Types of Financial Aid

There are several types of financial aid available for students. Listed below are brief descriptions of the awards for which you will be applying.

Pell Grant (for full and part time undergraduates)

  • Need-based grant from the Federal government
  • Amount awarded between $659 and $5,550 depending on need and enrollment (2010-2011)

Federal Academic Competitiveness Grant (ACG)  (for full time undergraduates)

  • The ACG is awarded to first- and second-year students who are U.S. citizens, enrolled full-time, Pell Grant eligible, and have completed a rigorous high school academic program.
  • Academic rigor is determined by the Admissions Office according to federal guidelines.
  • First year students must have received their high school diploma after 01/01/2006.
  • Second year students must have received their high school diploma after 01/01/2005.
  • The first year award is $750.
  • If the student earns a cumulative grade point average of 3.0 or higher by the end of the first year, and continues to meet all other eligibilty requirements listed above, the second year award is $1,300.
  • Under current legislation, the Federal government will no longer be funding ACG after 2010-2011.

Federal National Science and Mathematics Access to Retain Talent Grant (SMART) (for full time undergraduates)

  •  The SMART Grant is awarded to third- and fourth-year students who are U.S. citizens, enrolled full-time, Pell Grant eligible, have earned a cumulative grade point average of 3.0 or higher, and are majoring in mathematics, science, technology, engineering, or critical foreign languages.
  • The award is $4,000 per year.
  • Under current legislation, the Federal government will no longer be funding SMART after 2010-2011. 

SEOG Grant (for full time undergraduates)

  •  Need-based grant from the Federal government
  • Amount awarded between $100 and $4000 depending on need

PHEAA State Grant (for full and part time undergraduate Pennsylvania residents)

State Grants - CT, DE, MA, MD, ME, OH, RI, WV, VT (for full time undergraduates)

  • Need-based awards
  • Amounts vary

Lebanon Valley College Grant (for full time undergraduates)

  • Need-based award

 Federal Direct Stafford Loan (for full and part time undergraduate and graduate students)

  • Guaranteed student loan from the Federal government
  • Loans go into repayment after you cease to be enrolled at least half-time 
  • Amount of loan depends on cost of attendance and cumulative credits
    credits
    0 - 27
    28 - 55
    56 - 83
    >  84    		 maximum loan amount
    $3500
    $4500
    $5500
    $5500
  • Loan may be subsidized or unsubsidized
    Subsidized
    • need-based
    • 6 month grace period prior to repayment
    • government pays the interest while you are in school
    • fixed interest rate of  4.5%
    Unsubsidized
    • non need-based
    • 6 month grace period prior to repayment
    • you are responsible for interest payments while you are in school
    • fixed interest rate of 6.8% 
    • all students, regardless of need, may borrow $2000 in unsubsidized Stafford loan in addition to the amounts listed above

Perkins Loan (for full time undergraduate students)

  • Need-based federal loan; amount awarded determined by institution
  • Interest rate is fixed at 5% and government pays interest while you are in school
  • Generally awarded to freshmen with a maximum of $2000
  • 9 month grace period prior to repayment

Federal Direct PLUS Loan (parent loan for full time, dependent undergraduates)

  • Credit-worthy loan from the federal government
  • Fixed interest rate of 8.5%
  • Loan goes into repayment sixty days after final disbursement
  • Parent is eligible to borrow up to cost of attendance minus other financial aid

Federal Direct Graduate PLUS Loan (student loan for full-time, graduate students)

  • Credit-worthy loan from the federal government
  • Fixed interest rate of 8.5%
  • Loan goes into repayment after student ceases to be enrolled at least half-time
  • Student is eligible to borrow up to cost of attendance minus other financial aid

Student Alternative Loans


Federal Work Study (for full time undergraduates)

  • Need-based award
  • Earnings are paid to the student directly, not as a credit to the student's account

Outside Scholarships
In addition, students may also be eligible for scholarships. Scholarship information is provided for Lebanon Valley College specific awards and for outside scholarship sources.

Funding Education Beyond High School: The Guide to Federal Student Aid provides the latest information for all the Federal Student Aid programs.