Understanding Your Financial Aid Awards
Federal Pell Grant is awarded on the basis of eligibility determined from a completed Free Application For Federal Student Aid (FAFSA). To receive payment, a student must be enrolled and be maintaining satisfactory academic progress as defined by the University. The grant may be renewed on a yearly basis. The grant is considered estimated until the student establishes eligibility through enrollment.
Academic Competitiveness Grant (ACG) - To be eligible for the 2008-2009 academic year, a student must be: a U.S. citizen; be a Federal Pell Grant recipient; be enrolled full-time in a degree program; be enrolled in the first or second academic year of his or her program of study; have completed a rigorous secondary school program of study (after January 1, 2008, if a first-year student, and after January 1, 2007 if a second-year student); if a first-year student, not have been previously enrolled in an undergraduate program; and if a second-year student, have at least a cumulative 3.0 grade point average on a 4.0 scale for the first academic year.
National Science & Mathematics Access to Retain Talent (SMART) - To be eligible for each academic year, a student must: be a U.S> citizen; be a Federal Pell Grant recipient; be enrolled full-time in a degree program; be enrolled in a four-year degree-granting institution; major in physical, life or computer science, engineering, mathematics, technology, or a critical foreign language; and have at least a cumulative 3.0 grade point average on a 4.0 scale in the coursework required for the student's major.
Teacher Education Assistance for College and Higher Education (TEACH) Grant
is a new grant for 2008-2009 for current and prospective teachers. Eligible
students may receive up to $4,000 per academic year. Aggregate amounts are
$16,000 for students on their first undergraduate or post-baccalaureate program
and $8,000 for graduate students. Eligible students must complete the FAFSA, be
currently completing coursework necessary to begin a career in teaching, or plan
on completing coursework necessary to begin a career in teaching. Academic
requirements include having at least a 3.25 GPA and a score above the 75th
percentile on an admissions test, such as the SAT or ACT. The TEACH Grant
also requires an agreement to serve/promise to pay. Students must sign an
understanding of terms to certify that they understand the terms of the grant
and the terms of their teaching service requirements. The student must teach
full-time for at least four years within eight years of completing their program
as a highly qualified teacher at
a Title
I school in a specified subject area (mathematics,
science, a foreign language, bilingual education, special education, as a
reading specialist, and other high-need" fields). If service is not met,
the grant must be repaid as an unsubsidized Direct Stafford Loan,
with interest from the
date(s) of original disbursement.
PLEASE NOTE: The
2008-2009 FAFSA includes a new question asking students if they plan to become
teachers. Interested students should carefully review the eligibility
requirements of this grant and consider how likely they are to meet them.
Although TEACH Grants will be available to students for 2008-2009, the
U.S. Department of Education has not yet issued the final regulations that will
govern this program. Once those regulations are available, LHU will
automatically provide additional information about this grant to eligible
students.
For more information about the TEACH Grant, please visit
www.teachgrant.ed.gov.
Pennsylvania Higher Education Assistance Agency Grant (PHEAA) is a
grant awarded to the residents of the Commonwealth of Pennsylvania. If an
estimated state grant appears on the award letter, the estimated amount is based
on current information available to the university. The actual amount of your
state grant is determined when you and the university receive official
notification from
the state agency. PLEASE NOTE: If you are a recipient of the Pennsylvania State
Grant and have been selected for Validation, the funds will not be released to
the university until you have completed the necessary paperwork with
Pennsylvania Higher Education Assistance Agency.
State Grants from states other than Pennsylvania include grants from
CT, DE, MA, ME, OH, RI, VT, and WV. Students must contact the appropriate state
grant agency for further information.
Federal Supplemental Educational Opportunity Grant (SEOG) is provided
by the Federal Government for distribution by Lock Haven University and does not
require repayment. The Student Financial Services Office automatically considers
every Pell eligible student for SEOG and will award it to those with the
greatest demonstrated financial need. The grant may be renewed on the basis
of continued eligibility (with certain exceptions). To receive payment, a
student must maintain satisfactory academic progress as defined by the
University.
Federal Work Study (FWS) is a program that allows
students to partially meet educational expenses through employment on campus.
The money is available on the basis of actual hours worked, and earnings are not
guaranteed. Wages are generally paid at the prevailing minimum wage rate and are paid directly to the student
via a bi-weekly paycheck as they are earned. The earnings will not
be deducted from the students bill. Students are responsible for finding
their own jobs. For additional information about student employment procedures
and current job postings, please click
here. The FWS award represents the maximum
amount of wages the student is permitted to
earn during the academic year. Work is limited to a maximum of 20 hours per week
when school is in session and 37 ½ hours per week at other times. Continued
employment through FWS is contingent upon the students maintaining Satisfactory
Academic Progress as defined by the University.
Federal Perkins Loan is a long-term, low interest (5%) student loan.
The Student Financial Services Office automatically considers every eligible
student for the Federal Perkins Loan and will award it to those with the
greatest demonstrated financial need. Repayment of the loan is required and
begins nine (9) months after graduation or after a student drops to less than
half-time enrollment. If a Federal Perkins Loan is part of your financial aid
award, completion of an entrance interview and Master Promissory Note may be
required. If so, you will receive further instruction from Student
Financial Services about completing those items.
Federal Stafford Loan is a long-term, low interest student loan. The
amount of this loan, in combination with other financial aid, cannot exceed the
cost of attendance as determined by the University. Other aid received after the
loan application is processed may result in a reduction of the loan eligibility,
and a requirement that a portion of the loan be repaid immediately. Beginning
with the 2008-2009 academic year, dependent
students can borrow up to $5,500 at the freshmen level, $6,500 at the
sophomore level, and $7,500 at subsequent levels. The aggregate total of loans
as a dependent undergraduate may not exceed $31,000. Repayment of the loan is
required and begins six (6) months after graduation or after a student drops to
less than half-time enrollment. Students must also meet the satisfactory
academic
progress requirements as defined by the University. PLEASE NOTE:
If you plan to
borrow a Federal Stafford Loan, completion of an entrance interview and Master
Promissory Note is required.
Federal PLUS Loan is a loan available to graduate students and the
parents of dependent undergraduate students. The maximum amount that may be
borrowed for a given loan term is limited to the cost of attendance minus any
other financial aid. Although no income verification is required, the
borrower's credit history is evaluated.
Alternative Loans are non-federal student loans. Student borrowers are
typically required to apply along with a creditworthy co-signer. Interest
rates and terms of these loans vary depending on the loan program the student
wishes to utilize. More information regarding alternative loan programs can be
found within this planner.
Important
Information You Should Know
Financial Aid Definition of
an Academic Year: For financial aid purposes,
at Lock Haven University an academic year is defined as one in which
a student completes a minimum of 30
weeks of instruction and in which an undergraduate student completes 24 semester
hours. At Lock Haven University an academic year consists of two 15-week (fall
and spring) semesters. Summer is a trailer
to the academic year and consists of three terms: Summer Session 1; Summer
Session 2; and Summer Extended.
Revisions The financial aid award made by this letter is valid to the
extent that the information upon which it is based is accurate at the time of
the award and remains accurate throughout the award period. Any change in
student circumstances, as noted above, will void this award letter and require
that a revision be made. Revisions may also be necessary due to changes in funds
made available to
the University by governmental or other sources or due to any other
circumstances, including errors in the award itself, in order to prevent
overawards and to maintain the integrity of the financial aid programs according
to governing laws and regulations. Lock Haven University does not guarantee
substitution of funds for any portion of the award which is declined by the
student or reduced by
government agencies. Students who withdraw and return to the University at a
later date will be reevaluated for financial aid eligibility.
Overawards - 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.