Types of Financial Aid

For students who wish to be considered exclusively for an institutional merit scholarship and for no other aid, the FAFSA process is not required.  These families are encouraged to notify the financial aid office that they do not plan to apply for need-based aid.

The FAFSA process is required for all families who wish to be considered for federal, state, and institutional need-based grants, for federal work-study, and for federal loan programs including Direct Stafford loans, Perkins loans, Direct PLUS and Graduate PLUS loans. All students are encouraged to explore opportunities for other outside scholarships.

Institutional aid will be electronically credited to the student's account, provided that all requirements have been met. The 2015-2016 disbursement dates for federal and state grants and loans are:

Fall semester - 8/26/2015

Spring semester - 1/13/2016

All students receiving any federal, state, or institutional scholarships, grants, loans and/ or work-study must maintain Satisfactory Acacdemic Progress.

Grants and Scholarships
Pell Grant (for full and part time undergraduates)

  • Need-based grant from the Federal government
  • Amount awarded between $581 and $5,775 depending on need and enrollment (2015-16)

      SEOG Grant (for full time undergraduates)

      •  Need-based grant from the Federal government
      • Amount awarded between $100 and $4,000 depending on need
      • This grant supplements the LVC Grant program and is not awarded as additional aid

      PHEAA State Grant (for full and part time undergraduate Pennsylvania residents)

       

      State Grants - CT, DE, MA, MD, ME, OH, RI, WV, VT (for full time undergraduates)

      • Need-based awards
      • Amounts vary

      Lebanon Valley College Grant (for full time undergraduates)

      • Need-based award
      • Your FAFSA serves as the application for LVC Grant; there is no separate application. Eligibility and amount of award will be determined through the packaging process as determined by the institution and notification of the award will be made via the Financial Aid Package. Eligibility requires continued unmet financial need as demonstrated using federal methodology on an annual basis.

      TEACH Grant

      Reduction Due to Sequestration

      Any new TEACH Grants first disbursed after October 1, 2013 are subject to a further reduction due to Sequestration (federal budget cuts). A student who is eligible to receive the full TEACH Grant scheduled award amount of $4,000 for 2015-2016, with a first disbursement prior to October 1, 2015, will receive $3,708. More information regarding the amount for a first disbursement on or after October 1, 2015, will be provided when available.

      The Teacher Education Assistance for College and Higher Education Grant Program provides grants to students enrolled in a baccalaureate degree program who intend to teach in a public or private elementary or secondary school that serves students from low-income families.

      • In exchange for receiving a TEACH Grant, you must agree to serve as a full-time teacher in a high-need field in a public or private elementary or secondary school that serves low-income students. As a recipient of a TEACH Grant, you must teach for at least four academic years within eight calendar years of completing the program of study for which you received a TEACH Grant. IMPORTANT:  If you fail to complete this service obligation, all amounts of TEACH Grants that you received will be converted to a Federal Direct Unsubsidized Stafford Loan. You must repay this loan to the U.S. Department of Education (ED). You will be charged interest from the date the grant was disbursed.
      • If you are an incoming student, you must have a high school cumulative grade point average or the equivalent of 3.25 or higher. If you are a current student, you must have a college cumulative grade point average of 3.25 after each semester you received the grant.
      • For more information about the TEACH Grant, please review ED's TEACH Grant Fact Sheet 

      If you are interested in receiving the TEACH Grant at LVC, please contact Kendra Feigert, Director of Financial Aid, 867-6126 or feigert@lvc.edu to determine your eligibility and complete the necessary paperwork.

      Office of Vocational Rehabilitation Grant – Pennsylvania (and other states)

      This state agency http://www.dli.state.pa.us/portal/server.pt/community/vocational_rehabilitation/10356  provides a variety of services for individuals with physical disabilities, mental/nervous/emotional disorders, drug and alcohol rehabilitation, learning disabilities, and other conditions. Potential OVR clients undergo diagnostic testing to determine eligibility for services. This diagnostic process takes time and should occur well in advance of a student’s enrollment date. Services may include financial support for higher education. Students must complete the FAFSA. Awards are based on a formula which considers the cost of attendance, the Expected Family Contribution, the Pell Grant and the PA State Grant. If you feel you may qualify for these services please contact the Pennsylvania OVR District Office which serves your county. http://www.portal.state.pa.us/portal/server.pt?open=514&objID=606620&mode=2 

       Similar services may be available to students residing in other states.

       NJ:  http://lwd.dol.state.nj.us/labor/dvrs/DVRIndex.html

       MD: http://www.dors.state.md.us/DORS/

       NY:  http://www.acces.nysed.gov/vr/adult_vocational_rehabilitation_services/about.htm

      Scholarships
      Scholarships may be awarded by the college through the admission process; additional scholarships are available from outside sources. For a complete list, please visit the Scholarships page.

      Loans

      Please note that all loans must be repaid. 

      Federal Direct Stafford Loan (for full and part time undergraduate and graduate students)
      • Guaranteed student loan from the Federal government
      • Loans go into repayment after you cease to be enrolled at least half-time 
      • Amount of loan depends on cost of attendance and cumulative credits
        credits
        0 - 27
        28 - 55
        56 - 83
        >  84
        maximum loan amount
        $3500
        $4500
        $5500
        $5500
      • Loan may be subsidized or unsubsidized for undergraduate students; graduate students are limited to unsubsidized loan; annual maximum for graduate students is $20,500 and actual eligibility may vary depending on cost of attendance and aggregate borrowing history.
        Subsidized
        • need-based
        • 6 month grace period prior to repayment
        • government pays the interest while you are in school; for loans first disbursed after July 1, 2014, interest is also subsidized during the 6 month grace period.  
        • fixed interest rate of  4.29% for undergraduate students
        • 1.073% origination (up front) fee 
        Unsubsidized
        • non need-based
        • 6 month grace period prior to repayment
        • you are responsible for interest payments while you are in school
        • fixed interest rate of 4.29%  undergrads; 5.84% graduate students
        • 1.073% origination (up front) fee
        • all eligible undergraduate students, regardless of need, may borrow $2000 in unsubsidized Stafford loan in addition to the amounts listed above
        •  for additional information please visit the U.S. Department of Education website

      Perkins Loan (for full time undergraduate students)

      The U.S. Department of Education is phasing out the Perkins Loan program beginning with the 2015-2016 academic year. Under section 461(b)(1) of the Higher Education Act of 1965, as amended (the HEA), the authority for schools to make a Federal Perkins Loan ended on September 30, 2014, with an automatic one-year extension pursuant to section 422(a) of the General Education Provisions Act (GEPA). Thus, absent Congressional action, schools may not make Federal Perkins Loans to new borrowers after September 30, 2015. If prior to October 1, 2015, a school makes the first disbursement of a Federal Perkins Loan to a student for the 2015-2016 award year, the school may make any remaining disbursements of that 2015-2016 loan after September 30, 2015.

      • Need-based federal loan; amount awarded determined by institution
      • Interest rate is fixed at 5% and government pays interest while you are in school
      • Primarily awarded to freshmen demonstrating significant financial need with a maximum of $2500
      • Limited funds available for 2015-2016 to previous borrowers meeting the "grandfather" provisions          
      • 9 month grace period prior to repayment
      • For additional information please visit the U.S. Department of Education website

      Federal Direct PLUS Loan (parent loan for full time, dependent undergraduates)

      • Credit-worthy loan from the federal government
      • Fixed interest rate of 6.84%
      • 4.292% origination (up front) fee
      • Loan goes into repayment sixty days after final disbursement
      • Parent is eligible to borrow up to cost of attendance minus other financial aid
      • For additional information, please visit the U.S. Department of Education website 

      Federal Direct Graduate PLUS Loan (student loan for full-time, graduate students)

      • Credit-worthy loan from the federal government
      • Fixed interest rate of 6.84%
      • 4.292% origination (up front) fee
      • Loan goes into repayment after student ceases to be enrolled at least half-time
      • Student is eligible to borrow up to cost of attendance minus other financial aid
      • For additional information, please visit the U.S. Department of Education website

      Student Alternative Loans

      Other

      Federal Work Study (for full time students, both undergraduate and graduate)

      • Need-based award
      • Earnings are paid to the student directly, not as a credit to the student's account
      • For additional information about Student Employment at Lebanon Valley College, please visit this page 
      • For additional information regarding the Federal Work Study Program, please visit the U.S. Department of Education website

      Funding Education Beyond High School: The Guide to Federal Student Aid provides the latest information for all the Federal Student Aid programs.