The Office of Student Financial Services has compiled a list of our most frequently asked questions. Additional helpful information can be found on our website's Student Financial Services section and the Federal Student Aid website. If you cannot find an answer to your question, please contact our office.
Students must complete the Free Application for Federal Student Aid (FAFSA) annually to apply for federal, state, and institutional financial aid. Use the school code 003502 to have the application sent to LMU. The FAFSA application opens October 1st each year, except for the 2024-2025 award year, which will open in December 2023.
Completing the FAFSA on October 1st of each year is recommended. Some aid programs have priority deadlines. For the 2024-2025 award year, the FAFSA opening has been delayed to December 2023.
Students who receive an Academic Excellence Award from LMU must complete the FAFSA annually. The FAFSA is easier than ever to complete, and sometimes students are surprised to learn that they qualify for more aid than they thought.
A set of questions on the FAFSA determines whether a student is classified as dependent or independent. Students who are classified as dependent are required to report parental information. Tax filing status is not a question in determining dependency status. To review the dependency questions and additional information, visit Federal Student Aid.
A student may be considered independent if they have an unusual circumstance. On a case-by-case basis, the Office of Student Financial Services will review unusual circumstances and make a final determination of dependency status. For more information about unusual circumstances and the process to request a review, visit Special & Unusual Circumstances.
The FAFSA must be completed each year. If financial circumstances change from one year to the next, it may affect aid eligibility.
LMU can be added to a completed FAFSA by logging into the FAFSA on the Federal Student Aid website , selecting the “Add/Change Schools” link, and using our school code, 003502. Remember to re-submit the application.
The FAFSA requests tax information that is two years old. Special circumstances may occur from that time until now. On a case-by-case basis, the Office of Student Financial Services will review special circumstances and make a final determination. For more information about special circumstances and the process to request a review, visit Special & Unusual Circumstances.
Students wishing to participate in the Federal Work-Study program must complete the FAFSA and the Work Study Application under the "Quick Links" tab in MyLMU.
Verification is a process used to check the accuracy of the information reported on the FAFSA. If selected, the student must submit documentation to the Office of Student Financial Services. If the documentation does not match what was reported on the FAFSA, we will correct the application. If corrections are made, it may affect eligibility for financial aid.
The U.S. Department of Education selects a percentage of students for verification each year. The institution may also select students if there appear to be inaccuracies.
To request a Tax Return Transcript, follow the instructions below.
LMU is a private institution, so we do not have separate rates for in-state vs. out-of-state students.
COA is the estimated amount it will cost a student to go to school. The COA is comprised of different components – some of which are direct (billable) and indirect (non-billable). Examples of direct costs are tuition and fees. Examples of indirect costs are transportation, miscellaneous, and living expenses (if not living on campus).
Financial arrangements must be complete before the 1st day of classes or before the student moves on campus, whichever occurs first.
Payment plan options are available for most students by selecting "LMU and JFWA Payment Plans" under the "Quick Links" tab in MyLMU. Some professional programs may be excluded.
Students must complete registration to start classes or move into the residence halls. A student is considered to have completed registration once the student’s balance is paid for a semester or once a student has made payment arrangements to cover the balance.
Once registration is complete for the semester, students will receive an email notification from the Office of Student Financial Services.
Students can view their account summary, student statement and pay their bill anytime through the MyLMU Self-Service Menu. Select "Webadvisor for Students" and then "View Account and Make Payments." For more information, go to Billing & Payments.
Yes, the Office of Undergraduate Admissions awards Academic Excellence Awards to incoming undergraduate students. The awards are based on high school GPA and test scores (ACT/SAT) for new first-year students and college GPA for transfer students.
LMU has very generous donors who give money each year for annual and endowed scholarships. In December of each year, the application for these awards is posted in MyLMU under the "Quick Links" tab. Students have until January 31st to submit their application for consideration.
Yes, there is a limit on Pell Grant. Students can only receive Pell Grant for the equivalent of six years. Since the amount of a scheduled Pell Grant award a student can receive each award year is equal to 100%, the six-year equivalent is 600%. The Department of Education (ED) keeps track of the percentage of Pell Grant a student uses each semester. The percentages are summed to determine the student’s Lifetime Eligibility Usage (LEU).
All outside scholarships must be reported to the Office of Student Financial Services.
Lincoln Grant is an institutional need-based grant. The amount a student is eligible for is determined after all other programs are awarded. Lincoln Grant may be reduced if a student receives additional scholarships or grants.
To receive a Federal Direct Loan, the student must complete the FAFSA and enroll in at least six credit hours. As part of the financial aid offer, we offer students their maximum Federal Student Loan eligibility.
Students have a six-month grace period after they graduate, withdraw, or drop below half-time enrollment before repayment begins. The loan servicer will contact the student with repayment information and due dates. Borrowing history and loan, servicer information can be viewed by logging into Federal Student Aid and going to the Dashboard.
Federal Direct Subsidized Loans are only awarded to undergraduate students; the student must demonstrate financial need to be eligible. The U.S. Department of Education will pay the interest on a Direct Subsidized Loan while the student is in school at least half-time, for the first six months after leaving school, and during a period of deferment. With a Federal Direct Unsubsidized Loan, the student is responsible for paying the interest during all periods, and it will accrue unless the student pays the interest while in school.
An origination fee is a processing fee charged by the lender of a loan. The fee is a percentage of the loan amount and is deducted from the loan at disbursement. There is a loan origination fee on federal student loans.
A private alternative student loan is made by a private organization. The lender sets the terms and conditions of the loan. Private alternative student loans are credit based.
There are annual and aggregate limits on Federal Direct Subsidized and Unsubsidized Loans. The limits depend on the program, grade level, and dependency status of the student. The amount a student can borrow cannot exceed their cost of attendance minus other financial assistance. For more in-depth information regarding loan limits, visit Federal Student Aid.
A Federal Direct Parent PLUS Loan is an unsubsidized loan for parents of dependent undergraduate students. To receive a Parent PLUS Loan, the parent must apply for credit and complete a Master Promissory Note (MPN) at studentaid.gov.
If a parent is denied a Parent PLUS loan, the parent may appeal the decision (to the Department of Education) or choose to obtain an endorser. If the parent is denied and does not pursue an endorser or appeal, the student may be eligible for an additional unsubsidized loan.
Students denied a Direct Grad PLUS Loan can appeal the decision (to the Department of Education) or obtain an endorser.
Students can view their financial aid offer through the MyLMU Self-Service Menu by selecting "Webadvisor for Students" and "Financial Aid." When the financial aid offer is ready to view, the student will receive an email to their LMU email account. First-time undergraduate students entering LMU will also be mailed a financial aid folder.
Financial aid offers can be viewed, accepted, or rejected through the MyLMU Self-Service Menu by selecting "Webadvisor for Students" and "Financial Aid."
Financial aid offers may have to be revised from time to time for various reasons. Some reasons include changes to major, grade level, enrollment status, housing status, and the addition of awards. The student will receive an email notification to their LMU email account whenever a revision is made.
Students do not have to be full-time to receive financial aid. Few aid programs require full-time enrollment. Most financial aid funds will pro-rate based on enrollment status. Most programs, including federal student loans, require students to be enrolled at least half-time. Financial aid will only pay on courses required for the student’s declared major.
Depending on when a class is dropped and enrollment status, it may be necessary for our office to adjust a student’s financial aid offer. An adjustment may result in a balance owed. Dropping courses may impact future aid eligibility. It is recommended that students always consult the Office of Student Financial Services before dropping any course.
The withdrawal process starts with the Office of the Registrar. A Return of Title IV Funds (R2T4) must be completed to determine whether funds must be returned. A student may be eligible for a post-withdrawal disbursement. Since withdrawing may also impact future aid eligibility, it is recommended that students consult the Office of Student Financial Services.
The U.S. Department of Education requires all students receiving federal student aid to make progress toward their declared degree. This measurement is called Satisfactory Academic Progress (SAP). Failure to maintain SAP will result in the loss of financial aid eligibility. To view LMU’s SAP policy, visit SAP.
Financial aid is typically disbursed for undergraduate students four weeks after classes start. LMU graduate and professional programs have unique disbursement dates based on individual academic calendars.
We encourage students to set up direct deposit through the MyLMU Self-Service Menu by selecting "Webadvisor for Students" and "Banking Information." A check will be mailed to the address on the student file if direct deposit is not set up.
