Financial Aid for Masters Degrees

Types of Financial Aid and How to Apply

If you’re like most of our master’s students, you’ll need to engage in the financial aid process. The LBC Financial Aid Office is here to assist you.

Together, we’ll explore which funding sources match your eligibility and need. We’ll guide you in completing all the necessary paperwork and answer any questions you may have. We’re here to put your financial worries to rest.


Need to find your costs, then

Visit Tuition Costs for Masters

Have You Applied for Your Federal Student Aid (FAFSA)?

Completing your free FAFSA application is the first step in getting financial aid for your LBC | Capital master’s degree. Make sure to use Lancaster Bible College’s federal school code 003285 on the FAFSA application.

Start Your FAFSA Now!

Understanding the differences between a grant, scholarship or loan?

  • Scholarships are free money for college! You will likely be eligible for some through LBC, make sure to check out the complete list. There are also outside scholarships through your high school, employer, local civic organizations, etc. We encourage you to apply for as many as possible.
  • Grants are another form of free money to help pay for school, either through federal student aid or your state grant program. The FAFSA is step one in applying for both!
  • Loans can be borrowed through the federal financial aid program or a private lender, and will need to be paid back. The different borrowing options are explained in the Student Loan section below, and most students are eligible for a federal student loan, regardless of FAFSA results.

Scholarship Opportunities for Masters Students

There are several scholarships available to seminary & graduate masters students. Please read the description of each to find out if you are eligible and how to apply. Email LBC’s Financial Aid Office if you need to speak with a financial aid specialist.

ABHE Academic Scholarship for Faculty & Administrative Leaders

The College is committed to working with ABHE member institutions to assist their full-time faculty and administrative leaders to earn their master’s or doctoral degree through LBC | Capital. Two scholarship opportunities are available to accomplish this.

ABHE Matching Scholarship (up to50%)

LBC | Capital will provide an academic scholarship for up to 50% of tuition and fees to all full-time faculty and administrative leaders serving at ABHE member institutions. Students must be matriculated into a doctoral, seminary or graduate school program.

The College will match the amount provided by your ABHE institution, up to 50%. That means you could earn your graduate degree with little out-of-pocket expense, provided your ABHE school will fund the other 50% of your educational expenses.

To apply for the ABHE Matching Scholarship, have your school’s Human Resource Administrator send verification on institutional letterhead of your full-time employment as a faculty or administrative leader. The letter should also indicate the level of support that your ABHE school will provide and the expected payment dates. Please have the letter mailed directly from the Human Resource Administrator to the LBC | Capital Financial Aid office at 901 Eden Road, Lancaster, PA 17601.

35% ABHE Scholarship

If you do not receive a matching scholarship from your ABHE school, you can apply for the 35% ABHE Scholarship. To apply for the individual scholarship, you must be matriculated into a graduate education program and have a letter of verification of your full-time employment as a faculty or administrative leader on institutional letterhead sent from your Human Resource Administrator to the LBC | Capital Financial Aid office.

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 is August 1.

Note: Students receiving this scholarship are not eligible for the Church Matching Scholarship.

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 1 (for fall term) and January 5 (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.

International Student Scholarship

30% tuition scholarship awarded to international students studying in person on a F-1 student Visa.

This scholarship is not applicable fully online students.

LBC Alumni Scholarship

A tuition scholarship awarded to LBC graduates. This is a $1,000 per academic year scholarship, not to exceed $4,000. Students must be registered for at least 6 credits in a semester and maintain satisfactory academic progress.

LBC Parent Scholarship

A tuition scholarship awarded to parents of dependent students enrolled in the LBC traditional undergraduate program. Scholarship is $500 off per course for each traditional undergraduate student enrolled for a maximum of three children. Students enrolled in LBC’s dual enrollment program, like Jumpstart and/or First Lap, are not applicable. For example: If a parent has 2 children enrolled the scholarship will be $1,000 per course.

Graduate Assistant (GA) and Teaching Assistant (TA)

The GA will assist their academic program department, while the TA will assist a professor in teaching an undergraduate course. Contact Capital for more information.

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 is August 1. Students receiving this scholarship are not eligible for the Church Matching Scholarship.

Project Bridges Scholarship

This is a tuition scholarship to students whose church is a member of Project Bridges. Students receiving this scholarship are ineligible for the Church Matching Scholarship. Application required. Complete the required application.

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 for Masters Students

Because grants and scholarships are limited, many students must rely on loans to cover at least some portion of college costs. Graduate students may borrow money for education. In fact, approximately 80% of Capital’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.

We are 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 Unsubsidized Graduate Loans

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 interest rate for Federal Direct Unsubsidized Loans disbursed on or after July 1, 2021 until June 30, 2022 is fixed at 5.28%. 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.


Loan Limits

  • Annual Unsubsidized Limit for Graduate students is $20,500
  • Aggregate Limit for Graduate students is $138,500 (up to $65,500 may be subsidized)

Steps to Apply

  • You must complete the FAFSA each year.
    To be eligible, you must be enrolled in a degree major for at least six credits per semester and maintain LBC’s satisfactory academic progress standards.
  • E-sign Your Federal Direct (Subsidized or Unsubsidized) Loan Master Promissory Note (MPN).
    If you are a first-time borrower of the Graduate Federal Direct loan, you will be required to complete a Master Promissory Note (MPN) before the loan funds can be disbursed. In most cases, you will only need to complete one MPN during your college career. E-sign your federal Direct loan MPN at gov by logging in with  your FSA ID (username or email and your password).
  • Complete Loan Entrance Counseling
    If you are a first-time borrower of the Federal Direct Loan, you are required to complete Loan Entrance Counseling before the loan funds can be disburse. To take the counseling, select Entrance Loan Counseling on the gov website. This counseling session provides you with information that will help you understand your rights and responsibilities as a loan borrower, as well as other tools to assist you with managing your loans.

*Please note that this requirement is separate from e-signing the loan MPN.*


Fees

An origination fee of 1.057% will be deducted from the gross amount of the loan borrowed, so you need to take that into consideration when determining the amount you need to borrow.


Receiving Federal Direct Loan Funds

It’s 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 completed your registration and semester classes begin, your student financial aid will begin to disburse into your student account.


Reduce or Decline a Loan

If you wish to reduce or cancel your loan(s), please go to the LBC Student Portal and choose Financial Aid Awards where you can reduce or cancel your loan.


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 studentaid/gov site. Detailed information about federal student loans, repayment and deferment can be found on the same website and 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: 

FSA website   |    Phone: 877.557.2575   |    Fax: 606.396.4821

Mail: FSA Ombudsman Group
PO Box 1843, Monticello, KY 42633

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.

Federal Direct PLUS Loan for Graduate Students

When graduate students need funding beyond the Direct Unsubsidized Graduate Loans, they may need to consider the Grad PLUS Loan. LBC participates in the Direct Lending Program with the U.S. Department of Education. With this program graduate students to borrow a Federal Direct PLUS Loan for Grad to help pay for educational expenses.

  • Borrow up to the total cost of attendance, minus all other sources of financial aid
  • 6.28% fixed interest rate on loans disbursed on or after July 1, 2021 until June 30, 2022
  • Required net fees of 4.228% deducted from each loan disbursement
  • Option to defer repayment while student is enrolled in school

Eligibility

A student must be enrolled at least half-time in a degree major and meet all other eligibility requirements, which includes maintaining satisfactory academic progress.

  • Borrower consents to a credit check by the U.S. Department of Education by submitting the Grad PLUS Loan Instructions & Request Form.
  • Adverse credit typically results in a denied credit check.

Borrowing Limits

Yearly borrowing limits are equal to a student’s estimated cost of attendance (tuition, fees, room and meals, books, transportation and supplies), minus other financial aid. Students can view their estimated cost of attendance through the Student Portal by choosing Financial Aid Awards.


Applying for Grad PLUS Loan

Students can apply on the website gov Grad Plus and will also need to sign the Grad Plus Master Promissory Note (Loan Agreement) on the same website.


Credit Decisions

The U.S. Department of Education will mail the credit check results to the borrower and electronically transmit the results to LBC.

  • Approved Grad PLUS Loans with a signed MPN appear in the student’s financial aid report on My Community

Processing and Receipt of Funds

  • Once the credit check is approved and a valid MPN is on file, the Grad PLUS loan funds will be applied toward payment of tuition, fees and other LBC charges on the student’s tuition bill.
  • Borrowers that apply for a fall/spring combined loan period can expect the loan to be split in two equal installments.
  • Loan decreases can be requested by contacting the LBC financial aid office at financialaid@lbc.edu or by calling 717.560.8254.

Refunds

If a credit balance remains after all charges are paid in full on the tuition bill, the credit will be refunded to the parent borrower.


Repayment and Deferment

  • Repayment begins 60 days after the final loan disbursement during the academic year and students have up to 10 years to repay the loan.
  • Deferment allows students to delay repayment until after they are no longer enrolled at least half-time.
  • Students may request a deferment of each new Grad PLUS Loan by calling the Direct Loan Servicing Center toll-free at 800.848.0979 and may need to provide a copy of their student academic record to the center.

FAQs About Capital’s Financial Aid

Eligibility Requirements
  • Must complete the Free Application for Federal Student Aid (FAFSA) each year.
  • Must comply with Capital’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 (3 credits for doctoral, 4 credits for graduate and seminary education).
  • 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 Capital 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.)

Graduate School tuition refunds are granted according to the following schedule:

0% to 10% of the course – 100% refund

11% to 20% of the course – 90% refund

21% to 30% of the course – 75% refund

31% to 40% of the course – 50% refund

41% to 50% of the course – 25% refund

51% to 100% of the course – 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 and fees, 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. LBC has up to 14 business days to process and mail a credit refund, when applicable.

I have just learned that I must maintain "Satisfactory Academic Progress." What is it?

All students are subject to the academic standards of the college, which can be found in the college catalog. In addition, students receiving financial aid must also meet other requirements as described below in order to continue to receive financial aid.

Academic Year Definition
The academic year for the Seminary and Graduate School is defined as 32 weeks (fall and spring semesters,) and the optional summer term which is treated as a trailer to the defined academic year.

For the programs requiring summer terms, (DMin, EdD, PhD in Biblical Studies) the academic year is defined as 48 weeks of instruction.
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