Financial Aid Information

Students choosing to utilize financial aid are required to complete the following documents below to secure financial aid for the upcoming award year.

Step 1: Authorization & Consent Form (AC Form)

The Authorization & Consent Form is required of all incoming students. The form can be completed electronically and submitted through the LECOM Portal. The AC Form validates whether a student will be utilizing financial aid or will be submitting a self-payment.

Step 2: Documents to be completed on Studentaid.gov

Each year, students utilizing financial aid must complete the Free Application for Federal Student Aid (FAFSA). Starting with the 2024-2025 FAFSA, the Financial Aid Direct Data Exchange, replacing the IRS Data Retrieval Tool, will transfer federal tax information from the IRS directly to the FAFSA form. Students will need to consent to allow the Department of Education (ED) and the Internal Revenue Service (IRS) to link to their tax documentation. Failure to provide consent to have your federal tax information transferred into the FAFSA form, will result in a loss of usage of federal funds.

  • The 2024-2025 FAFSA form asks for 2022 tax information.

Students will need to list LECOM (School Code: G30908) for the financial aid department to receive their FAFSA information. Students will get a FAFSA Submission Summary after their FAFSA form is processed. Students should look over their FAFSA Submission Summary carefully to make sure there are no mistakes. If an error is found, a correction will need to be made. Students may also see they have been selected for verification. Verification is the process used to confirm the data reported on the students FAFSA form is accurate. If selected for verification, the Office of Financial Aid will request additional documentation that supports the information reported on the FAFSA.

Incoming students will also need to complete Entrance Counseling. Completion of entrance counseling ensures you, the borrower, under the terms and conditions of your loan(s) and your rights and responsibilities. Students will learn what a loan is, how interest works, options for repayment, and how to avoid delinquency and default.

All students will be asked to complete two (2) Master Promissory Notes (MPNs) each year. The Master Promissory Note (MPN) is a legal document in which you, the borrower, promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s).

Lastly, all students will need to complete the yearly Graduate PLUS Loan Application. The Grad PLUS Application opens in April each year. Funds are used to pay for tuition and fees (not covered by the unsubsidized loan), room and board, and other educational expenses.

Step 3: Financial Aid Offers

Once all the requested information is received by the Office of Financial Aid, a student’s eligibility for financial aid will be determined. An award offer notification email will be sent to students approximately 30 days prior to the start of the fall term. Students will be prompted to log into their Student Self-Service Center to view their award offer. The award offer will include the types and amounts of financial aid you may receive from federal, private, and school sources. This combination of aid is your financial aid package. Students will then accept, reduce, or decline the aid they wish to borrow for the academic year.

Continued eligibility for educational loans is contingent upon the student making Satisfactory Academic Progress (SAP). Students may refer to the LECOM Academic Catalog and Student Handbook for more information regarding SAP.

Step 4: External Scholarships & Awards

Students receiving an outside scholarship or award will need to notify the Office of Financial Aid. If the outside scholarship/award exceeds the Cost of Education (COE) for the academic program, the financial aid award offer will need to be adjusted.