Financial Aid

Financial Aid Fall 2012 Deadlines

May 1, 2012 FASFA Priority Deadline

August 1, 2012 Recommended FASFA completion date

August 29, 2012 Classes begin

September 11, 2012 FASFA process must be complete.

This coincides with the last day to add/drop.

October 1, 2012 Student Loan processing cutoff.

To apply for any type of financial aid administered by Lon Morris College:

1. Complete the Free Application for Federal Student Aid Form (FAFSA). The purpose of the FAFSA is to collect information used in evaluating the financial ability of the family to contribute to the cost of the student’s post-high school education. We recommend that you enter the FAFSA information on the web at www.fafsa.ed.gov for faster response from the Department of Education. Add Lon Morris College (federal code 003585) as a recipient.

2. Complete and return all other applications and documents requested by the Financial Aid Office.

3. All students must be accepted for admittance prior to award packaging.

4. Students selected for verification will be required to provide additional documentation. These requirements are outlined below:

Federal Verification Requirements

If a student is selected to complete the Verification process, the Financial Aid Office will require that the following items be verified with documents submitted by both the parent(s) and the student:

Tax Return Transcript(s) from the IRS
- A tax return transcript can be obtained using the instructions here
Family size
Number of family members in post secondary programs.
Untaxed Income and Benefits
Selective Service Verification

5. After all Documents have been completed, the student will be awarded any and all Federal Title IV funds that are available. Awarding of funds will be based upon need.

Lon Morris College Scholarships and Award Opportunities

LMC UNITED METHODIST SCHOLARSHIPS

In recognition of the historic importance to Lon Morris College of The United Methodist Church and the surrounding community, awards are available to members of the constituent groups listed below. These awards may not be combined with each other, but recipients may qualify for additional activity or departmental awards and all other need-based financial assistance funded from external sources. For specific information, contact the Office of Financial Aid at [email protected].

BISHOP’S SCHOLARSHIP: A limited number are available to one student from each Annual Conference of The United Methodist Church who has been nominated by his or her presiding Bishop. The Bishop must write a letter of recommendation to the President of Lon Morris College. The value of the scholarship is up to $10,000. This scholarship may not be combined with another Institutional Scholarship.

UNITED METHODIST PASTORS' AWARDS: A limited number are available to students who are members in good standing of The United Methodist Church upon the written nomination of their pastor. The value of the award is $2,500 annually. The student must maintain a 2.25 cumulative grade point average to receive the scholarship their second year.

2012- 2013 United Methodist Pastor Nomination Form

UNITED METHODIST PASTOR'S DEPENDENT AWARDS: A limited number are available to a child of a United Methodist pastor in the Texas Annual Conference. The value of the award is up to $3,000 annually. The student must meet normal admissions requirements and must maintain a 2.25 cumulative grade point average to receive the scholarship their second year.

There is no application for this scholarship. Please contact Financial Aid at [email protected] for information on receiving this award.

MISCELLANEOUS PROGRAMS

UNITED METHODIST SCHOLARSHIP ALLOCATION: Granted by The General Board of Higher Education and Ministry of the United Methodist Church to students attending a Methodist college or university who have made significant contributions to church and community. The student must be an active member of a United Methodist Church in excess of 1 year. This scholarship has a GPA requirement of ≥ 2.5

KNOWLES MEMORIAL SCHOLARSHIP: Available to students attending a Methodist college or university in the state of Texas who have made significant contributions to church and community. This scholarship has a GPA requirement of ≥ 2.5

HOPE PIERCE TARTT SCHOLARSHIP: Students who reside in Panola, Marion, Gregg, Harrison, and Upshur counties may apply for this special award that ranges up to $2,500 per year. This scholarship has a GPA requirement of ≥ 2.0

Federal and State Aid

Federal Programs

PELL GRANT - Federal grant that provides up to $5,500 per year based on need.

FEDERAL SUPPLEMENTAL ED. OPPORTUNITY GRANTS - A Federal grant for students based on need. Limited number available.

FEDERAL COLLEGE WORK-STUDY PROGRAM - A Federal student job program based on need.

**Available work study positions**

FEDERAL DIRECT SUBSIDIZED STUDENT LOAN – A loan awarded on the basis of financial need. The government pays the interest while the student is in school at least half-time, and during grace and deferment periods.

FEDERAL DIRECT UNSUBSIDIZED STUDENT LOAN – A Federal Stafford loan not awarded on the basis of financial need. Interest accrues from the time the loan is disbursed, although interest payments may be deferred during in-school, grace, and deferment periods and added to the principle balance of the loan.

FEDERAL DIRECT PARENT PLUS LOAN – Loans designed to help the parents or legal guardian of dependent students pay for post-secondary (college) education. They can be obtained in addition to or in place of Direct loans. PLUS loans have a 7.9% fixed interest rate. Like Direct loans, a guarantee and origination fee is charged. PLUS borrowers may receive up to the student’s estimated cost of education less other financial aid, including Direct loan assistance for which the dependent student is eligible. Borrowers will be subject to a credit evaluation. If a PLUS loan is denied, the dependent student may be eligible for an unsubsidized loan. Repayment of the PLUS loan will begin within 60 days after the final disbursement unless otherwise elected by the borrower.

State Programs

TEXAS TUITION EQUALIZATION GRANT (T.E.G.) - A program for Texas residents based on need to help offset tuition at a private college. Your family's AGI must be under 95,000 to qualify for this grant. Students recieving athletic scholarships do not qualify.

TEXAS COLLEGE WORK STUDY PROGRAM – A State student job program based on need. Students recieving athletic scholarships do not qualify.

All financial aid award letters are prepared with the understanding that the student will enroll full-time. Full-time status for financial aid purposes is twelve credit hours or more. If students enroll less than full-time in any semester, they must notify the Financial Aid Office (FAO) prior to the first day of classes. Awards will be adjusted accordingly. Students have the option of accepting or declining any portion of the award. When the award letter is signed and returned to the FAO, the student has given his/her permission for accepted awards to be disbursed and credited to the student account.

When the student accepts loan funds on the award letter and submits the Federal Direct Student Loan Request Form, the student has agreed to have a loan certified and disbursed. The Master Promissory Note (MPN) for the Federal Stafford Loan Program only needs to be completed by the student once for the student’s entire attendance at the College. The student’s signature on this document allows for all future disbursements while enrolled at Lon Morris College. If the student needs additional funds during the academic year, the student’s signature on the MPN gives the lender permission to disburse future loans certified by LMC. The student must request additional loan money with the FAO at LMC and the FAO will ask the student to initial and date the amount of extra money requested on the Federal Direct Student Loan Request Form. The FAO will certify additional loan funds with the lender.

Students must complete the Free Application for Federal Student Aid (FAFSA) every year as soon as possible after January 1st using the IRS Data Retrieval Tool if possible.

Students should always notify the FAO if any awards such as scholarships, assistantships, or other types of assistance are not listed on the financial aid award letter. When a student receives funds after being notified of or receiving the original financial aid award, adjustment to the original financial aid may be required. Federal regulations require LMC to prevent awarding in excess of a student’s financial need. In some instances, a portion or all of a student’s loan or other funds may have to be returned to the source. If the student has already received these funds, the student may owe funds back to LMC.