Financial Aid for Online Undergraduate
Your First Steps for Aid
GET STARTED HERE by applying for your Free Application for Federal Student Aid (FAFSA):
1
Create Your FSA ID
Watch this video to help you understand how to create your Federal Student Aid ID that you will use throughout your educational experience. Make sure to save your username and password for future use.
2
Fill Out an Application
Complete the free Application for Federal Student Aid (FAFSA) as soon as possible each year. Lancaster Bible College’s federal school code is 003285.
Direct Questions to Financial Aid: 717.560.8254 | globalfinaid@lbc.edu
LBC Participants in the Post 9/11 GI Bill® Yellow Ribbon Education Enhancement Program.To learn more about using your military benefits at Lancaster Bible College, click here.
*GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government Web site at www.benefits.va.gov/gibill.
Explore Your Grant and Scholarship Opportunities
Grants and scholarships are free money for college—and as an LBC student, you may qualify for several. Check out the full list below to see what’s available. These funds are to be used to defray the costs of tuition, books and other expenses directly tied to a student’s educational cost through the college.
Read the descriptions below to learn how to apply and see if you’re eligible. Need help? Contact the Financial Aid Office.
Federal Pell Grant
- Federally funded student gift aid that does not need to be repaid.
- Offered to undergraduate students who have high financial need who are working on their first bachelor’s degree.
- Extended based on expected family contribution and number of credits the student has scheduled.
- A student does not need to be enrolled full-time to receive this grant.
- The maximum fall-spring-summer award (for the 2023-24 academic year) is $7,395. The maximum per semester is $3,698.
- Students who complete the FAFSA are automatically considered for the grant.
- Students must meet federal student aid eligibility requirements.
Pennsylvania State Grant
- State-funded gift aid offered by the Pennsylvania Higher Education Assistance Agency (PHEAA) to undergraduate Pennsylvania residents who demonstrate high financial need.
- The Pennsylvania State Grant is awarded to undergraduate students who are residents of Pennsylvania. Deadline date for FAFSA application is May 1. Also, any modules dropped within a semester may affect eligibility for the State Grant.
- For the 2023-24 academic year the maximum semester grant for a student enrolled in 12 credits is $2,447 and the maximum semester grant at 9 credits is $1,223.
- Students who submit their FAFSA information to PHEAA by May 1 are automatically considered for the grant.
- Students must meet federal student aid eligibility requirements.
Grants from Other States
Connecticut
Capitol Scholarship Program
Department of Higher Education
61 Woodland Street
Hartford, CT 06105-2326
860.947.1855
Delaware
Delaware Higher Education Commission
Carvel State Office Building
820 North French Street
Wilmington, DE 19801-3509
302.577.3240
Maine
Finance Authority of Maine
Maine Education Assistance Division
5 Community Drive
P.O. Box 949
Augusta, ME 04332-0949
207.623.3263 or 800.228.3734 (within ME)
Maryland
Maryland Higher Education Commission
6 North Liberty Street
Baltimore, MD 21201
800.974.0203
Massachusetts
Massachusetts Office of Student Financial Assistance
454 Broadway
Suite 200
Revere, MA 02151
617.727.9420
Ohio
Ohio Board of Regents
Ohio Instructional Grant (OIG)
State Grants and Scholarships Department
P.O. Box 182452
Columbus, OH 43215-2452
614.466.7420 or 888.833.1133
Rhode Island
Rhode Island Higher Education Assistance Authority
560 Jefferson Boulevard, Suite 100
Warwick, RI 02886
401.736.1170
Vermont
Vermont Student Assistance Corporation
Champlain Mill/Grant Department
P.O. Box 2000
Winooski, VT 05404-2601
802.655.9602
West Virginia
West Virginia Higher Education
1018 Kanawha Boulevard, East Suite 700
Charleston, WV 25301-2827
304.558.4618
Scholarships for Online Undergrad Students
Calvary Bible Institute Scholarship
A tuition discount is offered to students who are a member of Greater Mt. Calvary Holy Church or attend Calvary Bible Institute. Complete the required application. Deadline for submission is two weeks prior to the start of your first class.
Church Matching Scholarship
Students must complete the Church Matching Scholarship Application. LBC will provide a matching scholarship up to $500 for each the fall and spring terms. Funds from the church must be submitted by August 5 (for fall term) and December 15 (for spring term) in order to be matched. Students must have a minimum 2.0 GPA, be enrolled full-time and be in good standing with the college. Note: Students who receive the Project Bridges Scholarship are not eligible for the Church Matching Scholarship.
Full-Time Christian Worker Scholarship
The student must be a full-time Christian worker with a minimum of two years in ministry prior to studies at LBC, plus have current full-time ministry employment. A FAFSA is required as well as a Full-Time Christian Ministry Verification Sheet. The scholarship amount ranges from $100-$250 per course depending on EFC. Complete this required application form.
LBC Parent Scholarship
A tuition scholarship awarded to parents of dependent students enrolled in the LBC on-campus undergraduate program. Scholarship is $500 off per course for the first on-campus undergraduate student enrolled; $200 additional off per course if there is a second enrolled student; $100 additional off per course if there is a third enrolled student.
This scholarship is not applicable to doctoral students.
New Antioch Baptist Church Scholarship
A tuition discount is offered to students who are a member of New Antioch Baptist Church. Complete the required application. Deadline for submission is two weeks prior to the start of your first class.
Project Bridges Scholarship
Students whose church is a member of Project Bridges are guaranteed to receive LBC scholarships that covers a percentage of their annual tuition. Complete the required application. Deadline for submission is two weeks prior to the start of your first class.
Other Outside Resources
Veterans Benefits
Available to veterans of the Armed Forces or National Guard Reservists. Apply through your local VA office. Amounts vary. VA phone: 888.442.4551
For more details about military benefits, click here.
Vocational Rehabilitation
For physically or mentally challenged students. Apply at your local vocational rehabilitation office. Pennsylvania residents: OVR phone: 800.762.6306
Student Loan Options
Because grants and scholarships are limited, online undergraduate students may need to rely on loans to cover some portion of their college costs. In fact, approximately 80% of LBC’s aid recipients borrow educational loans.
The following steps represent borrowing options, beginning with the best value and proceeding to other, less favorable loan options based on interest rates, loan terms and conditions and repayment options. These loan options may be used alone or in combination with each other.
LBC is committed to providing students and their families with the best information regarding student borrowing. For that reason, we have adopted a Student Lending Code of Conduct.
Federal Direct Loans
A federal loan program is available to all students.
Federal Direct Loans are available to eligible students who complete the Free Application for Federal Student Aid (FAFSA). This federal student aid is made available through the William D. Ford Federal Direct Loan Program to help pay for educational expenses. The Financial Aid Office offers a Direct Subsidized or Direct Unsubsidized Loan, or a combination of both loans, based on financial need.
The information you report on your FAFSA is used to determine your Expected Family Contribution (EFC), which is a calculated formula established by law. Your EFC is not equal to the amount you and your family must pay, but rather an index that allows colleges to determine financial need. To determine your financial need, your EFC is subtracted from your cost of attendance.
- Federal Direct Subsidized Loan
A Federal Direct Subsidized Loan is offered based on your demonstrated financial need. The federal government pays interest on a subsidized loan, while you are enrolled in school at least half-time and during your grace period. The interest rate for Federal Direct Subsidized loans disbursed on or after July 1, 2024 until June 30, 2025 is fixed at 6.53%. - Federal Direct Unsubsidized Loans
A Federal Direct Unsubsidized Loan is not based on your financial need. The interest rate for Federal Direct Unsubsidized Loans disbursed on or after July 1, 2024 until June 30, 2025 is fixed at 6.53%. You are not required to pay the interest on this loan while in school, but we recommend that you do. You will be charged interest, starting at disbursement until the loan is paid in full. If the interest accumulates, it will be added to the principal amount of the loan and increase the amount to be repaid. - Additional loans and grants may be available to you. We recommend visiting the following sites:
- studentloans.gov (Federal Student Loan website)
- pheaa.org (Pennsylvania State Grant website)
- educationplanner.org (scholarship search website)
Loan Limits
Annual Subsidized Limits
- First year undergraduates = $3,500
- Second year undergraduates = $4,500
- Remaining undergraduate years = $5,500
- Preparatory coursework needed to enroll in graduate program if student has a baccalaureate = $5,500
Annual Unsubsidized Limits
- Dependent undergraduates whose parents can borrow PLUS = $2,000
- First and second year undergraduate dependent students whose parents cannot borrow PLUS and independent students = $6,000
- Remaining undergraduate years for dependent students whose parents cannot borrow PLUS and independent students = $7,000
- Preparatory coursework needed to enroll in graduate program if student has baccalaureate = $7,000
Aggregate Limits
- Undergraduate dependent students = $31,000 (up to $23,000 may be subsidized)
- Undergraduate independent students and dependent students whose parents cannot borrow PLUS = $57,500 (up to $23,000 may be subsidized)
Student Loan Repayment and Disputes
Students and parents who borrow Federal Direct Loans will repay their loans to a Federal Loan Servicer. Students are required to participate in Entrance Loan Counseling prior to their first disbursement of a federal student loan, and will be notified of the requirement to complete Exit Loan Counseling at the time of withdrawal or graduation. Exit Loan Counseling will inform students of their Federal Loan Servicer. This information is also available to students and parents at any point during their education on the National Student Loan Data System.
Detailed information about federal student loans, repayment and deferment is found at studentloans.gov. Students are also encouraged to contact their LBC Financial Aid Advisor with any questions.
If issues arise during student loan repayment that cannot be resolved with the Federal Loan Servicer, students or parents may contact the FSA Student Loan Ombudsman Group. The Federal Student Aid Ombudsman Group of the U.S. Department of Education is dedicated to helping resolve disputes related to Direct Loans, Federal Family Education Loan (FFEL) Program loans, Guaranteed Student Loans, and Perkins Loans. The Ombudsman Group is a neutral, informal, and confidential resource to help resolve disputes about your federal student loans.
FSA Student Loan Ombudsman Group Contact Information:
877.557.2575 | 606.396.4821
FSA Ombudsman Group
P.O. Box 1843, Monticello, KY 42633
Application Process
- To apply for a federal direct loan, you must complete the FAFSA each year. To be eligible, you must be enrolled in a degree program for at least six (6) credits per semester and maintain LBC’s satisfactory academic progress standards.
- If you are a first time federal student loan borrower, you’ll need to complete Entrance Loan Counseling on the website studentaid.gov/entrance-counseling and sign a Master Promissory Note (MPN) on the website studentaid.gov/mpn. To do both, you’ll need to log in with your FSA ID (FAFSA username & password).
Fees
An origination fee of 1.057% will be deducted from the gross amount of loan borrowed, so you need to take that into consideration when determining the amount you need to borrow.
Receiving Funds
It is important to know that loan funds will automatically credit to your student account if the Direct Loan Processor has a valid MPN on file for you, and you have completed loan entrance counseling. After you have registered for classes and your semester has begun, your federal financial aid will disburse into your student account after you have confirmed enrollment in at least six credits. The PA state PHEAA grant will disburse into your student account near the end of the semester.
Reviewing and Approving your Financial Aid
When your financial aid offer is completed, it will be sent to you via email for review and approval. Please note, you will need to approve, adjust or reject your federal student loans on MyLBC. We have a short video tutorial to help guide you in Approving Aid.
Financial Aid FAQs
Eligibility Requirements
- Must complete the Free Application for Federal Student Aid (FAFSA) each year.
- Must comply with LBC’s academic progress standards.
- Must not be in default on an educational loan and must not owe a repayment on an adjusted federal grant.
- Must be enrolled in an eligible degree program.
- Must be enrolled at least half-time to receive the greatest benefit.
- If male and age 18-25, must be registered for Selective Service.
- Must be a citizen or eligible non-citizen with a valid Social Security Number.
- Must have a high school diploma.
If I drop a course or withdraw, what will happen to my 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 page 6 of our Financial Aid Info Book for details.
Online undergraduate program tuition refunds for a 8-week course are granted according to the following schedule:
Tuition Refunds:
0-10% of class completed – 100% refund
11-20% of class completed – 90% refund
21-30% of class completed – 75% refund
31-40% of class completed – 50% refund
41-50% of class completed – 25% refund
51-100% of class completed – No refund
Audit
No refund
If I still have money left over after paying my tuition, what happens to it?
When your total aid is greater than your billable charges for tuition, student service fee and books, you may be eligible for a refund.
After a student’s aid money arrives at Lancaster Bible College, midway through the semester, and it creates a credit balance on their student account, our business office will automatically send a stipend check to the student address on file. LBC has up to 14 business days to process and mail a credit refund.
I have just learned that I must maintain "Satisfactory Academic Progress." What is it?
In order to maintain financial aid eligibility, a student must meet the requirements of Satisfactory Academic Progress.
You can view the requirements on page 7 of the Financial Aid Info Book.