Financial Aid Process
Step 1: Applying for Financial Aid – Filing the FAFSA
By filing the Free Application for Federal Student Aid (FAFSA), the Lourdes Financial Aid Office will automatically consider your eligibility for all federal, state, and institutional aid, including: scholarships, grants, and Federal Direct Stafford Loans. To file a FAFSA:
- Register for an FSA ID. The FSA ID is your personal identification number through the Department of Education which will allow you to sign your FAFSA electronically. Your FAFSA cannot be processed unless it is signed with a FSA ID.
- If you do not have an FSA ID, you can register online.
- For dependent students, one of your parents must also apply for a FSA ID in his or her name.
- Complete the FAFSA online. Remember to add the Lourdes University school code: 003069, so the Lourdes Financial Aid Office receives your FAFSA.
- You will need your (and your parents’, if required) federal tax forms and all W-2s from the previous year to file the FAFSA.
- It will take 7 to 10 business days for Lourdes to receive your FAFSA. (However, you may receive a confirmation email from the Department of Education within 3 business days.)
Transfer Students: If you have already filed a FAFSA for the aid year, sign back into your completed FAFSA and select: “Make FAFSA Corrections.” Add the Lourdes University school code: 003069. Then sign with your FSA ID. It will take 7 to 10 business days for Lourdes to receive your FAFSA.
Deadline: Lourdes will accept your FAFSA throughout the school year. Filing early will help you to complete your requirements in a timely manner. Also, it is important to have a FAFSA on file so you know if you will be responsible for any payments not covered by your financial aid.
** You must file your FAFSA by October 1 of the aid year for Ohio College Opportunity Grant eligibility.
Step 2: Your Financial Aid Award
When the Lourdes Financial Aid Office receives your FAFSA, we review it and consider your eligibility for grants, scholarships, federal work-study, and Federal Direct Stafford and PLUS loans. Your award shows everything for which you are eligible for the aid year. The Lourdes financial aid year begins in the summer and ends with spring semester, for example: Summer 2012, Fall 2012, and Spring 2013.
New Students: You will receive your award notification by mail, in the form of a paper letter. Lourdes Financial Aid typically begins packaging new students with aid at the end of February or beginning of March each year.
Continuing Students: All award notifications will go through your Lourdes email, directing you to view your award on your Web Self Service account.
Enrollment: Lourdes packages every student based on full-time enrollment, unless we receive your FAFSA after a semester’s freeze date has passed. If you are not going to attend full-time, contact the Financial Aid Office, and we will adjust your aid accordingly. Please NOTE: financial aid must be adjusted for changes in enrollment. If your award does not match your enrollment, your aid will be adjusted based on your credit hours at the freeze date.
Summer Semester Financial Aid: You can receive financial aid if you are attending summer semester. If you are enrolled in summer classes when we receive your FAFSA, we will automatically include summer aid on your award. If you are not enrolled when we receive your FAFSA, contact the Financial Aid Office, and we will adjust your aid to include summer semester.
Step 3: Accepting Your Aid
New Students: After reviewing your award, indicate whether you are accepting the aid as awarded, or if you are reducing/declining any portion of the aid, and return your award letter to the Financial Aid Office in the postage paid envelope included. You can also accept your aid on your Web Self Service account if you are registered for classes. If you have any questions about your financial aid, please contact our office, and we will be happy to assist you.
Continuing Students: After you have reviewed your award on your Web Self Service account, you will need to indicate whether you are accepting the aid as awarded, or if you are reducing/declining any portion of the aid. You must respond to your award notification, or none of your aid will disburse.
For step-by-step directions on how to accept your aid on your Web Self Service account, review Instructions for Accepting Your Financial Aid on Web Self Service.
Step 4: Complete All Financial Aid Requirements
You may have other financial aid requirements beyond filing the FAFSA and accepting/declining your award. You will be notified by email if you have outstanding requirements. The email will direct you to go to your Web Self Service account to see your requirements. Please do not ignore this email as outstanding requirements MUST be completed before your financial aid will pay to your account.
Here are some of the potential financial aid requirements you may see listed on your Web for Students accounts:
- Award Response – accept/decline your loans
- Master Promissory Note – this must be on file in order for your Stafford or PLUS loans to pay to your account. Refer to Loans for the steps to complete this requirement.
- Entrance Counseling – this must be on file in order for your Stafford or PLUS loans to pay to your account. Refer to Loans for the steps to complete this requirement.
- Scholarship Thank You Letter – For many general and endowed Lourdes scholarships, a thank you letter must be written. Refer to the guidelines on writing scholarship thank you letters.
- Verification – verification is a process to confirm the information you provided on the FAFSA - Free Application for Federal Student Aid. See Verification for more information about the documents you will need to turn into the Lourdes Financial Aid Office.
For step-by-step instructions on how to identify your financial aid requirements, review Identifying Your Financial Aid Requirements on Web for Students.
Step 5: Receiving Your Financial Aid
The financial aid process must be complete before aid can disburse. Federal Direct Stafford Loans are applied to students’ accounts no earlier than 10 days prior to the start of the semester.
Please NOTE: Federal Direct Stafford Loans are applied to tuition and fees charges first.
- All other aid (grants, scholarships Perkins loans, waivers, etc.) is applied to students’ accounts after the financial aid freeze date, when enrollment in courses has been confirmed and all application charges, including book vouchers, have been added.
Refunds are processed by the Student Accounts Office if your aid is greater than your charges. Your refund will not be available until 7 to 10 business days after the financial aid freeze date.
If you have more financial aid than your charges and your financial aid requirements are complete, you are eligible for a book voucher. The Student Accounts Office issues book vouchers for up to $500, depending on an individual student’s financial aid eligibility. Bookstore charges will be automatically deducted from your anticipated refund check.