Financial Aid

Financial Aid Disbursement Process

Aid disbursements are made throughout the day.  If you are expecting a disbursement, please allow the entire day for processing before contacting the Financial Aid Office for a status update.

Pell Grants

  • Must be enrolled in at least three credit hours
  • Awarded only up to twelve credit hours each semester
  • Awarded to undergraduate students only
  • Pro-rated disbursements based on sub-term enrollment (see example below)
  • Disburses 21 days after the student becomes eligible
  • Pays towards outstanding balance first
  • Must meet all federal eligibility requirements
  • Additional information for grants, click here.

Federal Loans

  • Must be enrolled at least half-time; six hours for undergraduate and masters, and three hours for doctoral studies
  • Disbursements based on sub-term enrollment (see example below)
  • Disburses 21 days after the student becomes eligible (actively attending at least half-time)
  • Pays towards outstanding balance first
  • Must meet all federal eligibility requirements
  • Additional information for loans, click here.

Liberty Aid

  • Disbursements based on enrollment
  • Disburses 21 days after the student becomes eligible
  • Resident scholarships require active enrollment in at least 12 credit hours, or full-time status
  • Student must meet all Liberty Aid eligibility requirements based on the award
  • Pays towards outstanding balance items first
  • May be subject to the General Scholarship Rule

Example 1:

An online undergraduate student eligible for Pell is attending 3 hours in B and 3 hours in D. She can expect half of her Pell Grant 21 days after her first class in B begins and the remaining half 21 days after the beginning of D.

If she were taking a class in B and another in C, she could expect half of her Pell in B and the remainder in C.

If she were taking 2 classes in D only, she could expect her full disbursement of Pell in D.

**Enrollment and pro-ration of Pell applies to all combinations of enrollment.

Example 2:

An online undergraduate/masters student planning to borrow federal loans is attending 3 hours in B and 3 hours in D. He meets all eligibility requirements and can expect the full loan to release to his student account 21 days after his D term class begins. His refund will be processed within 4 days after the funds are showing paid to his student account on ASIST on the 25th day of enrollment. The refund will then be transferred to BankMobile for processing.

If he were taking a class in B, C, and D, his loan would disburse 21 days after C began.

If he were taking 2 classes in B only, his loan would disburse 21 days after B began.

If he were taking all residential courses, his loan would disburse 21 days after the start of those courses. 

**The half-time enrollment and 21 day criteria apply to all combinations of enrollment for all students and levels.

Example 3:

A resident student is enrolled in 12 credit hours, 9 hours are resident courses and 3 hours are in the D term through LU online.  The student is eligible for student loans and resident scholarships.  Student loans will disburse 21 days after the student begins the resident courses, but scholarships will not disburse until 21 days following the start of the D term. If there is a credit balance following any disbursement of aid, the process to refund the credit will begin on day 25.

Refunds

For information and timeframes for processing refunds, visit this link. The Financial Aid Office does not process refunds.

Reducing, Cancelling, or Returning Loan Funds

Students who have not received a refund from a loan credit balance and wish to reduce or cancel the loan disbursement, or a future loan prior to disbursement, should complete the electronic Federal Student Loan Change Form available in ASIST under "Financial Aid Forms." Additionally, students may make interest-only payments while in school.

If a refund has been paid from a student loan credit balance, the student can pay the refund to the applicable student loan servicer. Student loan servicer information is available on the National Student Loan Data System (NSLDS). Returned loan funds must be accompanied by a cover statement to indicate which loan(s) to amend and how the loans should be split, if applicable, for varying servicers.