The Office of Financial Aid is here to work collaboratively with all students, regardless of their economic resources, in order to help obtain the financial assistance necessary to attend Lancaster General College. As you explore the academic choices that we offer, keep in mind that a Lancaster General College of Nursing & Health Sciences education is a high-quality education and an excellent investment in your future.  We understand that trying to finance your education can be a daunting task, so please feel free to give us a call, send us an email, or schedule an appointment to meet with us!

• See the College Catalog (PDF) for general information.  For a better resource...
• See the Financial Aid Guide (PDF) for detailed information from the Financial Aid Office.
• See Scholarships for a list of scholarships available through the College.
• See Tuition and Fees for information on tuition and fees. 

AN OVERV

IEW OF FINANCIA

All students interested in federal and state financial aid are REQUIRED to complete a FAFSA application every academic 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.

 

Net Price Calculator - Lancaster General College of Nursing & Health Sciences is pleased to provide this net price calculator as a guide to assist in early financial planning for college. This calculator will provide a preliminary estimate of federal, state and institutional aid eligibility, to help families gauge what aid the student may be awarded and to make arrangements to cover the cost of attendance.  To access the calculator click here. 

 

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.

 

 

 

• Amount borrowed is based on the student's academic level at the time the loan is processed. The amounts listed are the maximum yearly amounts. If the student receives other financial aid, the loan amount may be less.

 

 

 

• In addition to the base amount listed in the previous section, INDEPENDENT STUDENTS or DEPENDENT STUDENTS whose parents have been DENIED a PLUS loan, may borrow an additional amount. The amounts listed are the maximum yearly amounts. If the student receives other financial aid, the loan amount may be less.

 

 

Aggregate Total Federal Direct Stafford Loan Limits

 

 

 

Students are randomly selected for Verification by the federal government, and if selected, are required to complete the process before any federal financial aid can be processed. If a student is selected for Verification, s/he must complete the process to obtain financial aid.  (If a student is not selected for Verification, this information is not necessary.) Failure to complete the verification process will prohibit the student from receiving any federal financial aid for the academic year for which s/he is applying.

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.

Lancaster General College notifies all students via mail and e-mail regarding outstanding requirements.  The Verification Form can be obtained by logging into your MyPortal account, selecting Finance from the task bar at the top of the page, clicking on Financial Aid, and clicking on the Documents tab at the bottom of the screen.

 

Specific items to be verified are:

• Household size
• Number enrolled in post-secondary schools
• Adjusted gross income and taxes paid
• Untaxed income and benefits
• Proof of dependents
• Proof of citizenship

 

Forms required for Verification include, but are not limited to:

 

Independent Students

§  Independent Verification Form

§  Student and spouse 2011 federal tax return transcript*.

Dependent Students

§  Dependent Verification Form

§  Parent(s)'s 2011 federal tax return transcript*, include Schedule C if business income is reported

§  Student's 2011 federal tax return transcript*, if one was filed

Any requests for additional forms or information must be supplied before the student can have federal financial aid processed.

*To obtain a tax return transcript from the IRS, you can: 

• Request it online through the IRS website.
• Request it by phone at 1-800-908-9946  OR you may call (1-800-TAX-1040) if you are having difficulties.
  • Be sure to request a RETURN Transcript - you will need the SSN, DOB, and address of the primary filer.

The Direct PLUS loan is a loan in the parents name for the student. If the parent is approved they can borrow any amount up to the student’s budget at a 7.9% fixed interest rate and the loan can be deferred while the student is in school. If either parent is denied for the Plus loan the student can receive an additional $4000 in an unsubsidized Stafford loan for the year. I have attached a document with information regarding the Parent Plus loan and how to apply if you are interested.

• FAFSA is now REQUIRED to apply for the loan.
• A parent is the borrower.
• Parent must pass a credit check (see more information below the lender chart)
• The interest rate for new PLUS loans is a fixed rate of 7.9%
• Loan funds are sent to the school by the U.S. Department of Education (USDE)
• Please be advised that if you do not indicate a 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 PLUS loan.
• The loan term dates are used as follows:
  • PLEASE NOTE: YOU CAN ONLY APPLY FOR ONE ACADEMIC YEAR AT A TIME (DO NOT PUT THE DATES FOR YOUR STUDENT'S ENTIRE ACADEMIC CAREER!)
  • For the entire academic year (Fall/Spring), use 8/18/12 - 5/03/13
  • For the Fall only, use 8/18/12 - 12/14/12
  • For the Spring only, use 1/12/13 - 5/03/13

 

• The school can refuse to certify a student's loan application OR certify the loan for an amount less than the student would otherwise be eligible. The school must document the reason for its action and explain the reason to the student in writing. The decision of the school is final and cannot be appealed to the Department of Education.

 

• Yearly limit is equal to the student's Cost of Attendance minus any other financial aid received by the student.

 

• Fees of 2.5% of the loan will be deducted from the total loan amount at the time of disbursement (this is the 4.0% percent origination fee minus the 1.5% up-front interest rebate). We recommend when calculating how much you need, you anticipate the 4% of fees which are withheld [i.e. the calculation would be amount you need divided by 0.975. Example: If you anticipate you need $5000 to cover expenses, then you would want to apply for $5,000 / 0.975 = $5,129 (rounded off to the next whole dollar)]

 

• Parent may cancel all or a portion of the loan within 14 days after the date the school has sent notification that the loan funds have been credited to the student's account. Contact the Office of Financial Aid to cancel the loan.

 

• Interest is charged from the date the first disbursement is made until the loan is paid in full.

 

• Parent has up to 10 years to repay loan depending on the size of the parent's debt.

 

• The student must be a degree seeking student.

 

PLUS LOAN APPLICATION PROCESS

In order to complete the application online follow these steps:

• Click on the above link
• Click on the green SIGN IN button (left side of screen)
• Sign in with your SSN, first two letters of your last name, DOB, and PIN (this is all parents' information) - you must have a PIN (the same one as you had for the FAFSA) - if you do not have a PIN, you can apply for one.  If you do not remember the PIN, you can request it.
• Once you have that information and have signed in, select "Start PLUS Application Process" - select "Parent PLUS" and follow the instructions to complete the application.

 
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.
 
Please click the link below for further information and a list of lenders:

• ELM Select Lender List

 

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:

• For Summer 2012 use 05/14/2012 – 08/03/2012
• For the entire 2012-2013 academic year (Fall/Spring), use 08/18/2012 – 05/03/2013 
• For the Fall only, use 08/18/2012 - 12/14/2012 
• For the Spring only, use 01/12/2013 - 5/03/2013

 

Comparison Chart - Click here