2004-2005 COLLEGE CATALOG - Luzerne County Community ...

Although remedial classroom training cannot be counted toward a degree, students
who are taking remedial coursework may be eligible for PA State Grant assistance.
Please contact the Financial Aid Office regarding the number of remedial
credits that are permitted by either full or part-time students.
If you received State Grant assistance at another institution, an academic transcript
will be required so that a progress check can be made at the appropriate time.
Noncompliance with this requirement will mean cancellation of your PA State Grant.
FEDERAL STAFFORD LOAN PROGRAM
SUBSIDIZED AND UNSUBSIDIZED
The subsidized Stafford loan is a need-based loan. The federal government will
pay students interest payments while they are enrolled in school if they are eligible
for a subsidized Stafford loan. Students must be enrolled at least half-time in a
certificate or associate degree program. A request for a loan application can be made
when completing the FAFSA form. The application must be forwarded to the lender
when completed. The school will certify your loan application electronically and
PHEAA Loan Division will notify you when it has been approved.
The interest rate for the Stafford loan is a variable rate, which may change every
July 1, but can not exceed 8.25%. A student who has outstanding indebtedness will
borrow at the rate of their previous loan. No payment of principal or interest is due
on a subsidized loan until six months after a student graduates, withdraws or drops
below 6 credits. Minimum payments are $50 per month. The maximum that freshmen
can borrow, those students with less than 30 credits completed, is $2625 for
the academic year. Those students with 30 credits or more can borrow a maximum
of $3,500 per academic year.
By law, all loans, regardless of the loan term dates must be multiply disbursed.
The student will receive one-half of the loan in the fall semester and the secondhalf
in the spring semester. The loans will be disbursed on or about the 30th day of
the semester.
The student has the right to cancel any or all of their Stafford loan proceeds
within fourteen days of receipt of the disbursement.
There are origination and insurance fees charged by the lender and guarantor to
offset the cost of defaulted Stafford loans.
The Unsubsidized Stafford loan requires the student make quarterly interest
payments. If you choose, the interest may be capitalized. The lender will then apply
the interest to the principle, which will increase your principle upon repayment.
FEDERAL WORK STUDY PROGRAM (FWSP)
College Work Study is a need-based program. The award year begins on July 1
and ends the following June 30 or when the institution’s allocation is exhausted,
which ever comes first. Students are assigned to various sites on campus and are
paid $6.00 per hour. Payroll is on alternating Fridays. The number of students placed
varies upon Luzerne County Community College’s allocation. Awards range from
approximately $400 to $2,500 per year for qualifying students. A complete and accurate
Pell Grant file is required before placement. A student should indicate their
desire to participate in the Federal Work Study Program on the LCCC Financial
Aid Application.
FEDERAL SUPPLEMENTAL EDUCATIONAL
OPPORTUNITY GRANT (FSEOG)
The Federal Supplemental Educational Opportunity Grant is also a need-based
program. Eligibility criteria is the same as College Work Study. By law, consider-
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