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GUIDETO YOURFINANCIALAIDINVESTING2022-23
Just an FYI:Get to know this link www.studentaid.govAny student interested inapplying for federal or statestudent loans or grants, orLycoming College needbased financial aid, shouldbecome familiar with thiswebsite.Students can go hereto establish their FederalStudent Aid Account (FSAID), which allows them tocomplete their originalFAFSA or the renewalFAFSA electronically. TheFSA ID also allows access toother helpful federal studentaid sites.Studentaid.gov providesinformation that helpsstudents understand aid,apply for aid, complete thefinancial aid process, andmanage their student loans.
Key Financial Aid InformationYour application for financial aid has been carefully reviewed.Based on the information submitted and in conjunctionwith College, state and federal guidelines, the Financial AidOffice has prepared your financial aid offer.Please carefully review this guide to your financial aid. It willprovide you with a detailed explanation of your financial aidoffer. If you have any questions after reviewing this guide, do nothesitate to call (570) 321-4040 to speak with a member of theFinancial Aid Office.The Financial Aid Office is committed to assisting youthroughout the financial aid process.Financial Aid Self-Service (Lyco Advisor)Using your Lycoming credentials, log intohttps://collslfsrv-live.lycoming.edu/Student to review importantfinancial aid information.Once in Lyco Advisor, clicking on the Financial Aid tab takesstudents to the Financial Aid landing page.Financial Aid Self-Service provides vital financial aid informationto students. Once on the landing page, the student will be ableto view their current financial aid status, as well as access links tovaluable resources.Clicking Financial Aid at the top of the landing page providesaccess to Required Documents, My Awards, the Offer Letter, theCollege Financing Plan, and for returning students, their SatisfactoryAcademic Progress standing.1
Bill PaymentStudents are billed for each semester. Your Fall bill will beAt the time your application was evaluated, you were considereduploaded and available to view online in early July. Lycomingfor all types of assistance, including scholarships, grants, loans andCollege does not mail paper statements. For more informationstudent employment. The Financial Aid Office determined yourregarding billing statements and due dates, visit the Business Officeeligibility for each type of aid and assigned a combinationwebsite. When returning your payment to the College, you mayof assistance in accordance with your eligibility. The specificindicate any aid which is pending, including Federal Staffordcomponents of your aid notification are dependent upon theloans, PLUS loans and private scholarships that have not yet beenavailability of funds and your demonstrated financial need.deducted from your charges.Fall semester bills are due the first week of August.Spring semester bills are due mid-December.Disbursement of AidOne-half of each scholarship, grant and loan will be credited toLycoming College reserves the right to review, modify orcancel your financial aid components at any time on the basis ofinformation affecting your eligibility. This may include, but is notlimited to, changes in your financial or academic status, or changesin the availability of federal, state or institutional funds.Your total amount of assistance from all sources may not exceedyour account each semester. The Financial Aid Office will credityour cost of attendance. The Financial Aid Office will determineyour account no earlier than the end of the add/drop period, oryour cost of attendance.once your financial aid file is complete.If your Stafford Loan is approved for a full academic year, yourloan funds will be disbursed in two equal disbursements—one-halfwill be disbursed in the fall semester, and the second half will bedisbursed in the spring semester. Typically, disbursements will bemade within four (4) weeks after the start of each semester, but noearlier than the end of the drop/add period. Disbursements will notoccur unless your file is complete.2Your Aid OfferFinancial NeedStudents must demonstrate “financial need” to qualify forassistance from “need-based” programs. Students do notnecessarily have to be from a low-income family. “Need” is thedifference between the cost of attending Lycoming College andwhat the student and/or family can contribute as calculated by afinancial aid formula that is approved by the U.S. Department ofEducation.
Grants/ScholarshipsGrant or scholarship funds appearing onthe offer are funds that do not have tobe repaid by the student. These types ofawards are commonly known as “gift aid.”Lycoming grants and scholarships areavailable for use in the first eight(8) semesters of full-time enrollmenton the Lycoming campus.Lycoming GrantThe Lycoming Grant is awarded tofull-time students who have documentedfinancial need, as determined by federalmethodology and Lycoming College. Thisgrant is funded solely by Lycoming College.Funds are limited and are thereforedistributed as equitably as possible tostudents with financial need. A studentmust complete the Free Application forFederal Student Aid (FAFSA) annually tobe considered for this grant.3
Lycoming Academic ScholarshipsThe Office of Admissions may award academic scholarships to full-time students who have met certain academic requirements establishedby Admissions. Students eligible for a scholarship receive written notification of their annual scholarship amount directly from the Officeof Admissions. Academic Scholarships will automatically be renewed up to eight (8) semesters of on-campus study as long as the studentmaintains 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 AidPLEASE NOTE: Students receiving Lycoming College scholarships or grants cannot receive total scholarship and grant aid from all sourcesin excess of tuition and fees (and room and board if a resident student). The Lycoming scholarship and/or grant will be reduced to meet thisrequirement.If a student receives a Tuition Remission Fee Waiver, a Tuition Exchange Scholarship, Chapter 33 Yellow Ribbon Benefits, or an ROTCScholarship, any previously awarded Lycoming scholarships and awards become honorary and the dollar value becomes zero.Students receiving a Presidential, Trustee, Faculty, Dean’s or other Lycoming Scholarship may add only one additional Lycoming-fundedscholarship 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 GrantThe U.S. Department of Education determines a student’s eligibility for the Federal Pell Grant. The Pell Grant Program is designed to aidexceptionally needy students. Federal Pell Grants do not need to be repaid and are only awarded to undergraduate students who have notearned 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 whoqualify for the Pell Grant. Funding is limited.4
Pennsylvania State GrantThe Pennsylvania State Grant is awarded to Pennsylvaniaresidents whom PHEAA (PA Higher Education Assistance Agency)has determined to be eligible for grant assistance. PHEAA musthave received your FAFSA results prior to May 1 to be eligible. Thegrant may appear as an estimated amount on the award notice.PHEAA officially notifies students of eligibility usually beginningmid-May. The satisfactory progress requirements for a PennsylvaniaState Grant differ from federal requirements. Students must earn atleast 24 credits for each year of PA State Grant assistance a studentreceived. PHEAA limits students to eight (8) semesters of PA StateGrant eligibility. Visit https://www.pheaa.org for other possible grantopportunities.Private Scholarships or GrantsStudents must inform the College if they have been awarded agrant or scholarship from a source other than the government orthe 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 asbeing part of the total financial aid award. Sometimes this meansthat we will be required to make an adjustment to the student’sfinancial aid package.If an adjustment to a financial aid award is required due to thereceipt of a miscellaneous grant or scholarship, it is College policyto reduce the student’s loan eligibility (or work-study eligibility if thestudent chooses). Students must be aware that adjustments such as5
Student LoansStudent loans can be an excellent resource to assist in paying for one’s education. The Federal Direct Stafford Loan is the most widely usededucation loan sponsored by the U.S. government. If you have been offered a student loan as part of your financial aid package, you have theoption of reducing or refusing the loan altogether. If you are refusing or reducing the amount of the loan, please let us know by emailing theOffice of Financial Aid at finaid@lycoming.edu. If you do not change the loan amount, it will be processed for the amount offered. Declining aloan 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 theirrights and responsibilities if they decide to participate in the student loan programs.Subsidized Stafford Loan(for interest rate go to rest-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. Lycomingdetermines 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 theaward notice was printed, or if corrections, which change the EFC, are made to the FAFSA.6
Unsubsidized Stafford Loan(for interest rate go terest-rates).Students who do not qualify for a subsidized Stafford Loan willlikely qualify for an unsubsidized Stafford Loan. The unsubsidizedStafford Loan is not a need-based loan. Borrowers are responsiblefor any interest that accrues on the loan from the time the loanis disbursed. Borrowers have the option to pay the interest whilein school or defer the interest until repayment. If the interest isdeferred, then it will be capitalized or added to the principal amountof the loan.DisbursementIf your loan is approved for a full academic year, your loan fundswill be disbursed in two equal disbursements electronically—one-halfof the loan will be disbursed in the fall semester and the second halfwill be disbursed in the spring semester. At Lycoming, we staggerdisbursements for each semester so it may take until late September(late January for second semester) for your account to be creditedApplying for a Federal DirectStafford LoanStudents borrowing from the Federal Direct Stafford Loan for thefirst time must complete a three step process:1). Go to www.studentaid.gov/entrance-counseling and completethe Entrance Counseling. Log in using your FSA ID. If you have notpreviously received a Direct Loan, the Federal Government requiresyou to complete entrance counseling to ensure that you understandthe responsibilities and obligations you are assuming. This step isonly required before receiving your first Stafford Loan.2). Go to www.studentaid.gov/mpn and complete the MasterPromissory Note (MPN). Log in using your FSA ID.The Master Promissory Note (MPN) is a legal document in whichyou promise to repay your loan(s) and any accrued interest andfees to the U.S. Department of Education. It also explains the termsand conditions of your loan(s). This step is only required beforereceiving your first Stafford Loan.with your loan funds. We will not be able to give you any credit3). Go to www.studentaid.gov/asla and complete the Annualbalances on your account until these funds have been disbursed.Student Loan Acknowledgment. Log in using your FSA ID. Ifthis is your first time accepting a federal student loan, you areacknowledging that you understand your responsibility to repayyour loan. If you have existing federal student loans, you areacknowledging that you understand how much you owe and howmuch more you can borrow. This step is required for each year youborrow a federal direct Stafford Loan.7
Repayment of the loan principle is deferred until six (6) monthsBorrowing Amounts for Stafford LoansAcademic Grade Level(earned credits)after you graduate or cease to be enrolled on at least a half-timeGrossAmountsFreshman (0-23 credits) 5,500Sophomore (24-55 credits) 6,500Junior (56-95 credits) 7,500Senior (96 credits or more) 7,500Aggregate Loan Limitbasis, whichever comes first. The six (6)-month period betweengraduation and repayment is considered the grace period. Repayment is made on a monthly basis and the repayment periodis typically 10 years, but may be more. There is no penalty for prepayment of the loan, and earlyrepayment of the loan would reduce or eliminate interest charges.Employment 31,000The work-study program is designed to provide students Any combination of subsidized and unsubsidized StaffordLoans cannot exceed these limits. The Federal government charges a fee for each loan:with an opportunity to find part-time employment on campus.A limited number of off-campus community service positionsare available for students who have been awarded FederalWork-study. Work-study earnings will not be credited to yourTherefore, the net amount will be slightly less than thestudent account to reduce your College bill. Instead, earningsamount applied for. For the fee amount, go tomay be used to assist you in meeting expenses such as s/interest-rates.supplies, laundry, and other miscellaneous expenses. Being Freshman and sophomore students are eligible to borrow aneligible for the program does not guarantee you a job. Mostadditional 4,000 unsubsidized Stafford Loan if their parent(s)students who are eager to work, however, will find a work-are denied a Parent PLUS loan.study position. Students who are eligible for work-study are Junior and senior students are eligible to borrow an additionalunder no obligation to seek employment. 5,000 unsubsidized Stafford Loan if their parent(s) are denied aParent PLUS loan.FEDERAL WORK-STUDYThe Federal Work-Study Program provides on- campus andoff-campus employment to students who demonstrate financial need.8
INSTITUTIONAL WORK-STUDYThe Institutional Work-Study Program provides on-campusemployment to students who are ineligible for the federal work-studyprogram.Funding is provided solely by the College. Since any Lycoming studentcan seek employment through this program, it will not appear on theaward notification.What jobs are available?A variety of work-study positions are available. In addition to the usualmanual and clerical-type positions, there are some positions that requirespecial skills. Most academic departments and many administrative officesemploy work-study students yearly. Major campus employers include thecafeteria, 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 ajob. The College maintains a work-study job board athttps://lycoming-csm.symplicity.com. The job board is updated asemployers post their vacant positions. You can begin seeking employmentwhen you arrive in the fall. As you might expect, securing more “desirable”positions is a very competitive process; therefore, you should begin the jobsearch immediately upon arrival to the campus. You may interview withany number of supervisors in order to obtain a job commitment.As with any job, the interview provides the supervisor with anopportunity to assess your aptitude, availability and general “fit” forthe job.9
Verification of FAFSAInformationThe U.S. Dept. of Education selectsweeks or more, divorce or separation, death,retirement or permanent or total disabilityof the major wage earner. In such cases,certain FAFSA applications to be verified.the Financial Aid Office will re-evaluate theThis means the school is required tostudent’s financial aid package based on thecollect certain documents and incomenew, estimated data. Additional assistanceinformation to verify the accuracy of theis only awarded if any remaining funds areFAFSA application. Students and parentsavailable.must comply with all verification proceduresbefore aid will be disbursed. Changes inthe application information as a result ofthe verification process may require anadjustment to your financial aid package.Failure to submit the requested documentswithin the appropriate time frame maySatisfactory Academic ProgressFinancial aid recipients are required tomaintain a cumulative grade point averageand make steady progress toward thecompletion of their degree as describedbelow.result in a reduction in your financial aid. Anofficial award notification will be sent uponcompletion of verification, either throughAttemptedCreditsMin.Cum.GPAthe mail or electronically.0-321.20 67% of attempted creditsReduced Income33-481.40 67% of attempted credits49-641.60 67% of attempted credits65-801.80 67% of attempted creditsIf, after completing and submittingthe required financial aid forms, thefamily suffers a drastic change of income,please contact the Financial Aid Office.A drastic change of income is defined asunemployment for a period of ten (10)10Progress CompletionRequirement812.00 67% of attempted creditsor more
Satisfactory academic progress is evaluated at the end of theand academic records are properly closed. If you stop attendingspring semester. Failure to maintain satisfactory academic progressclasses and receive a grade of “F” in all your classes, you may bemay result in the cancellation of financial aid eligibility.considered to have unofficially withdrawn.The College’s Satisfactory Academic Policy is availableThe Financial Aid Office is required to recalculate federalin the Financial Aid Office or online atfinancial aid eligibility for students who withdraw, drop out, ismissed or take a leave of absence prior to completing theFinancial Aid Available for Study Abroad ProgramsStudents who wish to study abroad are ineligible forLycoming funded aid, except for students who are studyingat one of five locations. For additional information please rograms.aspx.Federal and state aid may be used for study abroad if the programis one of Lycoming’s affiliates or if Lycoming College enters into aconsortium or contractual agreement with a sponsoring institution.semester. Up through 60 percent of the semester, a pro rataschedule is used to determine how much federal aid the studenthas earned at the time of withdrawal. The portion of un-earnedaid must be returned to the federal programs. When unearnedaid is returned, a student may owe the College additional funds.The College’s Return of Title IV Funds Policy isavailable in the Financial Aid Office or online lease be advised that the financial aid procedure for studyabroad takes additional time and planning. The Financial AidOffice will assist students in necessary arrangements, but it is theresponsibility of the student to ensure that all required applicationsand documents, both academic and financial aid, are submitted inaccordance with current policy and in a timely manner.Contact the Financial Aid Office or the Center for EnhancedAcademic Experiences (CEAE) for more information.Withdrawing from LycomingStudents wishing to withdraw from the College during thesemester should meet with the Dean of First-Year Students or theAssistant Dean of Academic Services to ensure that their financial11
Student’s Rights and Responsibilities Renewal of need-based aid is not automatic. You are required toreapply each year by filing a Free Application for Federal StudentAid (FAFSA) or Renewal FAFSA and a Lycoming College Financial Aid Application by May 1.If you receive aid from state or private sources, you are requiredto notify the Financial Aid Office.You are expected to apply for all sources of financial aid for whichyou may be eligible. Lycoming College will not replace any amountthat you fail to receive from an outside source because you missedthe 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 changein your name, address, enrollment status, anticipated graduationdate, housing status or other changes related to your attendance at Lycoming College.You have the right to privacy. All records and data submitted withyour application for financial aid are treated as confidential information.It is your responsibility to provide additional documentation, taxtranscripts, W-2’s and any additional information requested by the Financial Aid Office.It is your responsibility to read, understand and be accountablefor 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 befound online at 2
Financial Aid Renewal Process ApplicationDeadline: May 1All forms of need-based financial aid must be reappliedLoan 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 isfor annually. Renewal of awards will be based on the timelyfully disbursed. There is no grace period with this loan.completion of all required documents and continued eligibility.Terms of repayment includes 10-year repayment, whichTo be considered for assistance for the 2022-23 academicmay be extended under certain circumstances. There isyear, all recipients of need-based aid must reapply. Any studentno penalty for early payment, and outstanding loans canreceiving need-based federal, state or Lycoming College fundsbe consolidated into one monthly payment. Parents alsomust file the Free Application for Federal Student Aid (FAFSA)have the option of deferring payments or making interest-at www.studentaid.gov/h/apply-for-aid/fafsa.only payments while the student is enrolled in school. TheAlternative Financing OptionsFEDERAL DIRECT PLUS LOAN (for parents only)www.studentaid.govThe federal direct PLUS Loan is a governmentsponsored loan that may be available to parents ofdependent students. For the PLUS interest rate go us/parent.Credit-worthy parents may borrow up to the cost ofattendance for which the student is eligible. Parents canapply for this loan at www.studentaid.gov.Parent borrowers are charged a fee that goes to thefederal government to help reduce the cost of thisprogram. The fee is deducted from the amount your parentsborrow before the College receives the funds. Go us/parentfor the fee amount.PLUS Loan also provides a built-in insurance for death anddisability that applies to both the borrower and student atno additional cost.If your parents have any questions regarding the ParentPlus Loan process, please have them contact the FinancialAid Office for more information.Monthly Payment PlanLycoming is pleased to offer families the opportunity tomeet educational expenses through a plan provided by athird party, Nelnet. The monthly payment plan is designedto relieve payment pressure by allowing families to spreadthe cost over each semester.You may contact Nelnet at 800-609-8056 to obtainpersonal financing counseling, a Payment Planapplication or additional information. Visit their websiteat: www.mycollegepaymentplan.com/lycoming.13
Private Alternative LoansLycoming College Withdrawal Billing PolicyMany loan programs are available for families who are ineligiblefor financial aid or those who need additional funds for their(Withdrawing students can review more in depth informationconcerning the Withdrawal Billing Policy and the Return of Titleeducational expenses. These alternative sources may be a line ofIV Funds Policy within the College Catalog online, includingcredit extended to the family for four years or a supplemental loaninformation on unofficial withdrawals).processed on a yearly basis.Students wishing to withdraw from the College during theIn most cases, eligibility for alternative loans is based on thesemester should meet with one of the Academic Deans to ensurepersonal credit history and financial circumstances of the family.that student financial and academic records are properly closed.Since a credit rating is a required part of the loan approval process,The effective date for calculating adjustments to tuition, fees,the parent is usually the cosigner for this type of loan. For a listingroom and board shall be the documented last day of attendanceof some of the available private loans, go to www.elmselect.comat an academically-related activity or the date, as determinedand type in Lycoming College. The lenders appearing on this pageby the institution, that the student withdraws due to illness orare some of the more common lenders used by Lycoming students.accident.Each lender offers different advantages and benefits, so be sure toshop for the loan that best fits your family situation. Credit unionsoften have education loans available as well and areStudents withdrawing will have their tuition, fees, room and boardcharges adjusted according to the following schedule:often a good option to consider.Billing ChargeReduced to:During Week 110% of the original amount10%During Week 220% of the original amount20%During Week 330% of the original amount30%During Week 440% of the original amount40%During Week 550% of the original amount50%During Week 660% of the original amount60%After 6th WeekNo adjustments made100%14% College Grant/scholarship creditedto student accountTime ofWithdrawal
An administrative fee of 100 will bea balance due to the College, Federalcharged to the student’s account. PleaseGovernment, or both, if any of all portionsnote that there is no adjustment of tuition,of their Title IV aid must be returned.fees, room and board after the sixth week ofthe semester. For freshmen, the adjustmentof charges period will be extended intothe week that early assessment grades aredistributed to students and parents.A compressed Time of Withdrawal table willapply to the May and Summer terms.Federal Return of Title IVFunds PolicyWithdrawing students must also bePer Federal regulations, the following mustbe credited to outstanding balances in thefollowing order for the payment period orperiod of enrollment if a return is required:1. Unsubsidized Federal DirectStafford loans.2. Subsidized Federal Direct Stafford loans.3. Federal Direct PLUS received on behalf ofthe student.4. Federal Pell Grants.aware that in addition to the Lycoming5. Iraq and Afghanistan Service Grants.College Student Withdrawal Billing Policy, a6. FSEOG Program aid.Federal Return of Title IV Funds must also7. TEACH Grantbe calculated for any Pell Grant, FSEOG,Direct Stafford Loan, Direct PLUS Loan, Iraq& Afghanistan Service Grants, or TEACHGrant.The College is required to perform aFinal NoteStudents and parents may havequestions or concerns not addressed withinthis material. All students and parents areReturn of Title IV Funds calculation forencouraged to contact the Financial Aidall federal financial aid recipients whoOffice regarding any financial aid issue thatwithdraw (officially or unofficially) from allmay arise.classes on or before the 60% attendancepoint of the semester. Students may have15
Financial Aid OfficeOffice HoursMonday – Friday8 a.m. – 4:30 p.m.Phone(570) 321-4040 or1-800-345-3920Fax(570) inancialaid
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. Cost of Attendance Two basic pieces of information are provided on your financial aid offer: Lycoming's tuition & fees, and room & board costs (if dorm
