Financial AidFinancing a college education can be an overwhelming experience. However, the College’s Financial Aid Office assists students in financing their college education at LBC. Approximately 85% of our undergraduate students receive help from the many available sources.
The College offers numerous scholarships as part of the financial aid program. In addition, federal and state grants, as well as loans are available to students. Veterans Administration educational benefits and Vocational Rehabilitation benefits are also available for those who qualify. Finally, there are many employment opportunities, including on-campus and numerous off-campus jobs.
This page contains important information on Rights and Responsibilities. Please read before proceeding to information specific to your program.
How do I apply for financial aid?
To apply for financial aid at LBC, the following steps must be completed:
- Complete the Free Application for Federal Student Aid (FAFSA) as soon as possible after January 1. Pay attention to State Grant Deadlines to make sure you file the FAFSA in time to be considered for state aid.
- Be sure to list Lancaster Bible College's federal school code in the school section on the application.
LBC's federal school code is: 003285
Notification of financial aid eligibility will be mailed to you on or about the first week of May, provided all necessary information is received by the Financial Aid Office.
Crediting your Financial Aid Award(s) to your Student Account
If all required paperwork and processes have been completed, financial aid awards for traditional programs are generally disbursed to your student account 45 days into the semester.
Outside scholarship funds, out-of-state grants and loan funds cannot be applied to your account until the funds actually arrive at the College and may have a different disbursement schedule than other types of aid.
For students whose awards (including loans) are greater than their schedule bill, refund checks may be requested from the Business Office. Refunds will not be issued, however, until all funds have been applied to your account. This refund is to be used towards educationally-related expenses. Credit balances due to Parent Plus Loans must be refunded to the Parent.
Rights and Responsibilities
Students accepting financial aid have certain rights and responsibilities and must comply with any rules, regulations, and conditions governing such awards. Failure to read the LBC Catalog, Student Handbook, and any other publication pertaining to financial aid does not excuse the student from compliance.
Financial Aid Eligibility Requirements
In order to receive financial aid, a student must meet the following eligibility requirements:
- Must enroll or be accepted for enrollment in an eligible program of study.
- Must be pursuing a degree or certificate.
- Must be a U.S. Citizen or eligible non-citizen.
- Male students must be registered with Selective Service.
- Must have a valid Social Security Number.
- Must not be in default on prior student loan or owe an overpayment on a prior grant or loan.
- Must be making satisfactory academic progress as defined below:
Satisfactory Academic Progress (SAP)
To be eligible for Federal Student Aid funds, a student must make academic progress as defined by Federal Regulations and as outlined in LBC's Student Handbook, Catalog, and below. To be in good standing, the student must meet qualitative and quantitative standards of progress to remain eligible. SAP is regularly evaluated in May after grades have been posted. Award offers will be revised for all students not meeting SAP. Students have the right to appeal the loss of financial aid due to insufficient SAP by submitting a letter to the Director of Financial Aid. (This is separate from any appeals made to the Academic Dean in an academic dismissal situation).
Quantitative Academic Progress
Students must pass a minimum of 67% of the cumulative number of credit hours attempted.
Qualitative Academic Progress
UNDERGRADUATE STUDENTS
* Students must achieve a minimum cumulative GPA based on the number of credit hours passed as described below:
12 - 1.50 GPA
24 - 1.50 GPA
48 - 1.50 GPA
72 - 1.75 GPA
96 - 1.90 GPA
120 - 1.90 GPA
* Full-time students must complete all degree requirements within a maximum of four semesters for a one-year program, six semesters for a two-year program, twelve semesters for a four-year program, and thirteen semesters for a five-year program.
GRADUATE STUDENTS
* MS and MEd - 3.0
* MAB, MAM, and Graduate Certificate - 2.50
Withdrawal Policy
Withdrawal, whether partial or complete, may affect your eligibility for financial aid and could result in you having to repay all or a portion of your financial aid award(s) to LBC or the U.S. Department of Education. You should refer to the Student Handbook or Catalog for specifics on LBC's withdrawal policy.
Special Circumstances
If your family has unusual circumstances such as loss of employment, death of a parent or spouse, divorce, private school tuition, elder care costs, on-time income has ceased, or high medical expenses not covered by health insurance, you may appeal Special Circumstances. Your FAFSA should be completed normally, and your appeal should be processed through our Office of Financial Aid by completing the "Special Circumstances" form that is available here. Please note that an income reduction request may not be submitted until after July 1.