Awards & Funds

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 Stafford loan funds on the award letter and submits the Federal Stafford Student Loan - Information Form, the student has confirmed 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 form 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 Stafford Student Loan - Information 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. 

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 received 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.   

Federal Programs

  PELL GRANT - Federal grant that provides up to $4,050.00 per year based on need. Separate application required 

  FEDERAL SUPPLEMENTAL ED. OPPORTUNITY GRANTS - A Federal grant to students based on need.

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

  FEDERAL SUBSIDIZED STAFFORD 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 UNSUBSIDIZED STAFFORD STUDENT LOAN – A Federal Stafford loan no 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.

  PARENT PLUS LOAN – Loans designed to help the parents or legal guardian of dependent students pay for post-secondary (college) education.  They must be obtained in addition to or in place of Stafford loans.  PLUS loans have a variable interest rate adjusted annually that may no exceed 9 percent.  Like Stafford 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 Stafford 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 Stafford loan.  Repayment of the PLUS loan will begin within sixty days after the final disbursement.

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.

  LEVERAGING EDUCATIONAL ASSISTANT PARTNERSHIP (LEAP) – A Federal grant that matches the T.E.G. and is based on need.

  TOWARD EXCELLENCE, ACCESS, AND SUCCESS (TEXAS) GRANT – A need-based grant for students who complete specific recommended or distinguished tracks in high school.