FAQs for Accelerated Financial Aid
Dropping courses and withdrawing from LBC are academic actions that often have financial implications. It is your responsibility to understand the effects that these actions will have on your student financial aid. Dropping courses after the official add/drop period may result in your financial aid being adjusted. Withdrawal from the college may result in having your financial aid refunded. (See our federal aid refund policy.)
Accelerated Undergraduate Degrees tuition refunds for a 6 week course are granted according to the following schedule:
% of classes completed
0-10% - 100% Refund
11%-20% - 90% Refund
21%-30% - 75% Refund
31%-40% - 50% Refund
41%-50% - 25% Refund
51%-100% - No refund
Audit - No refund
Accelerated Undergraduate Degrees Federal Financial Aid Refund Policy:
A student is considered to be a withdrawal if they do not complete all the days scheduled to complete within the term. A student is not considered to be withdrawn if they provide written confirmation of intent to attend a future module. This must be done at the time of withdrawal. The future module must begin within 45 calendar days.
The Financial Aid Office is required by federal law to determine how much financial aid was earned by students who withdraw, drop out, or are dismissed prior to completing 60% of a payment period or term. For a student who withdraws after the 60% point-in-time, there are no unearned funds.
The calculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula:
Percentage of payment period or term completed = the number of days completed up to the withdrawal date divided by the total days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid.
Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula:
Aid to be returned = (100% of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or term.)
If a student earned less aid than was disbursed the institution would be required to return a portion of the funds and the student would be required to return a portion of the funds. Keep in mind that when Title IV funds are returned, the student borrower may owe a debit balance to the institution.
The institution must return the amount of Title IV funds for which it is responsible no later than 45 days after the date of the determination of the date of the student’s withdrawal.
Refunds are allocated in the following order:
- Unsubsidized Federal Direct Loan
- Subsidized Federal Direct Loan
- Perkins Loan
- Federal PLUS Loan
- Pell Grant
- Academic Competitiveness Grant
- Federal Supplemental Educational Opportunity Grant
- Iraq Afghanistan Service Grant
If a student withdraws from the institution after completing at least one course in one module within the term, the student is not considered to have withdrawn and the requirements of the Return of Federal Financial Aid do not apply. However regulatory provisions concerning recalculation may apply. (For example, such as recalculating the Federal Pell Grant.)
For an example of the Return of Federal Financial Aid Refund Policy please contact the LBC Financial Aid Office.
When your total aid is greater than your billable charges for tuition, fees, room, and meals (if applicable), you may be eligible for a refund.
Refunds are made available to registered students after all (billable) charges are satisfied and student financial aid is disbursed on or after the first day of the semester. Financial aid for students in Accelerated Undergraduate Degrees program is not disbursed until the beginning of the second class. LBC has up to 14 business days to process and mail a credit refund, when applicable.
In order to maintain financial aid eligibility, a student must meet the following requirements of Satisfactory Academic Progress:
- Must maintain a cumulative GPA of 1.5 for 48 credits passed, 1.75 for 72 credits passed, 1.90 for 96 credits passed.
- Must have a 67% completion rate
Maximum Time Frame for Completion of Education Objective:
Students must complete their degree program within 150% of the published length of their degree program.
Evaluation of Academic Progress:
For students enrolled in certificate programs or programs that are less than one year, evaluation of satisfactory academic progress will be done at the end of each payment period. If a student fails to make satisfactory academic progress at the end of the first payment period, they will be placed on “Academic Warning”. The student may continue to receive Title IV aid for one payment period and no appeal is necessary.
Otherwise all other students enrolled in programs longer than one year will be evaluated at the end of each academic year. The total (cumulative) academic record is considered when academic progress is considered when academic progress is evaluated (not just terms when financial aid was received). Students who are not successfully completing courses at the minimum levels as outlined are considered to be making unsatisfactory progress and will not be eligible for financial aid for the following semester.
Students may appeal financial aid termination status in writing on the appeal form included with this policy. Such appeals must be made within 30 days after the date of the letter of notification and must include appropriate request documentation. The appeal must be in written form, addressed to the Financial Aid Director for consideration by the Financial Aid Committee. Mitigating circumstances which would be considered upon appeal as adequate reasons for reinstatement would be:
- student illness, accident or hospitalization
- death or illness of parent or relative
- other family emergencies or unusual circumstances
The appeal must include why the student failed to make satisfactory academic progress, what has changed that will allow the student to make satisfactory academic progress for the next semester.
If the appeal is granted the student will then be placed on “Academic Probation” and will be allowed to receive Title IV aid for the next payment period or be placed on academic plan that will ensure the student is able to meet satisfactory academic progress by a specific point in time.
Yes. You can use your Montgomery GI Bill for both our online and on-campus options.
If you are eligible for the Post-9/11 GI Bill, you may also use that with our college. The Post-9/11 GI Bill pays up to $21,970.46 in tuition and fees. It also provides education benefits for service members who have served a minimum of 90 combined days on active duty after September 10, 2001.
Yes. The Yellow Ribbon GI Education Enhancement Program (Yellow Ribbon Program) is a provision of the Post-9/11 Veterans Educational Assistance Act of 2008.
This program allows U.S. institutions of higher learning (degree-granting institutions) to voluntarily enter into an agreement with the VA to fund tuition expenses that exceed the highest public in-state undergraduate tuition rate. If your annual tuition would exceed the annual cap please contact our VA certifying official to complete the yellow ribbon application. www.gibill.va.gov/GI_Bill_Info/CH33/Yellow_ribbon.htm
The Armed Forces Tuition Assistance (TA) offered to eligible members of the Army, Marines, Air Force, and Coast Guard covers up to $250 per credit hour for those on active duty. The ceiling for DoD TA is $250 per credit hour. We are pleased to report that for active-duty military personnel, we will offer a 25% tuition discount to graduate/seminary students. Must submit a copy of most recent LES (Leave and Earnings Statement) to the Financial Aid Office.
Our online courses are asynchronous – you don't have to be online with other students and/or your professor at a specific time. Typically, your professor will post assignments or discussion questions that are due by the end of the week. Most of your coursework is offline, so you will require relatively little online time to download information and post assignments or discussion responses. Our professors understand the unpredictable nature of your military service and will work with you to help create a schedule for completing assignments around changes due to last-minute military needs.
There is no requirement to come to our campus to earn a degree from our college. You have the option of attending one of our graduation ceremonies, but if you can't make graduation, we'll send you your diploma and all other items you would have received at the graduation ceremony.
Spouses of military service members may want to explore aiportal.acc.af.mil/mycaa.