- I applied for a loan and did all the steps to certify it. When do I get my loan money?
- If you are borrowing loans, the dates that the loans will be disbursed to the college are listed on the disclosure statement that you receive from the Department of Education via e-mail. The following Monday or Thursday after that date is when your loan money will apply to your LSC bill. Loans will not disburse until 30 days into the semester if you are a new borrower. If the loan period is one semester, the loans will have two disbursements. The first disbursement will be after add/drop (or 30 days into the term if you’re a new borrower). The second disbursement is no earlier than the midpoint of the term. If it more than covers your bill or if your bill is already covered, you will receive a refund several business days after it applies to your LSC account if you have direct deposit or the LSC Plus Card set up with BankMobile.
- How much is my refund? Or my refund is not the amount I was expecting. How can I tell what applied to my LSC bill?
- In your e-services, go to the “Bills and Payment” tab to view your LSC bill. Click on the link of the semester bill you are inquiring about. It should load to a PDF file for you to open and view. On the right hand side will show you any grants, loans, scholarships, payment, etc. that have applied to your bill. On the left hand side shows the charges for the term. If you received more aid than the charges, you will get a refund for the difference between the aid and the charges. The amount of your refund will be the “Payments Made to Student.” If the amount of loan applied is not what you were expecting, review the loans tab and the amount you accepted in your e-services.
- I thought my financial aid was going to pay for everything. Why didn’t it?
- Loans eligible for/not accepted
- You may have loan eligibility, but you do need to “accept” the loan amount that you want by going through the loan application in your e-Services account.
Loans accepted/not certified
- You may have completed the loan application request, but it takes about a week for loans to be certified. You will also need to make sure you have done the pre-requirements (Loan Entrance Counseling & the Master Promissory Note) to be able to get the loan to be certified. If you have not done these or if they’ve expired, go to www.studentloans.gov to complete these.
Added courses after add/drop
- Classes added to your schedule after the add/drop period are not considered financial aid eligible. If you do have some classes added before add/drop, we will award you based on the number of credits you had added before the add/drop period ended.
FN’s/Dropped/Never attended courses
- Your financial aid package must be adjusted if you do not complete your courses, you drop a course, or you never attend a course(s) that you have registered for. If you withdraw from all of your courses, we complete a Return of Title IV funds calculation to determine how much of your financial aid must be returned to the Department of Education. When we return your financial aid to them, you then owe that same amount to LSC.
Late start classes
- Late Start classes need to be added to your schedule before the end of the add/drop period. If they are added after the add/drop period, they are not considered financial aid eligible credits for that semester.
Class taken more than twice
- Financial Aid only pays for the original attempt of a class and if you repeat/retaken the class once. Financial Aid will not cover a class taken for the third time.
- I took out loans. Why did it pay my tuition first?
- All financial aid has to be applied to the student account first. Once all of the charges on your account have been paid, you may be refunded an overage.
- My financial aid hasn’t applied to my bill yet. When does it apply and when do I get my refund?
- In the beginning of the semester, aid will apply to your LSC bill after the 5th business day of the semester as long as your FAFSA is complete and you have been awarded. If it more than covers your bill, you will receive a refund on or after the 10th business day of the semester. If you Bank Mobile Account is set up for the overage to be place on the LSC Plus card, the overage should be on the card the afternoon of the 10th business day of the semester. If your Bank Mobile Account is set up for Direct Deposit, the refund should deposit within 3 business days after the overage is sent to Bank Mobile on the 10th business day of the semester.
If your aid is not applied after the 5th business day of the semester, it will apply to your bill the Monday or Thursday after you have been packaged with financial aid (grants) starting the 3rd week of classes.
*Remember: If you want loans, you will have to complete a loan application and have them certified at least a week prior to the 5th day of the semester to get them to apply to your bill after the 5th day of the semester (if you’re a new borrower, loans will disburse no earlier than the 30th day of the term). Otherwise, they will apply within a week of being processed starting in the 3rd week of the semester.
- Will I still owe LSC anything after my refund is processed?
- You may. Some charges are not financial aid eligible (i.e. graduation fee and application fee) so you would need to pay for those charges out of pocket or sign the miscellaneous charges authorization in your e-Services account stating that your financial aid can be applied to those types of charges prior to being refunded to you.
If you are receiving third party funding, this could affect your financial aid eligibility and a reduction may have to be made; this could also cause you to have a balance due.
*Note: If you are awarded financial aid after late fees have been applied to accounts (the 25th business day of each semester), you must pay the late fee out of pocket.
- What does “Federal CWSP” mean on my award letter? Why haven’t I received that money yet?
- Federal CWSP is a federal work study award. Federal work study is usually an on-campus job where you are able earn the amount listed on your award notification by working for a department within the college. Federal CWSP funds do not get refunded to the student unless they are earned through student employment.
- I attend more than one school and get my financial aid through LSC. Will LSC automatically pay the other school(s) I attend?
- No, LSC will not be paying the other school you are attending. If you are attending another college and you are receiving your degree & aid from LSC, you will first have to fill out a Consortium Agreement. LSC will then package you with aid for the credits approved at both schools. Your aid will first apply to your LSC bill and you will receive a refund for any overage you have. With that refund aid, it is your responsibility to pay your bill at your host school.
If you are attending LSC as a guest and getting your financial aid/degree elsewhere, it is your responsibility to inform the LSC Financial aid office and to pay your LSC bill whether or not you get any refund financial aid at your home college.
- I was supposed to get a refund but I haven’t received it yet.
- See: “I thought my financial aid was going to pay for everything. Why didn’t it?”
- Why didn’t I get all of my loan at once?
- We are required by the Department of Education to have multiple disbursements based on our loan default rate.
See: “I applied for a loan and did all the steps to certify it. When do I get my loan money?”
- I lost/never received the green envelope to choose how I want to get my refund.
- Please contact the Student Payment Office to have an activation code emailed to your school email address. You will then be able to select your refund preference.
- What’s the difference between “Disbursement” and “Refund”?
- Disbursement is when the financial aid is placed on student accounts. Refunds happen when there is an overage between LSC charges and the amount of financial aid that is received.
- Can you send my funds earlier?
- Students cannot receive their financial aid until after the standard 5 day drop-add period. This is because students can still adjust their schedule during this period. Your financial aid funds are locked in after the drop-add period. We cannot send funds until you can no longer adjust your schedule.
- Other Questions
- General questions: email@example.com
Student Payment Office: 218-733-7610
Financial Aid Office: 218-733-7601 (option 2)