All students are given an account with LMU's Office of Student Financial Services-Student Accounts Department. Your account is "charged" for your tuition, fees, housing, and meal plan.
Your financial aid will be “credited” to your account to pay your LMU charges, and you or your parents can make payments to your student account to cover your charges.
Crediting of financial aid to your account is called “disbursement.” In general, the financial aid office begins the process of disbursing aid to students’ accounts 10 days prior to the start of each semester, and continues to disburse aid weekly throughout the semester. All aid awarded to you for the academic year will be split evenly between the Fall and Spring semesters. Further, all Federal Direct Loans (student and parent) will have loan fees subtracted from the accepted amount prior to disbursement.
The majority of your financial aid award comes from LMU, federal and state grants, federal and private loans, as well as some types of scholarship funds, and will be credited directly to your student account.
Some exceptions to this would be if you are a recipient of a Cal Grant B Access Award. You may request that this award be provided directly to you by completing the Cal Grant B Refund Request Form rather than credit your student account because this award is designated for costs including living expenses, transportation, supplies and books.
Yellow Ribbon awards will be posted to your student account after the Add/Drop deadline for each semester.
Also, student employment awards do not credit your Student Account, and you will receive a bimonthly paycheck once you begin working. However, you may choose to apply your paycheck to your student account to pay your LMU charges.
The Financial Aid Office is required to monitor students who may have previously received aid at another institution through the NSLDS database. This process must be done even if you did not receive financial aid at any other institution.
A Transfer Monitoring Hold prevents the disbursement of your financial aid for 7 days. However, this hold does not prevent your ability to register or change your schedule. There is no action needed by the student during this process. The removal of this hold is automatic and you do not need to speak with a Financial Aid representative to have this hold removed or your aid disbursed.
If you received financial aid at another institution during the same academic year you are attending or planning to attend LMU, you must contact your previous institution to have any pending aid disbursements cancelled.
As a student or parent borrower, you have the right to cancel the entire loan or any portion (a specific disbursement) of any Federal Direct, Perkins or PLUS loan. Requests to cancel a specific loan disbursement may be submitted prior to the date of crediting to your account or within 14 days of notification. To request cancellation of a loan disbursement, please complete a Revision Request Form. If a disbursement has already credited to your account then you may only request to cancel that disbursement if a refund has not been generated. Please note that you can request to cancel future disbursements.
If a refund has not been generated you must request to cancel the disbursements within 14 days of notification that the funds disbursed to your account.
If a refund has already been generated you must repay any loan funds you wish to return directly to the U.S. Department of Education by contacting your loan servicer. For loan servicer contact information, visit www.nslds.ed.gov.
If there is a credit balance on your Student Account after your financial aid has disbursed, you may request a refund to use to purchase books and supplies. You may also sign up for automatic refunds with Student Accounts so the credit balances will be automatically transferred to your own bank account. For more information click here.
To ensure that your financial aid can disburse to your student account:
To make a payment or enroll in a payment plan, please visit the Student Account Center. The Student Account Center is also accessible through the 'System Logins' drop-down menu in MyLMU.
The Student Account Center is a secure, 24/7 online service that allows students/authorized users to:
The Student Accounts website is your resource to learn about:
If you have any questions about your student account, please contact the Office of Student Financial Services at 310.338.2711 or by email at StudAcct@lmu.edu.