LHU Announces New Major and Financial Aid Measures
LOCK HAVEN, Pa. — At their Friday meeting, the Lock Haven University Council of Trustees approved the addition of a new bachelor’s degree in finance and risk management within the business and computer science department in the Stephen Poorman College of Business, Information Systems and Human Services. They also reviewed new measures for financial aid and affordability for students, including utilization of the Student Retention Fund, which was created to provide emergency funding for students facing financial hardships.
The newly approved bachelor’s degree in finance and risk management will have two concentrations: one in finance and insurance/risk management (FIRM) and one in finance, investments and planning (FIP).
“The addition of the new finance and risk management bachelor’s degree is just one more way of demonstrating our focus on keeping up with, and ahead of, the growing workforce needs in our community,” said Dr. Robert Pignatello, LHU president. “We take pride in providing our students with a high quality education that also will open up numerous employment opportunities for them following graduation.”
The new major will address basic finance, risk management and investments for which occupations are expected to be in greater than average demand in the next several years.
“With greater student interest in finance, the new degree provides opportunities to increase enrollment in this area of interest and will provide for greater depth and breadth in finance, risk management and investments,” said Stephen Neun, interim provost and vice president for academic affairs.
Also announced during the meeting was a new financial aid strategy, based on merit and need. The Enrollment Management Division at LHU has developed a new financial aid strategy for first time freshmen that combines merit-based aid; need-based aid, and federal and state aid to provide the best possible financial aid package for incoming students, according to Stephen Lee, vice president for enrollment management and student affairs.
Eligible students will now receive the scholarship at the time they are admitted, based on their high school grade point average and SAT scores. Scholarships for in-state students will range from $500-$2,500 and out-of-state scholarships will range from $2,000-$4,000. This will help students understand a reduction in their price earlier in the process.
“The strategy is designed to support recruitment and retention initiatives and underscore Lock Haven University’s mission as a public institution that is focused on affordability and access,” Lee said.
As students complete their Free Application for Federal Student Aid (FAFSA), they will also receive need-based aid if they are eligible. Need-based aid will be awarded based on a student’s Expected Family Contribution (EFC) and financial need that was not met with merit-based, state or federal aid.
LHU anticipates committing an additional $250,000 in institutional funds to support this merit-based and need-based financial aid strategy, according to Lee.
In addition, the LHU Student Retention Fund will help current students cover costs that might keep them from returning for another semester or completing their degree. Financial burdens can often overwhelm and force students to postpone or abandon their education. Sometimes only a few hundred dollars can be the difference between a student continuing to pursue their degree or not.
The Student Retention Fund provides funding to current students experiencing financial hardship and was created to help LHU students overcome financial obstacles that prevent continued enrollment, and-or success at Lock Haven University. The money is disbursed on a needs basis and it does not need to be paid back by the student.
