Jul 16, 2018  
2013-2014 Undergraduate Catalog 
    
2013-2014 Undergraduate Catalog [ARCHIVED CATALOG]

Financial Aid


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We consider financial aid an investment in the future of our students. Our primary goal is to provide assistance to those who might not otherwise be able to earn a degree. Please be aware, however, that we assume students and their families will contribute to the costs of education according to their means. Financial assistance is offered only after it has been determined that family resources are not adequate to meet college expenses. Whenever possible, you will be expected to work or borrow to meet these expenses.

Three types of financial assistance are available: grants and scholarships, which are classified as gifts and need not be repaid; low-interest loans, which are repaid in installments after leaving college; and various campus employment opportunities. Depending upon financial need, a student may be eligible to receive one or a combination of these types of aid.


Application Process for Financial Aid

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Complete a Free Application For Federal Student Aid (FAFSA) on-line between January 1 and February 15 to be considered for all types of aid. Use FAFSA code #003689 to ensure that Lyndon receives your FAFSA application.  If you use estimated income, update your income at www.fafsa.gov using the IRS Data Retrieval Tool.  FAFSA’s received later by Lyndon State College will be reviewed in order of the date received.  Aid is awarded subject to the availability of funds.  Promptly answer or act on requests for additional forms or information, and, if requested, submit signed copies of the applicant’s and parents’ current Federal Income Tax Form (e.g.1040, with W-2s) as soon as possible after filing.

All admissions candidates, including transfer students, must be accepted for admission before any action will be taken on financial aid applications. Returning students must be registered before any award commitment can be made. For further information, contact the Financial Aid Office.

Eligibility

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To be eligible to receive financial aid based on financial need, a student must be enrolled in a degree program and be making satisfactory academic progress; be a U.S. citizen or a permanent resident with an I-151 or I-551, or I-551C; or have a Departure Record (I-94) from the U.S. Immigration and Naturalization Service (showing certain designations, contact Financial Aid Office for more information); not be in default on a federal loan and not owe a refund on a federal grant.

Satisfactory Academic Progress for Financial Aid Recipients

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Effective July 1, 2012, in accordance with new federal regulations -
Students receiving Federal student financial aid must maintain “Satisfactory Academic Progress” at Lyndon State College in order to remain eligible for Federal aid consideration.  The Financial Aid Office evaluates Satisfactory Academic Progress (SAP) after the completion of the spring semester.  All semesters of enrollment, including summer, must be considered in the determination of SAP (even periods in which the student did not receive federal student aid funds must be counted).

Satisfactory Academic Progress (SAP) tests three standards:

  1. GPA (Qualitative) Standard  Students academically dismissed from their academic program are automatically recognized as failing to meet Lyndon State College’s Satisfactory Academic Progress standards. Otherwise, as a student progresses through their academic program, their cumulative GPA must meet the following standards: Students with fewer than 30 attempted credits must maintain a cumulative GPA of 1.75, students with 30 attempted credits or greater, must maintain a cumulative GPA of 2.0, as recorded and documented by the Registrar’s Office.
  2. Pace (Quantitative) Standard  Students must successfully complete 67% of their attempted courses as recorded and documented by the Registrar’s Office. Dropped courses will not be included. Courses withdrawn from after the end of the add/drop period will be counted toward attempted credits.
  3. Maximum Timeframe Standard   A student’s maximum time frame for completion of their academic program must not exceed 150% of the published program length, measured in credit hours. For example: AA or AS degrees require 62 credits, therefore the maximum time frame allowed is 93 credit hours. BA or BS degrees require 122 credits, therefore the maximum time frame allowed is 183 credits hours.

The first time students are in violation of the Maximum Timeframe Standard, they will receive a “Suspension”, making them ineligible for financial aid. There is no “Warning” period for the Maximum Credit Standard.

Grades and Credits
Courses with grades of “W” (withdrawn), “I” (incomplete), and/or “F” (failed) are counted as courses attempted but not earned AND count toward the maximum time frame. Satisfactory Academic Progress status will include repeated and remedial coursework unless determined otherwise by the Financial Aid Office during review of a Satisfactory Academic Progress Appeal. Please note that transfer credits do count in determining the GPA (Qualitative) Standard, Pace (Quantitative) Standard, and Maximum Timeframe Standard for Satisfactory Academic Progress. The Financial Aid Office will NOT automatically adjust a student’s Satisfactory Academic Progress status when grades are changed or finally reported, but rather ONLY upon request from the student. For any grade change (especially regarding a prior grade of “I” incomplete that has now been assigned a traditional letter grade), a student is responsible for notifying the Financial Aid Office of such a change and requesting a review of their Satisfactory Academic Progress evaluation.

Monitoring Periods, Warnings, and Suspensions
Students will have their satisfactory academic progress evaluated at the end of the spring semester regardless of whether the student received financial aid. Students not meeting these Satisfactory Academic Progress standards will receive communication via email to their LSC email account and, in some situations; letters will be sent to the mailing address on record.  The first time a student falls below the GPA (Qualitative) Standard, or the Pace (Quantitative) Standard for Satisfactory Academic Progress, federal aid eligibility will be suspended. Compliance with the SAP standard must be regained in the following semester.

Two consecutive incidents (terms) of Satisfactory Academic Progress violations will result in a Financial Aid “Suspension” Status making the student ineligible for financial aid.

Appeal for Probationary Semester
A Student who fails to meet a Satisfactory Academic Progress (SAP) Standard at the conclusion of their Warning Semester will be placed in a Financial Aid Suspension Status and will lose all Federal aid eligibility until the student is in compliance with SAP standards. A student who is denied Federal Aid because of a failure to meet SAP standards after the Warning Semester may appeal for a Probationary Semester by completing a SAP Appeal Form and submitting it to the Financial Aid Office. An appeal must be based on significant mitigating circumstances that seriously impacted academic performance. Examples of possible mitigating circumstances are serious illness, severe injury, death of a family member, and other similar situations. Also, the student will need to describe what has changed in their current situation that will allow the student to demonstrate SAP at the next evaluation. If an appeal for a probationary semester is denied, the student will be notified and the decision is final for that semester. The student may re-establish eligibility to be considered for federal aid for a subsequent semester by taking action that brings him or her into compliance with the qualitative and quantitative components of SAP standard.

If a student’s appeal is approved they will generally be placed on an “Academic Plan” created in conjunction with a member of the Academic Support Office, and the student will be notified via LSC email. The student will be considered for federal aid during the probationary semester for which the student has applied and is otherwise eligible.  Once the probationary semester has concluded, the student may re-establish eligibility to be considered for federal aid for a subsequent semester by either:

  1. Demonstrating satisfactory academic progress that is in compliance with the GPA (qualitative) and Pace (quantitative) components of the SAP standard;
    OR
  2. Meeting the specific academic plan and standards for the Probationary Semester as established by the Financial Aid and Academic Support Offices.

    Special Circumstances: Students with documented disabilities may be allotted additional time for completion of courses.
     

Federal Aid Programs Administered by the College

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Federal Supplemental Educational Opportunity Grants (FSEOG), ranging from $200 to $1,300, are available to undergraduates with exceptional financial need. Priority is given to Pell Grant recipients.

Federal Perkins Loans at low interest (five percent) are made to both undergraduate and graduate students by the college from available funds. A total of $20,000 may be borrowed by undergraduate and up to $40,000 by graduate students (including undergraduate Perkins Loans/NDSL).

Federal Work-Study provides jobs on campus for eligible undergraduate and graduate students. A limited number of jobs are available off-campus for America Reads tutors.

Other Federal Programs

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Federal Pell Grants for the current academic year range from $602 to $5,550, depending upon eligibility as determined by a national standard formula.Federal Stafford Loans (subsidized and unsubsidized) enable students to borrow federal loan funds. Depending on the student’s eligibility, the maximum that may be borrowed is $3,500 a year for first-year undergraduates, $4,500 for second year undergraduates, or $5,500 a year if two years of study have been completed and third-year status is achieved. Graduate students may borrow up to $8,500 per year. Additional unsubsidized eligibility for independent students is $4,000 per year for first and second year undergraduates, $5,000 per year for remaining undergraduates, or $12,000 per year for graduate students.

Federal Direct Stafford Loans, from the William D. Ford Federal Direct Loan (Direct Loan) Program, are low-interest loans for eligible students to help cover their cost of education. Eligible students borrow directly from the U.S. Department of Education. A student cannot borrow more than the cost of attendance minus any financial aid, so in some cases the amount of a student’s need may limit the amount of the Federal Stafford Loan. The federal government pays the interest on the Subsidized Federal Stafford loans while students are enrolled on at least a half-time basis. The student pays the interest on the Unsubsidized Federal Stafford Loan while the student is enrolled on at least a half-time basis.

The following chart provides maximum annual and aggregate (total) loan limits for subsidized and unsubsidized Direct Stafford Loans.

Year

Dependent Undergraduate Student (except students whose parents are unable to obtain PLUS Loans)

Independent Undergraduate Student (and dependent students whose parents are unable to obtain PLUS Loans)

Graduate and Professional Degree Student

First Year

$5,500—No more than $3,500 of this amount may be in subsidized loans.

$9,500—No more than $3,500 of this amount may be in subsidized loans.

$20,500—No more than $8,500 of this amount may be in subsidized loans.

Second Year

$6,500—No more than $4,500 of this amount may be in subsidized loans.

$10,500—No more than $4,500 of this amount may be in subsidized loans.

Third and Beyond (each year)

$7,500—No more than $5,500 of this amount may be in subsidized loans.

$12,500—No more than $5,500 of this amount may be in subsidized loans.

Maximum Total Debt from Stafford Loans When You Graduate (aggregate loan limits)

$31,000—No more than $23,000 of this amount may be in subsidized loans.

$57,500—No more than $23,000 of this amount may be in subsidized loans.

$138,500—No more than $65,500 of this amount may be in subsidized loans. The graduate debt limit includes Stafford Loans received for undergraduate study.

 

Federal Direct Parent Loan for Undergraduate Students (PLUS) allow parent borrowers of undergraduate, dependent students to borrow federal funds up to the cost of attendance minus financial aid. The interest rate is fixed at 7.9% and accrues from the first disbursement.  Borrowers choose whether to begin repayment when the loan is fully disbursed or to defer repayment while the student is enrolled.

 

Veterans’ Administration Educational Benefits may be available to students who fit one of the following categories: 1) children, spouses, widows, or widowers of veterans who died or were permanently and totally disabled as the result of service in the armed forces of the U.S., 2) children of servicewomen/men missing in action or prisoners of war for more than 90 days, 3) qualified servicewomen/men in civilian life, or on active duty in the armed forces who qualify. Application should be made to the Veterans’ Administration. The Student Services Center provides information and assistance for those seeking education benefits.

 

Lyndon State College Grants and Scholarships

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Lyndon State College offers a variety of scholarships to both new and returning students. Awards are based on academic and personal achievement and are need-based or non need-based. To be considered for both need-based and non-need based scholarships, a completed Free Application for Federal Student Aid (FAFSA) is required.

Application deadlines are March 15th for new students and April 15th for returning students. Applications are available on our website at www.lyndonstate.edu by clicking on Financial Aid and Scholarships, then Forms.

State Grants and Non-Institutional Scholarships

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Vermont Incentive Grants are awarded on the basis of financial need by the Vermont Student Assistance Corporation (VSAC). Any full or part-time undergraduate Vermont resident who plans to attend or is enrolled in an approved post-secondary institution is eligible to apply.  An on-line application is also required.

Out-of-State Incentive Grants are available to qualified students from Connecticut, Maine, Massachusetts, New Hampshire, Pennsylvania and Rhode Island. Application procedures vary and should be made directly to the Higher Education Assistance Agency from each of the states listed. Additional information is available on the FAFSA web site.

Non-institutional/outside scholarships are an excellent and frequently overlooked means of obtaining financial assistance. Local service organizations are an especially good source of scholarships.

Financial aid awards may be adjusted upon receipt of such items as family contribution, grants, outside scholarships, and loans. In order to be eligible for financial aid, such resources may not exceed the total costs of attending Lyndon.

 

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