Financial Aid - Billing and Refund Procedures

Financial Aid – Billing and Refund Procedures

Your Course and Fee Statement will be posted to the LECOM Portal approximately 30 days prior to the start of each semester. Course and Fee Statements will not be mailed to your current address on record. To view your Course and Fee statement, log on to the Portal and go to the Bursar’s Office tab. There will be an option to view and print your Course and Fee Statement.

The first semester bill will include half of the annual tuition, all fees, and the disability and health insurance premiums, if applicable, less any matriculation payments. Dental, Pharmacy, and first and second year Erie Medical students will also have virtual text book fees applied to their bill. The second semester bill will include the second semester tuition, and if applicable, the second semester health insurance premium and any necessary adjustments. No other fees are regularly charged during second semester. For additional information, refer to the LECOM website and/or the LECOM Academic Catalog and Student Handbook.

First year students must have tuition and fee charges paid in full two weeks prior to the start of their first semester at LECOM. For continuing students and new students admitted late, payment is due one week prior to the first day of each semester. Tuition and fees are due one week prior to the start of the second semester for all students.

Students who have applied for loans and completed all required documents for loan disbursement will see *Anticipated Financial Aid on your billing statement. If anticipated financial aid is not listed on your billing statement, please make sure you have completed all necessary steps of the loan process as described in the Financial Aid documents. Anticipated financial aid updates on the Course and Fee Statement in an overnight process. After completing all required documents, please allow your statement to update. If you still do not see *Anticipated Financial Aid on your billing statement after the overnight update please contact financial aid to ensure they have received all of your required documents . If the Bursar’s Office cannot verify that you have anticipated financial aid, your bill will not be considered paid in full. If tuition and fees are not paid in full by the due date listed on the portal a late fee of $50.00 per week will be assessed and you will not be permitted to attend classes until all financial obligations are met.

If a loan has been approved but is still in process, or if the loan proceeds are not received by the due date, tuition and fee charges will be waived until the loan proceeds are received by LECOM. If a first time borrower at LECOM is denied a loan or has difficulty obtaining loans because of credit rating, LECOM will not waive tuition and fee charges while these matters are being resolved.

Loan funds will be disbursed to LECOM by electronic funds transfer. All loan payments are made in two disbursements, split equally between first and second semester. Origination fees are deducted by Federal Direct Lending before loan disbursements are made to LECOM. LECOM will apply all institutional charges to the loan proceeds, and any remaining loan proceeds will be refunded to the student.

Student Loan Refund Checks

Semester refund checks will be available fourteen days, two weeks, after the start date of each semester, if the credit balance occurs on or before the start date of the semester. If the credit balance occurs after the start date of the semester, the refund check will be available no later than fourteen days after the credit balance occurs.

Please note: due to the Family Educational Rights and Privacy Act (FERPA) we are unable to discuss an account with anyone other than the student.

If you have any questions about the billing procedure, please contact the Bursar at bursar@lecom.edu.

Cancellation of Loan(s):

Students have the right to cancel all or part of their loans and have the proceeds returned to Direct Lending.  To cancel all or part of your loans, notify the Office of Financial Aid by written request no later than the first day of the semester.  Cancellation of a loan may result in your owing LECOM for any outstanding charges.

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