Sep 19, 2020  
2006-2007 Undergraduate Catalog 
    
2006-2007 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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Mail a completed Free Application For Federal Student Aid (FAFSA) between January 1 and February 15 to ensure delivery to Lyndon State College by March 15. Use FAFSA code #003689 to ensure that Lyndon receives your FAFSA application. 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.

Aid applications received at Lyndon State College after March 15 will be reviewed in order of the date received. Aid is awarded subject to the availability of funds.

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 Pell Grant or a Supplemental Educational Opportunity Grant.

Satisfactory Academic Progress for Financial Aid Recipients

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Federal financial aid regulations require that financial aid recipients maintain a satisfactory rate of progress toward their degree completion requirements in order to continue receiving financial aid.

Students must meet a time progression and a cumulative Grade Point Average (GPA) requirement. Students with disabilities may be allotted additional time for completion of courses if this is an appropriate accommodation. To meet the time progression requirement students must successfully complete 67% of the courses they attempt beginning in the student’s first year of attendance at Lyndon. To meet the cumulative GPA requirement students must maintain a 1.75 cumulative GPAfor up to 30 earned credit hours and maintain a 2.0 GPAthereafter to continue to qualify for financial aid.

Students who do not meet these standards will be placed on Financial Aid Probationary status for one year during which time financial aid eligibility will be retained. Students who do not meet the required standards by the end of the probationary year will lose eligibility for financial aid the following year. Students may appeal the loss of their financial aid eligibility to the Office of Financial Aid.

Federal Aid Programs Administered by the College

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Federal Supplemental Educational Opportunity Grants (FSEOG), ranging from $100 to $4,000, are available to undergraduates with the greatest 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 undergraduates 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 $400 to $4,050, 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 $2,625 a year for first-year undergraduates, $3,500 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 $10,000 per year for graduate students.

The Federal Stafford aggregate loan limit for dependent undergraduates is $23,000, while graduate students may borrow up to $65,500 including loans made at the undergraduate level. Independent students may borrow up to an additional unsubsidized eligibility of $23,000. 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.

Federal Parent Loan for Undergraduate Students (PLUS) loans allow parent borrowers of undergraduate, dependent students to borrow federal funds up to the cost of attendance minus financial aid. The variable interest rate changes each July 1. Repayment begins within 60 days after the loan has been fully disbursed.

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 Registrar’s Office 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 scholarshhips to both new and returning students. Awards are based on academic and personal achievement and are need-based or non need-based. Students who apply for federal financial aid by completing the Free Application for Financial Aid (FAFSA) may apply for both need-based and non need-based aid if, according to the standard federal formula, the students’ resources do not meet the full cost of education. Students whose resources are sufficient according to the standard federal formula, or who have not applied for financial aid, may apply only for non need-based grants and scholarships.

Application deadlines are March 15th for new students and April 15th for returning students. Complete information is available in the Scholarships at Lyndon State College booklet or on our website at www.lyndonstate.edu by clicking on Prospective Students or Current Students, Financial Aid, Funding a Lyndon State Education.

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.

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 and on our web site at www.lyndonstate.edu. Click on Applying to LSC, Financial Aid and follow links to other Financial Aid Information.

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. Information is available on our web site at www.lyndonstate.edu. Click on Applying to LSC, Financial Aid and follow links to other Financial Aid Information.

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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