How Does Financial Aid Work?
1. First Time Students: Create an FSA ID
Create an FSA ID for student and parent, if applicable. The FSA, made up of a username and password, allows you to access certain Department of Education websites. Your FSA is used to confirm your identity when accessing your financial aid information and electronically signing your federal student aid documents.
2. Complete the Free Application for Federal Student Aid(FAFSA)
The application should take about 25 minutes to complete. This FAFSA Tutorial is a great resource, you can run it from your phone while completing the FAFSA on your computer.
Priority Filing Deadlines
- Fall—June 1st
- Spring—November 1st
- Summer—May 1st
Please Note: Applications will be accepted after those dates, but you should have other payment options in place in case your application is not processed.
3. LFCC Receives & Processes FAFSA
Upon receipt of your Student Aid Report (SAR), typically within 7-10 business days, the Financial Aid Office (FAO) will begin analyzing the information and will inform you via your LFCC Student Center of your Financial Aid eligibility. Be sure to apply to LFCC first and include your Social Security Number, otherwise we will be unable to process your application.
4. LFCC Notifies Student of Eligibility or Documents Needed
Awards will be based on your Expected Family Contribution (EFC) as determined by FAFSA. Once your need has been assessed, any awards you are eligible for will be posted and you will receive a notification in your Message Center. Please Note: The award will be based on full-time enrollment. If you are not enrolled full-time, your aid will be pro-rated based on your enrollment.
You can view the award by logging into MyLFCC >> SIS >> Student Center >> View Financial Aid >> Aid Year.
When documents are needed, a process called verification, additional documents will be requested via your MyLFCC Student Center on your “To Do” list. It is important that you respond to any requests as soon as possible. Financial Aid awards will only be made after the verification process is completed.
5. Each Semester: LFCC Verifies Attendance, Then Applies Funds
When your award(s) is enough to cover the cost of tuition and fees, then the Financial Aid Office will apply it automatically. If funds remain after tuition and fees are subtracted from your Financial Aid, an account will be created at the bookstore so books/supplies can be charged at the on-campus bookstore or their online store. There are specific charging dates each semester, so check with the FAO or the bookstore. You will need a copy of your schedule and LFCC photo ID.
About mid-semester, after attendance is verified, awards are disbursed and applied to your account. This process involves multiple departments so it takes time to complete. Any remaining funds, after tuition, fees, and bookstore charges, will be issued to you as a refund. You can use this refund for anything educational. There are currently 3 refund options, check via postal mail, direct deposit, or pre-paid card. You can select your preferred method at https://lfcc.afford.com/.
6. Optional: Apply for Summer Financial Aid
You must have a FAFSA for the current aid year (ex. Summer 19, a 2018/19 FAFSA) to apply. Summer eligibility is determined by having a current aid year FAFSA on file as well as a Summer Financial Aid Application. The Summer FA Application will be available below once registration for summer classes begins. You must be registered for classes to submit the Summer FA Application.
Transfer Students: Transfer students wishing to receive financial aid while attending the summer semester must be degree-seeking and cannot be attending only for the summer in order to transfer credits back to their home institution.
Financial Aid Course Audit Tool– Federal regulations have always dictated that students may only receive financial aid for courses that apply toward their degree or certificate program. This is not a new rule – we just have a new tool to help you be better informed about your course selections.
Repayment Policy– The Financial Aid Office at LFCC is required by federal and state regulations to have a written policy for the repayment of federal and state aid received by students who withdraw, stop attending, do not successfully complete all their courses are dismissed, or take a leave of absence prior to completing 60 percent of a payment period or term for which payment has been received.