2016 GUIDE TO YOUR FINANCIAL AID
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Final Note

Students and parents may have questions or

concerns not addressed within this material. All

students and parents are encouraged to contact the

Financial Aid Office regarding any financial aid issue

that may arise.

Financial Aid Office

Office Hours

Monday – Friday 8 a.m. – 4:30 p.m.

Phone

(570) 321-4040 or 1-800-345-3920

Fax

(570) 321-4993

Email

finaid@lycoming.edu

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You may contact Nelnet at 800-609-8056 to

obtain personal financing counseling, a Payment Plan

application or additional information. Visit their

website at:

www.mycollegepaymentplan.com/lycoming .

Private Alternative Loans

Note: We encourage all students to consider federal

student loans before seeking private alternative loans.

In most cases, the federal interest rates and repayment

terms are more favorable.

Many loan programs are available for families who

are ineligible for financial aid or those who need

additional funds for their educational expenses. These

alternative sources may be a line of credit extended

to the family for four years or a supplemental loan

processed on a yearly basis.

In most cases, eligibility for alternative loans is

based on the personal credit history and financial

circumstances of the family. Since a credit rating is a

required part of the loan approval process, the parent

is usually the cosigner for this type of loan. If a parent

is willing to cosign a Private Alternative Loan they

may want to strongly consider the Parent PLUS Loan

since the terms are often more favorable than Private

Alternative Loans.