A financial aid award email notification lets you know your total aid eligibility. It may include funds like scholarships, grants, loans, and/or work study. After you have received your financial aid award, you will be able to determine any out-of-pocket expenses. The Financial Aid Office has created a series of resource links to support you along your way.
This section provides an outline of important topics and tells you what to expect moving forward. These links also offer insight on how your aid award was determined and how it will be applied to your student account.
Students will use PROWL to access their award information. You may also Email Us directly with any questions.
YOUR FINANCIAL AID AWARD
Understanding the award notification process is important to ensure a pleasant and successful aid application at LMU.
Financial Aid Award
We will provide you with a financial aid award based on the information obtained from your Free Application for Federal Student Aid (FAFSA).
You will be able to accept your awards through PROWL. If you are selected for verification, we will post the requirements to complete federal verification to your PROWL account.
If your award changes due to verification a revised Financial Aid Award will be posted to your PROWL account.
Revised Financial Aid Award
During the course of the academic year, you may be deemed eligible for additional financial aid and/or aid from different sources that replace current awards. Additionally, if the Financial Aid Office receives new information that affects your financial aid eligibility, your awards may change. In this case, you will receive an email from us notifying you that there has been a change to your financial aid award.
Accepting Federal Loans
Previous Federal Direct Loan borrowers: If you received a Federal Direct Unsubsidized Loan or Federal Direct Graduate PLUS Loan in the past with LMU, you do not need to complete the Master Promissory Note or Entrance Counseling again.
First-time Federal Direct and Graduate PLUS Loan borrowers: If you are a first-time borrower at LMU, you must sign an Electronic Master Promissory Note (EMPN) and complete the Entrance Counseling. Both must be completed online at https://studentloans.gov. Your FSA ID is required to complete this process.
Disbursement of Loans
- Loans will be paid in equal installments that correspond to your billing periods.
- The office of Student Accounts will use the first installment of your loans toward your first semester’s tuition bill. If the loan exceeds the billed amount, they will issue you a refund check. This refund check will not be available until the first day of class. You can sign up for direct deposit for a faster refund.
FINANCIAL AID PROGRAMS
Loyola Marymount University participates in all federal and state financial aid programs and provides significant funding of our own to assist students who qualify for financial aid.
LMU will award you the maximum amount available from each funding source, within federal, state, and university regulations, without exceeding financial need.
- Federal funds are awarded based on the results from the federal formula and the availability of campus based funds..
- LMU funded grants and scholarships are awarded according to policies established by the university.
- The total amount of financial aid awarded from grants, scholarships, loans and work can never exceed LMU's Estimated Cost of Attendance.
HOW YOUR AWARD WAS DETERMINED
LMU uses a standard formula to determine your financial need. The elements of this formula are explained below.
Estimated Cost of Attendance - Expected Family Contribution = Financial Need
LMU Estimated Cost of Attendance (COA)
The first component of this formula is your estimated cost of attendance (COA). Your COA is a standard amount used to represent the expected costs to attend one year at LMU. These costs include tuition and fees, averages for room and board, books and supplies, personal expenses, and local transportation expenses. The largest variable is room and board, which will depend on where you plan to live. Click here to be directed to .
The COA is an estimated amount used to determine eligibility for financial aid and is not meant to represent the actual expenses for each individual student.
Expected Family Contribution (EFC)
The expected family contribution (EFC) is calculated from the income, asset, and other information that you provided on the FAFSA application. The EFC is the amount of money you are expected to contribute toward your educational expenses for one year at LMU.
Graduate students are expected to provide their EFC through savings, current income, or financing opportunities. Loyola Marymount University uses the federal government’s formula to determine eligibility for federal, state need based institutional awards.
Your financial need is the difference between the cost of attendance and your expected family contribution, which determines the maximum amount of need-based assistance you can receive from federal, state, university, and outside agency sources. LMU is not able to meet 100% of every student's need.
Your Financial Aid Award
LMU will, within federal, state, and university regulations, award you the maximum amount available from each funding source, without exceeding financial need.
Federal funds are awarded based on the result of the federal formula and the availability of campus-based federal funds.
State funds are awarded based on state-specified eligibility requirements such as GPA, family income, assets, and household size.
LMU grant/endowment funds are awarded according to policies established by the university.
We coordinate any outside resources you may have received with your financial aid award according to federal, state, and institutional policies.
The total amount of financial aid awarded can never exceed your budget (LMU Estimated Cost of Attendance), regardless of the source of additional funding.
Reasons for a Reduction in your Financial Aid Award from the Prior Year
- Changes in federal, state or institutional aid program eligibility requirements.
- A reduction in the family size reported on the FAFSA reduction in the number in college reported on the FAFSA.
- Increase in student income significantly beyond a cost of living adjustment.
- Increase in student assets.
- An appeal was submitted in the prior year to consider projected year income and actual income significantly exceeds the projection.
DISBURSEMENTS AND HOW YOU RECEIVE AID
Disbursements – How you receive your financial aid
All students are given a billing account with LMU's Student Accounts Office. Once you become enrolled, your account will be charged tuition and fees.
How Financial Aid Funds Reach Your Student Account
Your financial aid will be credited to your account to pay toward your LMU charges. Once applied, you can make payments to your student account to cover any remaining 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 throughout the semester on a weekly basis.
Also, student employment from work study do not automatically credit to your Student Account. You will receive a bimonthly paycheck once you begin working. However, you may choose to apply your paycheck to your student account to assist with any outstanding balance or payment plans.
Notice of Disbursement and Right to Cancel a Federal Direct, Perkins, or PLUS Loan
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 loans. 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, you may request to cancel that disbursement only 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.
Process to Purchase Books and Supplies
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 visit LMU's refund policy.
The Student Account Center
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, and is a secure, 24/7 online service that allows students/authorized users to:
- Pay tuition, fees, room, and board
- Make housing deposits by webcheck
- Make Flexi deposits by webcheck
- Set-up authorized users for secure third-party access
- Enroll in a payment plan
- Schedule future payments
- Sign-up to have refunds directly deposited into your bank account
- View your monthly statement
The Student Accounts website is your resource to learn about:
- Budget Calculator/Payment Options/Billing - Calculate an estimated Budget based on Housing Choice & Meal Plan
- Refund Policy
- Cost of Tuition & Fees
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.
STUDENT RIGHTS AND RESPONSIBILITIES
The information below describes the rights and responsibilities of students receiving financial aid assistance and, specifically, federal student aid at Loyola Marymount University/Loyola Law School. More information on each area below is provided on the Loyola Marymount University Financial Aid Office website.
Student's Right to Know:
- Students have the right to know the criteria for continued student eligibility for each type of financial aid awarded.
- Students have the right to know the satisfactory academic progress standards that students must meet to receive financial aid assistance, and the required criteria to re-establish eligibility if a student fails to meet satisfactory academic progress.
- Students have the right to know the method by which financial aid disbursements will be made to the students and the frequency of those disbursements.
- Students have the right to know the method the school provides for Pell eligible students to obtain or purchase required books and supplies by the seventh day of a payment period.
- Students have the right to know the general terms and conditions are applicable to any employment provided to a student as part of the student’s financial aid package.
- Students have the right to know the terms of any loan received, a sample loan repayment schedule for sample loans, the necessity for paying loans, and the loan exit counseling information the school provides.
- I agree to notify the Financial Aid Office of any changes to the information used to determine my financial aid award.
- I agree to respond to requests for information from the Financial Aid Office.
- I agree to review Financial Aid Award Guide on the Financial Aid website and PROWL award messages, and acknowledge the enrollment requirements to receive certain types of financial aid.
- I agree to notify the Office of the Registrar, if at any time I stop attending classes and officially take a leave of absence or withdraw from the university. I also understand it is advised to speak with the Financial Aid Office to see if my withdrawal will impact my current aid award.
- I agree to notify the Financial Aid Office, if I am, or I become incarcerated while I am in attendance at LMU/Loyola Law School and receiving financial aid.
- I agree to notify the Financial Aid Office, if I (or a parent who has borrowed from the Federal Parent (PLUS loan program) am convicted of or pled guilty or no-contest to a crime involving fraud in obtaining federal student aid funds.
- I agree to notify the Financial Aid Office, if I (or a parent who has borrowed from the Federal Parent (PLUS loan program) am subject to a lien for a debt owed to the United States.
- I agree to use federal student aid funds received during the award year solely for educational expenses related to attendance during that year.
Unit Requirements for Federal, State and Institutional Financial Aid:
- Undergraduate students must be enrolled in a minimum of 12 units to be eligible to receive institutional financial aid and six units to be eligible for federal and state financial aid.
- Credential students must be enrolled in a minimum of six (6) units to be eligible to receive federal and state aid.
- Post-Baccalaureate Premedical Certificate program students are eligible for up to one twelve month period of federal aid, and must be enrolled in a minimum of six (6) units.
- Master’s Degree candidates must be enrolled in a minimum of three (3)units to be eligible for federal aid programs.
- Doctoral Degree candidates must be enrolled in a minimum of two units to be eligible for federal aid programs.
- Law Degree candidates must be enrolled in the minimum number of units as outlined by their program to be eligible for their scholarship and federal financial aid.
- All students may only receive federal aid for coursework that is required for their degree.
Consent for Electronic Records and Communications:
- By accepting this financial aid award, I consent to the use of an electronic record and electronic transactions related to my financial aid.
- Such transactions may take the form of electronic transmission and acceptance of these terms and my financial aid award via PROWL (Undergraduate), and MYLMU/MYLLS portals, via email to my University or personal email accounts as well as submission of electronic forms or other required financial aid information requested.
- If you do not consent, or later wish to withdraw your consent, you must contact the Financial Aid Office regarding non-electronic transactions.