Financing a college education can be an overwhelming experience. As costs continue to rise, LBC | Capital continues to provide a variety of financial aid options. LBC | Capital participates in the federal and state aid programs. The College also offers many scholarships, as well as other opportunities, to help students finance their education.
For complete details on financial aid opportunities, visit the Tuition & Financial Aid pages under the Admissions & Financial Aid sections of our website.
Federal Financial Aid Refund Policy
The Financial Aid Office is required by federal statute to determine how much financial aid was earned by students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60 percent of a payment period or term.
For a student who withdraws after the 60 percent point-in-time, there are no unearned funds. However, a school must still complete a return calculation in order to determine whether the student is eligible for a post-withdrawal disbursement.
The calculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula:
Percentage of payment period or term completed = the number of days completed up to the withdrawal date divided by the total days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid.
Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula:
Aid to be returned = (100 percent of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or term.
If a student earned less aid than was disbursed, the institution would be required to return a portion of the funds and the student would be required to return a portion of the funds. Keep in mind that when Title IV funds are returned, the student borrower may owe a debit balance to the institution.
If a student earned more aid than was disbursed to him/her, the institution would owe the student a post-withdrawal disbursement which must be paid within 120 days of the student's withdrawal.
The institution must return the amount of Title IV funds for which it is responsible no later than 45 days after the date of the determination of the date of the student's withdrawal.
Refunds are allocated in the following order:
- Unsubsidized Federal Direct Loans
- Subsidized Federal Direct Loans
- Federal Parent (PLUS) Direct Loans
- Federal Pell Grants for which a Return of funds is required
- Federal Supplemental Opportunity Grants for which a Return of funds is required
- Other assistance under this Title for which a Return of funds is required (e.g., State, institutional and private aid)
Financial Aid Eligibility
In order to maintain financial aid eligibility for the federal financial aid programs, as well as institutional aid, a student must meet the following requirements of satisfactory academic progress:
Qualitative Requirement: Grade Point Average*
| Credits Passed |
Cumulative GPA |
| 12 |
1.5 |
| 24 |
1.5 |
| 48 |
1.5 |
| 60-89 |
1.75 |
| 90 |
1.9 |
| 129 |
1.9 |
* A minimum GPA of 2.0 is required for graduation at all levels.
Students are reminded to review specific program requirements with their academic adviser or as stated in the department handbooks.
Quantitative Requirement
Undergraduate students must successfully complete a minimum of 67 percent of the credit hours attempted each academic year.
Maximum Time Frame for Completion of Educational Objective
Undergraduate students must complete their degree program within 150 percent of the published length of their degree program. For example, a student enrolled in the four year degree program should complete the program in twelve semesters (six years); a student enrolled in the two year degree program should complete the program in six semesters (three years); a student enrolled in the one year certificate/diploma program should complete the program in four semesters (two years).
Course and Enrollment Factors in Evaluating Academic Progress
Audit Courses:
Audit courses neither earn credit nor influence grade point average. They are not eligible for financial aid.
Change of Major:
If students change majors, the credits earned under all majors will be included in the calculation of attempted, earned, and maximum timeframe credits, as well as GPA calculations.
Incomplete Courses:
Incomplete courses do not earn credit nor influence grade point average in the semester they are listed as incomplete. Incomplete courses either turn into an “F” grade if not completed or into a different letter grade when completed. A review of Satisfactory Academic Progress will occur at the next time of formal evaluation.
Remedial Courses:
Remedial courses will count toward determination of enrollment status and will be eligible for financial aid and are included in determining completion rates.
Repeated Courses:
Students may repeat previously passed courses only once. Students may repeat a failed course numerous times until it is passed. Repeated courses will count toward determination of enrollment status and will be eligible for financial aid only once. Repeated courses are computed in completion rate.
Requirements for a Part-Time Student:
Students who are part-time (below 12 credits) must complete 67% of credits attempted per year in order to maintain academic progress. Cumulative grade point average requirements are the same as the full-time students.
Summer Term:
Students may make up credit deficiency and cumulative GPA by attending summer school. Credits earned during summer school, as well as cumulative GPA, will be evaluated following summer school to determine academic progress for the past academic year.
Transfer Students:
The credits that are transferred are calculated into the overall credits earned total but are not factored into the cumulative GPA when a student transfers into LBC. Therefore, new transfer students will come at a satisfactory academic progress level. A student’s progress will be evaluated at the end of the academic year. Transfer credits are included in determining completion rates.
Withdrawn Courses:
Withdrawn courses neither earn credit nor influence grade point average. Withdrawn courses may affect completion rate if course is dropped after the add/drop period set by the Registrar. Students may retake courses from which they have withdrawn which will count toward determination of enrollment status in that semester and will be eligible for financial aid.
Evaluation of Academic Progress
Students' academic progress will be evaluated at the end of each academic year, with the exception of one year certificate programs, which are evaluated after one term. Students who are not successfully completing courses at the minimum levels, as outlined above, are considered to be making unsatisfactory progress and will not be eligible for financial aid for the following semester. When a student's financial aid has been terminated, his/her academic status will be reviewed after the following academic semester to determine if financial aid can be reinstated. Financial aid eligibility will be reinstated once the student reaches the required minimum.
Students may appeal in writing to the Director of Financial Aid if they believe that extenuating circumstances were present. For a description of the appeal process, as well as a further detailed description of the academic progress requirements, please contact the Financial Aid Office at 717.560.8254 or by email.