Frequently Asked Questions
about
LHU Financial AidThe Student
Financial Services Office is pleased to
provide answers to the following
Frequently Asked Questions. The staff of the Student
Financial Services Office looks forward to assisting
you.
If you have additional questions
about financial aid at this or anytime,
please contact the office.
The office is located in Room 123,
Russell Hall and is open from 9:00 a.m.
to 4:00 p.m. weekdays.
During those hours, you may call
the office at 570-484-2344.
1
What
types of financial aid are
available at Lock Haven University (LHU)?
2
Can
you give me an idea, based on my
family’s income, whether it’s
worth applying?
3
How
do I apply?
4
The
FAFSA asks for Lock Haven
University’s
Federal School Code.
What is it?
5
What
are the application deadlines or
suggested
completion dates?
6
My
parent(s) can’t help me with
college expenses.
Does that mean I’ll
receive more money?
7
Does
applying as an independent student
increase my financial aid
eligibility?
8
I was
selected for federal verification.
What does that mean?
9
Our
family has special circumstances
(e.g. recent loss or reduction of
income, considerable un-reimbursed
medical
or dental expenses, private school
tuition expenses, etc.).
Can the Student Financial
Services Office consider these
circumstances when reviewing my
eligibility for financial aid?
10
When
will I know how much financial aid
I am eligible for?
11
I
don't need the entire Federal
Stafford (or PLUS) Loan amount
that's been approved.
How can I reduce the
loan amount?
12
I
received a Financial Aid Award
Letter, but need more money than
I’ve been offered. What else is available?
13
What is an
overaward?
14
Where
can I get information about
scholarships?
15 When
will I receive the fall semester
bill?
16 Does
Lock Haven University offer
a payment plan?
17 The
amount of financial aid I’m
receiving exceeds my bill.
Can I use my refund to buy
my books?
18
I’d
like to work on campus.
How do I find out about
jobs?
FAQ
Answers
1
What types
of financial aid are available
at Lock Haven University (LHU)?
As a student at LHU, you may qualify
for federal and state financial aid
including the: Federal Pell Grant;
Federal Academic Competitiveness
Grant (ACG); National SMART
Grant; Federal Supplemental Educational
Opportunity Grant (FSEOG); Pennsylvania
State Grant;
Federal Work Study
Program;
Federal Perkins Loan;
Federal Stafford
Loan; and
Federal
PLUS Loan.
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2
Can you give me an
idea, based on my family’s income,
whether it’s worth applying?
Unfortunately, that's not easy.
Because many factors (e.g.
household size, number of family members
in college, income, certain assets, etc.)
are considered in the determination of
your eligibility for financial aid, it is
difficult to estimate your eligibility
based on income alone.
The Student Financial
Services Office recommends that every student apply
for financial aid at least once to have
his or her eligibility reviewed.
Keep in mind that, in general, any
accepted student is eligible for some
type of financial assistance (e.g.
Federal Stafford Loans) regardless
of his or her calculated financial need.
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3
How do I apply?
To
apply for both federal and state
financial aid programs, you must complete
the
Free Application for Federal Student
Aid (FAFSA).
Students are encouraged to complete the
FAFSA online at www.fafsa.ed.gov.
More information about the
LHU
financial aid application process can be
found via the LHU home page at
www.lhup.edu/financial-services.
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4
The FAFSA asks for
Lock Haven University’s
Federal School Code.
What is it?
Lock Haven University’s
Federal School Code is 003323.
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5
What are the
application deadlines or suggested
completion dates?
Students are able to complete the
FAFSA beginning January 1st
of
the year they will enroll in college
(e.g. January 1, 2008 for the
2008-2009
academic year).
The Student Financial
Services Office recommends that students complete the
FAFSA each year
by March 15th.
Late applicants will be considered
on a funds
available basis.
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6
My parent(s)
can’t help me with college expenses.
Does that mean I’ll receive more
money?
Financial
aid programs are based on the belief that
students (and their parents or spouses,
if applicable) have primary
responsibility for paying their
educational expenses. If you are a
dependent student, your parent’s
inability to assist you with expenses
should be evident from the information
you and your parent provide on the FAFSA
form.
Although it may mean a
significantly increased amount of debt,
which should be carefully considered,
most students can cover their educational
expenses with the help of available
financial aid programs.
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7
Does applying as an
independent student increase my financial
aid eligibility?
The
financial aid eligibility of an
independent student is determined solely
from a review of his or her own (and
spouse’s, if applicable) information as
reported on the
FAFSA.
For the 2008-2009 academic year, you are
independent for financial
aid purposes if at least one of
the following applies:
-
you were born before January 1,
1985 ( for the 2008-2009 academic year);
-
you’re enrolled in a graduate or
professional educational program (beyond
a bachelor’s degree);
-
you’re married;
-
you’re an orphan or ward of the
court (or were a ward of the court until
age 18);
-
you're currently serving
on active duty in the
U.S. Armed Forces for
purposes other than
training;
-
you’re a veteran of the U.S.
Armed Forces;
-
you have children
for whom you provide
more than half
support; or
-
you have
dependents (other
than your children or spouse) for whom you provide more
than half support, now and through
June 30, 2009.
If
you have unusual circumstances
that you feel make you independent even
though none of the above criteria applies
to
you, please contact the Student Financial Services Office to discuss your
situation.
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8
I was
selected for federal verification.
What does that mean?
Verification
is a process the Department of
Education uses to make sure that
the information reported on the
FAFSA is accurate. Some
FAFSA applications are selected
because of inconsistent
information and others are chosen
at random. For applications
that are selected, the Student
Financial Services Office requests
copies of student's and parents'
(if dependent) federal tax returns
and W-2s as well as completion of
a verification form. The
Student Financial Services Office then
compares information on the tax
returns and other documents to the
FAFSA and corrects any
errors. The student is
notified of any corrections made
and the effect the changes have
had on his or her aid eligibility.
For more information about
verification, click
here.
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9
Our family has
special circumstances (e.g. recent loss
or reduction of income, considerable
un-reimbursed medical
or dental expenses, etc.).
Can the Student
Financial Services Office consider these
circumstances when reviewing my
eligibility for financial aid?
Please
contact the Student Financial
Services Office to discuss any special circumstances
you feel might affect the amount you and
your family can contribute toward your
educational expenses.
A staff member will determine
whether your eligibility for financial
aid can be reevaluated due to your
family’s special circumstances.
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10
When will I know
how much financial aid I am eligible for?
The Student
Financial Services
Office
begins sending Financial Aid Award
Letters to new freshmen and transfer
students in March.
Most new freshmen receive their Financial Aid
Award Letters by the end of May.
Transfer students
are awarded after
LHU receives and
evaluates their
final college
transcripts.
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11
I don't need the
entire Federal Stafford (or PLUS) Loan
amount that's been approved.
How can I reduce the
loan amount?
To reduce or cancel your
AES/PHEAA Stafford (or PLUS) Loan amount, contact AES/PHEAA at 800-692-7392.
These adjustments can also be
made online by logging in at
www.aessuccess.org.
If your loan is through a
guarantor other than AES/PHEAA, contact your
lender to reduce or cancel the loan
amount.
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12
I received a
Financial Aid Award Letter, but need more
money than I’ve been offered. What else is available?
The
Student Financial
Services Office
includes
information about
educational loan
programs and payment options
(see FAQ # 15) with
each Financial Aid
Award Letter.
If you're considering
an educational loan like a parent PLUS or alternative loan, please apply early.
The Student Financial Services Office
will process your loan and other financial aid applications as quickly as
possible. These processes, from the time
of application to the disbursement of those funds, normally take at least 14 to
21 business days. During peak processing periods, they may take longer.
Here are some things you can do to help.
1. Apply early to allow sufficient time
for the processing of your application. Even with today's technology, the
fact is that the processing of most financial aid and loan applications takes time.
Apply for parent PLUS and/or Alternative Loans at least 4 to 6 weeks before
those funds are needed to pay educational expenses.
2. Respond in a timely manner to any
requests for additional information (i.e. proof of income, etc.) that you
receive from SFS and/or your lender.
3. Be
patient. It takes time for our staff to process the large volume of
applications received. Periodically checking on the status of your
application is a good idea. You may call us at 570-484-2344, email us at
sfs@lhup.edu, or stop by the office, 123
Russell Hall, to inquire during office hours.
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13
What is an overaward?
Federal and state
regulations require SFS to
consider all sources of financial assistance when awarding aid. Those sources
include things like scholarships (LHU or private), athletic grants, tuition
waivers, VA educational benefits, and alternative loans. If your Financial Aid
Award Letter did not include all of the assistance you are receiving, chances
are SFS was not aware of all your awards when your financial aid was packaged.
The addition of other aid sources may cause an overaward, which means that SFS
may have to reduce one or more of your awards. For example, if SFS awarded you
your maximum eligibility of $15,800 in financial aid, and then you receive a
$2000 scholarship, SFS may be required to reduce the aid awarded by $2,000 to
keep you within the $15,800 limit. You can help prevent an overaward by
informing SFS of all sources of financial assistance as soon as you know about
them.
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14
Where can I get
information about scholarships?
You
may request a brochure about LHU
Financial Aid, Scholarships, and Awards
by contacting the Admissions Office.
Pennsylvania residents may call
the Admissions Office at 800-332-8900;
Non-PA residents may call 800-233-8978.
Or if you’d prefer, you may send
your request via email to admissions@lhup.edu
or access this information via the
LHU
home page at www.lhup.edu.
Other possible sources of scholarship
information include: your
high school
guidance office; libraries; unions;
churches; civic organizations; chambers
of commerce; and the internet.
The following web sites provide
financial aid and/or scholarship
information: www.fastweb.com;
www.brokescholar.com;
www.collegenet.com;
www.srnexpress.com;
www.collegeboard.org;
www.finaid.org;
www.student
aid.ed.gov;
and www.pheaa.org.
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15
When will I receive
the fall semester bill?
You will receive the fall semester
bill from the Student Financial
Services Office by the end of July.
All awarded federal and state
financial aid will be listed on the bill
and deducted from your fall semester
charges.
If any of your federal,
state, or other financial aid is not listed on your
bill, please contact the Student
Financial
Services Office for assistance. Please note that
Federal Work
Study will not be listed on the bill.
Students employed under the
Federal Work Study Program receive
bi-weekly paychecks for wages earned.
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16
Does
Lock Haven University offer a payment
plan?
Yes, LHU offers a very affordable monthly payment plan, which is administered by Tuition Management Systems (TMS). Information about the TMS payment plan
is available online at
www.lhup.edu/financial-services/bursar.
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17
The amount of
financial aid I’m receiving exceeds my
bill.
Can I use my refund to buy my
books?
Financial
aid refunds may be used for any
educational expenses, including books.
Keep in mind, however, that the
Student
Financial
Services Office
cannot guarantee that your
refund will be available in time for you
to buy your books.
Therefore, you should plan to use
other funds to buy your books.
In general, students spend
$400-550 per semester on books and
supplies.
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18
I’d
like to work on campus.
How do I find out about jobs?
The LHU Career
Services Office posts job openings
at www.lhup.edu/career/oncampusemployment.htm.
Student employment forms
are available online at
www.lhup.edu/studentemployment.
For information about jobs
available through the Parsons
Union Building (PUB) or Bentley
Dining Hall (i.e. Food Service),
inquire directly at those
locations.
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January 22, 2008
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