Master promissory note
• Students who have been awarded a Federal Stafford Loan and have not already signed a Federal Stafford Loan Master Promissory Note will need to sign their Master Promissory Note at www.studentloans.gov.
• Parents who have been awarded a Federal PLUS and have not already signed a Federal PLUS Master Promissory Note will need to sign their Master Promissory Note at www.studentloans.gov. Parents must fill out a summer Plus loan application at www.studentloans.gov.
Reporting other aid
• Financial aid not listed on the Financial Aid Award Notice (FAAN), including scholarships awarded by other LU departments, must be reported to the Office of Financial Aid. Receipt of such aid requires a review of financial aid eligibility.
Disbursement of financial aid funds and living expense refunds
• Financial Aid, if available will be disbursed by May 23.
• Financial aid funds are generally credited to the LU student account three days after the first three credit hours of summer course work begins.
• When financial aid funds exceed University charges, students receive refunds to assist with the purchases of books, supplies, and other educational or living expenses. There will be no disbursement of funds between June18th and July 2nd. There will be no refunds processed between June 19th and July 8th.
• The Office of Financial Aid will conduct an eligibility review at the time of disbursement. If a student has dropped below half-time enrollment and/or taken fewer than three weeks worth of classes at that point, all federal loans for the summer 2014 will be canceled. If the student received a Federal Pell Grant, it also may be reduced or canceled. The student will have to repay all reduced or canceled financial aid that has been credited to their LU student account
If a student withdraws from all classes before completing 60 percent of the session (as measured in calendar days), financial aid eligibility must be recalculated based on the federal Return of Title IV Funds formula. Federal regulations stipulate that financial aid is "earned" based on the calendar days completed for the semester. Any "unearned" financial aid must be returned to the appropriate federal program(s). The student will have to repay any reduced or canceled financial aid that had already been credited to their LU student account.