Financial Aid Information

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

Financial Aid Checklist
Completed Document Name Who Needs to Complete Where to Complete
[  ] FAFSA Incoming & Current Students Studentaid.gov

 

 
[  ] Entrance Counseling Incoming Students Only
[  ] Unsubsidized Master
Promissory Note (MPN)		 Incoming Students Only
[  ] Grad PLUS Master
Promissory Note (MPN)		 Incoming Students Only
[  ] Grad PLUS Application Incoming & Current Students

Yearly FAFSA

Students wishing to utilize financial aid will need to complete the most recent FAFSA on studentaid.gov. Those seeking financial aid will need to complete the FAFSA on a yearly basis. Each year FAFSA opens on October 1st to secure aid for the upcoming award year.

2025-2026 FAFSA will pull information from your 2023 Federal Tax Return. Those planning to utilize financial aid MUST consent to have the Department of Education link to your 2023 Federal Tax Return. Those who do not consent will not be able to receive financial aid.

Completing the FAFSA Form Reminders:

  • For us to process aid, you MUST consent to have the Department link to your tax return, even if you did not file one.
  • Graduate students are considered independent. Therefore, you will not need to provide any parental information on your FAFSA.
  • LECOM School Code = G30908

Entrance Counseling

Entrance counseling must be completed by incoming students when they are newly admitted to LECOM. Entrance counseling ensures you, the borrower, understand the terms and conditions of your loan and your rights and responsibilities. Students will complete 6 modules that discuss what a loan is, how interest works, options for repayment, and how to avoid delinquency and default.

Completing Entrance Counseling Reminders:

  • Entrance counseling for graduate or professional students is required if a student has not previously received a Direct Unsubsidized Loan a Direct PLUS Loan from the institution they are attending.
  • Entrance counseling only needs to be completed once and is fulfilled as an incoming student.
  • Entrance counseling takes about 30 minutes to finish, and it must be completed in a single session.

Master Promissory Notes (MPNs)

The Master Promissory Note (MPN) is a legal document in which the student promises to repay their loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of the loan(s).

The Office of Financial Aid will tell you which loans you are eligible to receive and how much.

Completing the Master Promissory Notes (MPNs) Reminders:

  • Students may receive more than one loan under an MPN over a period of up to 10 years to pay for their educational costs, if the school is authorized to use the MPN in this way and chooses to do so.
  • Students must complete a MPN for each loan they wish to borrow funds. If a student wishes to borrow funds from the Unsubsidized and Grad PLUS loans, the student will need to complete both the Unsubsidized and Grad PLUS MPN.

Grad PLUS Application

Students apply for a Direct PLUS loan to pay for tuition, fees, and for room and board expenses. Students can also authorize the school to use funds to satisfy other educationally related charges (i.e. living expenses) or change the loan amount specified in a previously submitted PLUS Loan application.

The Grad PLUS application becomes available in April. Students wishing to utilize Grad PLUS funding must complete an application each year. Upon submission, a credit check will be performed by one of the three credit bureaus (i.e. Equifax, TransUnion, or Experian) and a determination will be made regarding the student approval for funding. If a student is denied the Grad PLUS Loan, due to adverse credit history, they should reach out to the Office of Financial Aid for further guidance.

Completing the Grad PLUS Application Reminders:

  • A credit check will be conducted on all Direct PLUS Loan applicants.
    • If a student has placed a security freeze on their credit file, it must be lifted or removed at each credit bureau before they can continue. The application will not be processed if there is a security freeze on your credit file.
    • To qualify for a Direct PLUS Loan, a student must not have adverse credit history. If the credit check shows that a student has adverse credit history, an explanation on how they may still be able to qualify for a Direct PLUS loan will be provided.
  • Students should select the following when they complete their Grad PLUS application:
    • “I am not employed”
    • That they “want to borrow the maximum Direct PLUS Loan amount for which [they are] eligible, as determined by the school.”
    • Select “All Students” from the drop-down menu, under the “Loan Period Requested” section.

Award Offer Notification

Once all documents are complete the Financial Aid Team will import and review the information. An award letter will be emailed to students approximately 30 days prior to the start date of the fall semester. At that time, students will be prompted to log into their Banner Student Self- Service account to view their award offers and accept, reduce, or decline their award amounts. In addition, students will be prompted to view their account summary which lists term charges.

Federal Loan Calculator: For assistance in determining the amount of loans you wish to borrow, a federal loan calculator is located on the main LECOM site under the Financial Aid Tab.

To ensure financial aid is set to be disbursed in the first week of each term, all necessary documents listed in Financial Aid Checklist Table should be completed by the end of April. Award offers should be accepted for the year no later than 2 weeks prior to the start of the fall term.

Continue 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.

 

Other Financial Assistance (OFA)

Other Financial Assistance (OFA) includes grants, scholarships, loans, and any other sources of financial aid that are already available to students. Students receiving an outside scholarship or loan need to notify the Financial Aid Team.

LECOM students’ eligibility is not based on the student’s financial need. The “non-need-based” programs include the Direct Unsubsidized Loan and Direct PLUS Loan programs. A student’s eligibility for non-need-based aid is determined by subtracting OFA (including any need-based aid) from the Cost of Education (COE):

COE – OFA = Eligibility for Non-Need-Based Aid

In general, the total amount of need-based aid cannot exceed the student’s financial need, and the total amount of all aid cannot exceed the student’s COE.