Navigating Lipscomb University Scholarships and Financial Aid
Affording a college education can seem daunting, but Lipscomb University is committed to making it a reality for students from diverse financial backgrounds. With 99% of undergraduate students receiving some form of financial assistance, Lipscomb strives to provide a path to a life-changing education. This article explores the various scholarships, grants, loans, and work-study programs available at Lipscomb University, offering a comprehensive guide to financing your degree.
Understanding the Cost of Attendance
Lipscomb University's tuition is $42,596, which is lower than the national average cost of tuition of $46,950. This figure represents the sticker price, encompassing both tuition and fees that support essential campus resources such as library services, gym facilities, student centers, technology, and health services.
However, the total cost of attendance extends beyond tuition and fees. It includes expenses such as food and housing, books and supplies, transportation, and personal expenses. At Lipscomb University, the total cost is $61,896. Understanding these figures is the first step in planning your finances.
Types of Financial Aid at Lipscomb University
Lipscomb University offers various financial aid options, including grants, scholarships, loans, and work-study programs. Financial counselors work with each student to create the best possible aid package based on their individual circumstances. In addition, Lipscomb will apply any outside scholarships or grants you have earned to your financial aid package.
Scholarships: Funding You Don't Repay
Scholarships are a form of financial aid that doesn't require repayment. They are awarded based on various criteria, including academic merit, athletic talent, community service, unique hobbies or traits, personal background, or a parent's employer or military affiliation. Some students even receive enough scholarship money to cover their tuition and living expenses.
Read also: Lipscomb University Legacy
Lipscomb University offers scholarships that recognize academic achievement, service involvement, talent, and leadership capability.
In fall 2023, the average non-need-based scholarship or grant awarded to first-year students at Lipscomb University - excluding any athletic scholarships, if applicable - was $20,758.
Grants: Need-Based Aid That Doesn't Need to Be Repaid
Grants are another form of financial aid that does not need to be repaid. They are typically offered by the institution or an outside organization based on the financial situation of the student and their family. A variety of grants offered by the government are widely available, as well as grants specific to a program of study and personal background.
In fall 2023, the average need-based scholarship or grant awarded to first-year students at Lipscomb University was $34,281. 65% of first-year students received need-based financial aid.
Loans: Borrowed Funds for College Expenses
For many families, student loans are a necessary resource to help pay for college expenses. These are borrowed funds that you’ll pay back with interest once you leave college. Loans can be obtained through the federal government, which typically offers lower interest rates and longer repayment terms, or through private lenders.
Read also: Lipscomb University Costs
At Lipscomb University, the median federal loan debt among borrowers who completed their undergraduate degree is $19,500. The median monthly federal loan payment for these borrowers, if repaid over 10 years at 5.05% interest, is $207.
It's important to note that 11% of graduating students at Lipscomb University took out private loans, accumulating an average of $48,161 in private loan debt at graduation.
The average total indebtedness of the 2024 graduating class was $30,894, with 46% of graduating students having borrowed some type of loan.
Work-Study: Earning Income While Enrolled
Federal Work-Study offers students the opportunity to earn income to help pay for college expenses while enrolled in school by working a part-time job that matches their interests and skills. It’s available to both part and full time students who demonstrate a financial need based on the information provided on their FAFSA. The purpose is to encourage and promote the part-time employment of students, as well as assist the university and its surrounding community.
Begin your job search by checking whether your college has in-person or online job boards.
Read also: A Guide to the Trustee Scholarship
The Financial Aid Application Process
There are several steps in the process from applying to receiving financial aid, so it’s good to understand what to expect. There will be some waiting time between applying for admission and receiving your aid.
Here's a breakdown of the steps involved:
Step 1 - Apply for Aid: Complete the FAFSA (Free Application for Federal Student Aid) each year. Lipscomb’s School code: 003486. If your parents will be using a Parent PLUS loan to help pay for your school year, they should complete the Parent PLUS application at studentaid.gov early in the summer. Note: Due to the anticipated FASFA Simplification changes, the Department of Education currently estimates the FASFA for the 2024-25 school year not to be available until December 2023.
Step 3 - Complete Verification (if applicable): In some instances, supporting documentation will be required to verify the data you submitted on the FAFSA.
Step 4 - Review aid and loan offers: All scholarships and grants are funds you do not repay and are automatically accepted for you. If you complete the FAFSA, Federal loan offers will be part of your aid package. You can accept or decline these loan offers through your Student Portal under My Financial Aid > Financial Aid Overview.
Step 5 - Pay your bill: Make sure your aid is in place by reviewing your Registration Bill on your CNS Student Portal under My Finances > My Registration Bill. All accepted aid will be listed in pending status and will be deducted from the amount owed.
Additional Information
Lipscomb University met 69% of its students’ financial aid need. The average need-based self-help aid awarded to first-year students was $3,555. Need-based self-help aid includes federal loans and work-study. The institution is G.I. Bill certified and participates in the Yellow Ribbon Program.
Managing Student Loan Debt
How much student loan debt you accumulate can affect your financial life long after college ends. Ideally, your total student loan debt should fall below your anticipated starting salary once you graduate.
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