Financial AID

What is federal student aid?

Federal Student Aid aka Financial Aid is money that helps a student pay for higher education expenses (i.e., college, career school, or graduate school expenses).

FSA may cover expenses such as tuition and fees, room and board, books and supplies, and transportation. Aid also can help pay for a computer and for dependent care. The two most common types of aid are Gift Aid and Loan Aid.

Lebanon College participates in the Pell Grant, Direct Loan and the Direct Plus loan programs.

In order to utilize FSA programs you will need to complete the FAFSA application and have the results sent to Lebanon College.

What is FAFSA?

The FAFSA is the Free Application for Federal Student Aid. If you are interested in financial aid to attend Lebanon College you will need to fill out the FAFSA.

This application is used to determine the amount of Federal Student Aid you or your family may qualify for. Lebanon College’s unique school code is 042495.

If you don’t fill out the FAFSA, you could be missing out on a lot of financial aid. We’ve heard a number of reasons students think they shouldn’t complete the FAFSA. Here are a few:

  • “I (or my parents) make too much money, so I won’t qualify for aid.”

  • “Only students with good grades get financial aid.”

  • “The FAFSA is too hard to fill out.”

  • “I’m too old to qualify for financial aid.”

Please keep in mind that the FAFSA application is always free. There are websites on the internet that will try and charge a fee, don’t fall for this and click the link below. To begin your FAFSA please click here.

What is a Pell Grant?

A Federal Pell Grant is gift aid and does not have to be repaid. Federal Pell Grants usually are awarded only to undergraduate students who have not earned a bachelor's or a professional degree. The maximum amount can receive changes yearly. For the 2020–21 award year (July 1, 2020, to June 30, 2021), the maximum award is $6,345. The amount you receive to help pay tuition, will depend on:

  • your financial need;

  • your cost of attendance;

  • enrolled in a program consisting of at least 600 hours

  • for more information please click here

What is a Direct loan?

Subsidized and unsubsidized loans are federal student loans offered to eligible students to help cover the cost of higher education. Lebanon College offers eligible students the Direct Subsidized Loan and Direct Unsubsidized Loan. (Some people refer to these loans as Stafford Loans or Direct Stafford Loans.) The current interest rate for both subsidized and unsubsidized undergraduate loans is 2.75 %. For more information please click here.

What is a Plus loan?

PLUS loans are federal loans that parents of dependent undergraduate students can use to help pay education expenses. The U.S. Department of Education makes Direct PLUS Loans to eligible borrowers through schools participating in the Direct Loan Program. The current interest for Plus Loans disbursed on or after October 1, 2020 and before October 1, 2021 is 5.30%.

Here’s a quick overview of Direct PLUS Loans:

  • The U.S. Department of Education is the lender.

  • The borrower must not have an adverse credit history.

  • The maximum loan amount is the student’s cost of attendance (determined by the school) minus any other financial aid received.

  • For more information please click here

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**Class is held everyday from 8:30-10:00