Financial Aid[ Federal and State Aid | Winter and Spring Terms | Scholarships | Tuition |
| Refund Policy | Graduate Home ]
- Federal Subsidized Stafford Loan - This is a low interest rate federal loan for qualified students. Repayment (principal and interest) is deferred until six months after a student graduates, withdraws or drops below half-time status (3 credits). Graduate students can borrow up to $8,500 for an academic year. To apply, students must complete the FAFSA as well as the Federal Stafford Loan application which is available from the Financial Aid Office.
- Federal Unsubsidized Stafford Loan - This is a low interest rate federal loan that has the same terms and conditions as the Federal Subsidized Stafford Loan except the borrower is responsible for interest that accrues while in school. Students may borrow up to an additional $12,000 per academic year if need permits.
These terms are separate from the standard Fall/Spring terms, and are too short for a Federal Stafford Loan to be processed separately for them. Therefore, if loans are needed to pay for these terms, please indicate on your Financial Aid Award Letter how many courses you intend to take during the Winter/Summer, and request enough loan funds to cover them. You may also contact the financial aid office during the Spring semester when you have decided whether or not you intend to take summer courses. (There must be enough time, however, to increase your Spring loan before the spring term ends). In this situation, you will end up with an overpayment of your account. It is important that you leave this credit balance on your account, as it will pay for your Winter/Summer charges. If you request a refund, you will then be responsible to pay for those charges.
Students may apply for scholarships by completing and application. Deadline dates are as follows:
Fall Semester August 1 Winterim and Spring Semester December 1 Summer Semester April 15
Scholarships include:
- Fahler/Johnson Graduate Scholarship - Awarded to students enrolled in the Master of Ministry Program.
- Graduate Assistant and Teaching Assistant - The GA will assist in his/her academic program department while the TA will assist a professor in teaching an undergraduate course. Contact your Program Director or the Graduate School Office for more information.
- International Student Scholarship - A 30% tuition scholarship per course awarded to international students with financial need.
- Need Scholarship - Awarded to students with financial need. Tuition scholarships range from $100 to $500 per semester.
- Perry Graduate Scholarship - Awarded to students enrolled in the M.A. in Bible or M.A. in Ministry degree programs. Two $500 tuition scholarships are awarded.
- Private Scholarships - In addition to scholarships for undergraduate students, there are also graduate fellowships that exist. The Education Planner scholarship search is available free of charge to search for these type of scholarships. The search matches students personal and career data to eligible scholarships by scanning a pool of thousands of scholarships nationwide. Simply log onto the site by going here.
- Steinman Fellowships (Grant for Mental Health Studies) - The fellowships are named for John Steinman, former publisher of Lancaster Newspapers Inc., and are granted for masters or doctoral level study in psychiatry, psychology, and social work. Additional information is available online at http://contests.lancasteronline.com/fellowshipfund. Application deadline is February 1.
2008-09 Graduate Tuition and Fees Tuition/Credit Auditing Fee Application Fee Student Service Fee* Graduation Fee Late Registration Fee Transcript Fee *Per Enrollment Period
- Student Service Fee - Student Service Fee includes access to Library, Computer Lab, as well as parking on campus.
- Late Registration Fee - Registration Forms need to be completed for each academic term. The deadline date for course enrollment is highlighted in each registration brochure. Registrations postmarked or received after these deadlines will incur a $50 late fee.
- Education Tax Credits - The Lifetime Learning Tax Credit can reduce your federal income tax. It is based on your college tuition and fee charges minus grants, scholarships and other tax-free educational assistance. The Lifetime Learning Tax Credit is available up to a current maximum of $2,000,and is subject to income levels and other factors. Further information can be found at online at http://www.irs.gov.
- Academic Progress - Students must maintain satisfactory academic progress in order to receive federal financial aid as well as LBC scholarships. See the Graduate School Catalog for requirements.
- Federal Refund Policy - Students who withdraw from the Graduate School program who are federal aid recipients before 60% of the term has elapsed will be subject to the Federal Refund Policy. LBC will calculate a federal aid refund to determine if financial aid funds must be returned. Contact the Financial Aid Office for further details.
CREDITING YOUR FINANCIAL AID AWARD TO YOUR STUDENT ACCOUNT
If all required paperwork and processes have been completed, loans are generally disbursed to your student account 2 weeks into the semester.
Loan funds cannot be applied to your student account until the funds actually arrive at the College. Most loan proceeds will be sent directly to Lancaster Bible College & Graduate School through the electronic funds transfer (EFT) process and will be automatically credited to your student account.
If your awards (including loans) are greater than your schedule bill, you may request a refund by submitting the CREDIT ON ACCOUNT REFUND REQUEST form to the Business Office. As explained above, refunds will not be issued until the funds have been applied to your student account. The refund may only be used toward educationally-related expenses or early payment on your loan.
Prior to the start of classes 100% Class has met once 100% Up to 30% of the course 70% Up to 50% of the course 50% After 50% of the course is completed No Refund