Federal Title IV Code 009863
The Financial Aid program at the College is designed to help all qualified students pursue a career in healthcare regardless of financial circumstances. The Financial Aid Office is available to assist applicants and current students.
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Links to these resources are on the left side of this page.
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See the Welcome Message (PDF) from our Financial Aid Office.
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See the College Catalog (PDF) for general information. For a better resource...
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See the Financial Aid Guide (PDF) for detailed information from the Financial Aid Office.
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See Scholarships for a list of scholarships available through the College.
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See Tuition and Fees for information on tuition and fees.
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Hours:
Monday -Wednesday 7:00-4:00
Thursday 7:00-5:00
Friday 7:00-12:00
*Summer & Holiday Hours are subject to change. We recommend you make an appointment to ensure you are able to speak with someone*.
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Mailing Address:
Financial Aid Office
Lancaster General College of Nursing & Health Sciences
410 North Lime St
Lancaster PA 17602 |
**Special Note: All returning students for the Fall 2010
Semester who wish to receive a Stafford Loan are
required to complete a Direct Loan Master Promissory
Note. Please refer below for instructions on how to do
so.**
| AN OVERVIEW OF FINANCIAL AID |
All Financial Aid Applicants are REQUIRED to apply for Financial Aid each year!
Awards cannot be made until the student has been accepted for admission and a student aid report from the Free Application for Federal Student Aid has been received.
Students who receive additional Aid from any source are required to notify the Financial Aid Office immediately.
Financial Aid is offered to qualified students within the limits of funds available to the College. The amount awarded by the College varies with individual needs. The College attempts to provide a "Financial Aid Package" of grants and/or loans to assist the qualified student to meet educational expenses.
If a student's financial circumstances change significantly at any time prior to or during enrollment, it is important that this information be disclosed to the Financial Aid Office. Loss of earnings, sickness or death of wage earner and natural disaster all impact on a student's ability to meet educational expenses.
HOW TO APPLY FOR FINANCIAL AID
1. Complete the “Free Application for Federal Student Aid” on the website
www.fafsa.ed.gov. This will generate a Federal Needs Analysis report based upon that System -- the basis for determining student need. Before beginning the FAFSA, students and parents (if Dependent) should apply for a Federal Student Aid personal identification number (PIN) at
www.pin.ed.gov. The pin will allow the student to sign the FAFSA electronically and later to access the processed FAFSA online. This pin number will be used each time you complete the FAFSA.
The FAFSA must be completed each year to receive Federal Financial Aid.
2. Comply with requests for verification as required by the Financial Aid Office and in compliance with regulations pertinent to federal and state financial aid programs. This could include signed copies of the student and parents’ Federal Income Tax Forms for the preceding year.
3. Apply for a Federal Stafford Loan by completing a Master Promissory Note through the
Direct Stafford Loan Website. The Pin number can be used to electronically sign the Master Promissory Note. This is important since most aid packages will include a Stafford Student Loan.
4. Complete an entrance interview electronically at
Direct Loan Entrance Counseling. This is required to receive a Federal Stafford Loan. Students who graduate, withdraw or are enrolled for less than six credits and received a Federal Student Loan, must complete the exit interview electronically at
Direct Loan Exit Counseling.
5. If eligible for grants through the Bureau of Vocational Rehabilitation or the Veterans Administration, contact the representative in your community.
6. Apply for aid directly from private organizations. Most administer their programs independently and do not involve the College in the application or selection processes.
DIRECT STAFFORD LOANS
DIFFERENCES BETWEEN SUBSIDIZED AND UNSUBSIDIZED LOANS
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Federal SUBSIDIZED Stafford Loan |
Federal UNSUBSIDIZED Stafford Loan |
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Eligibility is based on financial need. |
Eligibility is NOT based on financial need. |
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The Federal Government pays the interest on the loan as long as the student maintains a half time enrollment status of 6 credits per semester (undergraduate and graduate students). |
The Federal Government DOES NOT pay the interest on the loan. Interest is charged from the time the loan is disbursed until it is paid in full. |
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Repayment on both the interest and principal begins 6 months after the student ceases to be enrolled at least half time - graduates, withdraws, does not return the following semester, stops attending classes, or drops below 6 credits. |
The student has two options in the repayment of the interest. It can be paid while enrolled in school (check the box on the MPN indicating you wish to pay the interest) OR the loan interest can be capitalized - that is, the interest will be added to the principal amount of the loan and additional interest will be based upon the higher amount. In both cases, repayment on both the interest and principal will begin 6 months after the student ceases to be enrolled at least half time - graduates, withdraws, does not return the following semester, stops attending classes, or drops below 6 credits. |
BASE STAFFORD LOAN ACADEMIC YEAR LIMITS - DEPENDENT STUDENT
effective July 1, 2008
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Earned Credits |
Base Federal Stafford Loan
Subsidized or Unsubsidized |
Extra
Unsubsidized* |
TOTAL |
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Level 1 (0-29 credits) |
$3,500 |
$2,000 |
$5,500 |
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Level 2 (30-59 credits) |
$4,500 |
$2,000 |
$6,500 |
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Level 3 (60-89 credits) |
$5,500 |
$2,000 |
$7,500 |
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Level 4 (90 and more credits) |
$5,500 |
$2,000 |
$7,500 |
BASE STAFFORD LOAN ACADEMIC YEAR LIMITS - INDEPENDENT STUDENT
effective July 1, 2008
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Earned Credits |
Base Federal Stafford Loan |
Extra
Unsubsidized Loan |
Additional
Unsubsidized Federal Stafford Loan |
Academic Year Limit |
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Level 1 (0-29 credits) |
$3,500 |
$2,000 |
$4,000 |
$9,500 |
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Level 2 (30-59 credits) |
$4,500 |
$2,000 |
$4,000 |
$10,500 |
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Level 3 (60-89 credits) |
$5,500 |
$2,000 |
$5,000 |
$12,500 |
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Level 4 (90 and more credits) |
$6,500 |
$2,000 |
$5,000 |
$12,500 |
STAFFORD LOAN AGGREGATE LIMITS
effective July 1, 2008
| LEVEL |
Old Amount |
New Amount |
Comments |
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Undergraduate Education
(dependent student) |
$23,000 |
$31,000 |
$23,000 max subsidized |
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Undergraduate Education
(independent student) |
$46,000 |
$57,500 |
$23,000 max subsidized |
DIRECT STAFFORD LOAN BENEFITS
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*0.5% origination fee
*If 12 on-time payments are not made once in repayment, an additional 1.5% is added back to the
principal balance. |
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* Interest rate fixed at 5.6% Subsidized |
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* Interest rate fixed at 6.8% Unsubsidized |
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* 0.25% interest rate reduction for Electronic Debit Account (EDA) repayment method |
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* Single point of service |
VERIFICATION POLICY
Verification is a process where the Financial Aid Office must verify that information reported on the aid application is true and correct.
Applicants are selected for verification at random through computer edits. The verification flag is an "*" next to the EFC number on the Student Aid Report (SAR). The student is also notified of selection in Part I of the SAR.
The Lancaster General College of Nursing and Health Sciences is required to complete 30% verification of its enrolled applicants for financial aid. However, the Lancaster General College of Nursing & Health Sciences will randomly choose students not chosen for verification in addition to those who are chosen.
Specific items to be verified are:
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Household size
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Number enrolled in post-secondary schools
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Adjusted gross income and taxes paid from a Signed Federal Tax return
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Untaxed income and benefits
Documentation required:
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Signed copy of the base year tax return used to apply for financial aid for student/spouse and/or parents as applicable.
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Verification worksheet (provided by aid office).
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Child support documentation, if applicable.
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Social Security documentation, if applicable.
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Other financial documents as requested by financial aid office
Selected students are required to provide documentation as specified by letter from the financial aid office within 30 days of receipt of notice. Failure to do so will result in non-payments of Pell and student loans until the updated SAR is signed by the student and received by the Aid office. Students will be responsible to pay for tuition costs.
Students will be notified in writing of award changes through a revised award letter.
If, during the verification process, it is discovered that the student has an overpayment situation, the College first will make every reasonable effort to notify the student by sending a written notice requesting payment in full to collect the overpayment. If the College is unable to collect the overpayment, the College will then notify the Department of Education of the overpayment.
PRIVATE EDUCATIONAL LOANS
It is not uncommon for students to have a gap between the cost of tuition and how much they are eligible for in Federal Stafford Loans. This is because there are pre-set limits as to how much a student can borrow based on if they are an dependent or independent student (as determined by the FAFSA) and how many credits they have completed. In this situation, students can elect to take out additional private educational loans.
Here are links to lenders we suggest:
Please be advised that if you do not indicate a loan term or indicate an invalid loan term on your loan application, the loan term will default to the academic year (fall/spring). It is EXTREMELY IMPORTANT to indicate correct loan term dates to ensure the correct processing of your alternative loan. The loan term dates are used as follows:
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For the entire 2010-2011 academic year (Fall/Spring), use 8/21/10 - 5/06/11
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For the Fall only, use 8/21/10 - 12/17/10
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For the Spring only, use 1/08/11 - 5/06/11
IMPORTANT FINANCIAL AID CONTACT INFORMATION
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School Code |
009863 |
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General Financial Aid Questions |
800-4-FED-AID |
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Student Aid Report |
319-337-5665 |
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PIN Number for FAFSA |
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Online FAFSA |
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IRS (for copies of tax returns) |
800-829-1040 |
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Selective Service |
847-688-6888 |
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Social Security |
717-299-5261 |
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American Education Services (AES) |
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Loan Status |
800-233-0557 |
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LGC Financial Aid Officer |
717-544-5901 |
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LGC Financial Aid Assistant |
717-544-7933 |
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Debt Management Resources |
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FINANCIAL AID VIDEOS
Click the links below to watch educational Financial Aid videos!
Updated 08/27/10