study abroad if the program is one of Lycoming’s affiliates or if Lycoming College enters into a consortium or contractual agreement with a sponsoring institution. Please be advised that the financial aid procedure for study abroad takes additional time and planning. The Financial Aid Office will assist students in necessary arrangements, but it is the responsibility of the student to ensure that all required applications and documents, both academic and financial aid, are submitted in accordance with current policy and in a timely manner. Contact the Financial Aid Office or the Center for Enhanced Academic Experiences (CEAE) for more information. Withdrawing from Lycoming Students wishing to withdraw from the College during the semester should meet with the Dean of First-Year Students or the Assistant Dean of Academic Services to ensure that their financial and academic records are properly closed. If you stop attending classes and receive a grade of “F” in all your classes, you may be considered to have unofficially withdrawn. The Financial Aid Office is required to recalculate federal financial aid eligibility for students who withdraw, drop out, are dismissed or take a leave of absence prior to completing the semester. Up through 60 percent of the semester, a pro rata schedule is used to determine how much federal aid the student has earned at the time of withdrawal. The portion of un-earned aid must be returned to the federal programs. When unearned aid is returned, a student may owe the College additional funds. The College’s Return of Title IV Funds Policy is available in the Financial Aid Office or online at http://www.lycoming.edu/catalog/financial.aspx. 11
Student’s Rights and Responsibilities • Renewal of need-based aid is not automatic. You are required to reapply each year by filing a Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA by May 1. • If you receive aid from state or private sources, you are required to notify the Financial Aid Office. • You are expected to apply for all sources of financial aid for which you may be eligible. Lycoming College will not replace any amount that you fail to receive from an outside source because you missed the application deadline, failed to submit the necessary paperwork or failed to meet the minimum standards to maintain the award. • You are required to notify the Financial Aid Office of any change in your name, address, enrollment status, anticipated graduation date, housing status or other changes related to your attendance at Lycoming College. • You have the right to privacy. All records and data submitted with your application for financial aid are treated as confidential information. • It is your responsibility to provide additional documentation, tax transcripts, W-2’s and any additional information requested by the Financial Aid Office. • It is your responsibility to read, understand and be accountable for all forms and agreements you sign. We recommend that you keep copies for your records. • A complete list of a student’s rights and responsibilities can be found online at http://www.lycoming.edu/financialAid/rights.aspx. 12
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
During Week 1 During Week 2 During Week 3 During Week 4 During Week 5 During Week 6 After 6th Week 10% 20% 30% 40% 50% 60% 100% 10% of the original amount 20% of the original amount 30% of the original amount 40% of the original amount 50% of the original amount 60% of the original amount No adjustments made Time of Withdrawal Billing Charge Reduced to: % College Grant/ scholarship credited to student account Lycoming College Withdrawal Billing Policy (Withdrawing students can review more in depth information concerning the Withdrawal Billing Policy and the Return of Title IV Funds Policy within the College Catalog online, including information on unofficial withdrawals). Students wishing to withdraw from the College during the semester should meet with one of the Academic Deans to ensure that student financial and academic records are properly closed. The effective date for calculating adjustments to tuition, fees, room and board shall be the documented last day of attendance at an academically-related activity or the date, as determined by the institution, that the student withdraws due to illness or accident. Students withdrawing will have their tuition, fees, room and board charges adjusted according to the following schedule: Private Alternative Loans Many loan programs are available for families who are ineligible for financial aid or those who need additional funds for their educational expenses. These alternative sources may be a line of credit extended to the family for four years or a supplemental loan processed on a yearly basis. In most cases, eligibility for alternative loans is based on the personal credit history and financial circumstances of the family. Since a credit rating is a required part of the loan approval process, the parent is usually the cosigner for this type of loan. For a listing of some of the available private loans, go to www.elmselect.com and type in Lycoming College. The lenders appearing on this page are some of the more common lenders used by Lycoming students. Each lender offers different advantages and benefits, so be sure to shop for the loan that best fits your family situation. Credit unions often have education loans available as well and are often a good option to consider. 14
Final Note Students and parents may have questions or concerns not addressed within this material. All students and parents are encouraged to contact the Financial Aid Office regarding any financial aid issue that may arise. Federal Return of Title IV Funds Policy Withdrawing students must also be aware that in addition to the Lycoming College Student Withdrawal Billing Policy, a Federal Return of Title IV Funds must also be calculated for any Pell Grant, FSEOG, Direct Stafford Loan, Direct PLUS Loan, Iraq & Afghanistan Service Grants, or TEACH Grant. The College is required to perform a Return of Title IV Funds calculation for all federal financial aid recipients who withdraw (officially or unofficially) from all classes on or before the 60% attendance point of the semester. Students may have An administrative fee of $100 will be charged to the student’s account. Please note that there is no adjustment of tuition, fees, room and board after the sixth week of the semester. For freshmen, the adjustment of charges period will be extended into the week that early assessment grades are distributed to students and parents. A compressed Time of Withdrawal table will apply to the May and Summer terms. a balance due to the College, Federal Government, or both, if any of all portions of their Title IV aid must be returned. Per Federal regulations, the following must be credited to outstanding balances in the following order for the payment period or period of enrollment if a return is required: 1. Unsubsidized Federal Direct Stafford loans. 2. Subsidized Federal Direct Stafford loans. 3. Federal Direct PLUS received on behalf of the student. 4. Federal Pell Grants. 5. Iraq and Afghanistan Service Grants. 6. FSEOG Program aid. 7. TEACH Grant 15
Financial Aid Office Office Hours Monday – Friday 8 a.m. – 4:30 p.m. Phone (570) 321-4040 or 1-800-345-3920 Fax (570) 321-4993 Email finaid@lycoming.edu www.lycoming.edu/financialaid
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