Financial Aid FAQ

Financial Aid FAQ

Application

  • What types of aid are available?
  • How do I apply for aid?
  • What is Luther Rice's school code?
  • How will I know if I am eligible for aid?
  • What is the status of my application for federal financial aid?
  • Do I have to borrow the maximum federal loan amount?
  • What is a Promissory Note (MPN)?
  • How do I request additional federal loan funds?
  • What is Luther Rice's cohort default rate?
  • Are there other loan options besides federal loans?
Federal Aid can come in the form of grants, loans, and/or work study. Institutional scholarships are offered through the Tuition Assistance Program. Outside scholarships may be sought through various search engines. Military education benefits may be available for active or retired military members.

Click on the type of aid in which you are interested on the financial aid page.

Luther Rice's federal school code is 031009.

Eligibility depends on various factors and you may see the application requirements on the financial aid page. After you apply, you may contact the Financial Aid Office to discuss the possible types of aid for which you may be eligible.

If you have completed your FAFSA and been accepted into Luther Rice, check your email for updates or requests for needed information.

No, you do not have to borrow the maximum amount of federal loan funds. You can downsize your loan amount before you accept it within the Financial Aid Portal. Please borrow as little as possible to minimize your debt level.

A Master Promissory Note is a promissory note you sign that acknowledges your responsibility to repay all loans incurred during your education. The signed MPN is good for 10 years so you will not need to complete one every year. Visit www.studentloans.gov to sign your MPN for a federal subsidized/unsubsidized loan.
Send an email to the Financial Aid Office FinancialAid@lutherrice.edu that includes your name, student ID, and the additional dollar amount you would like to borrow.

The Cohort Default Rate (CDR) is the rate of students that entered repayment during a certain time period and defaulted on their student loans. Luther Rice's most recent CDR is 2.7% and the national average is 11.3%.

You may apply for a private loan with a private lender. Luther Rice does not endorse any particular lender. Please note: you may qualify for federal loans, though, which may have more favorable terms than a private loan. Contact the Financial Aid Office if you have questions.

Federal Aid Funds

  • How do the funds arrive?
  • How do I request a refund?
  • What are the interest rates on federal student loans?
  • How do I choose a method of disbursement for a refund of financial aid funds on my student account or check to see the method I have already selected?
  • When are refunds processed?

The aid comes to the school, is then applied to your student account, and a refund is processed to you of any excess monies.

Luther Rice automatically refunds any excess financial aid funds within 14 calendar days of the funds being applied to your student account. If for some reason you need to request a refund, you may do so at My Campus
Click here to view information pertaining to federal student loan interest rates.
Refunds are disbursed through BankMobile on a weekly basis. Once you receive a personal code in the mail (or contact student accounts to get a code), go to www.refundselection.com to select your refund preference. Direct Deposit to your existing bank account (2-3 business days after processing), BankMobile Vibe Account (1 business day), or Paper Check (5-7 business days). If you have already selected a method of disbursement, you may visit the Bank Mobile website to check/change your refund method.
Refunds are typically processed weekly and you may visit the Financial Aid Calendar to see the initial refund date for a term.

Book Vouchers 

  • Can I use a voucher to purchase my textbooks before I receive my aid monies?
Yes, book vouchers are available for an aid recipient scheduled to receive aid in excess of the cost of his classes. The voucher is only valid through the Luther Rice book servicer, Akademos, and may be used to purchase books before a student receives his aid funds. See the Financial Aid Calendar for dates and instructions.


Withdrawals From Classes

  • What happens with my financial aid if I withdraw or am administratively withdrawn from all of my classes?
When a financial aid recipient receives loan or grant monies and withdraws or is withdrawn from all of his classes, a portion of those funds may need to be returned to the Department of Education. Luther Rice will send the unearned financial aid to the Department of Education and apply the balance onto the student's account. If the student withdraws before aid has been disbursed, a post-withdrawal calculation may be performed. For a Post-Withdrawal Disbursement, the Financial Aid Office notifies the student of the aid amount, the responsibility of repaying a loan, and requests an acceptance from the student before any loan funds are disbursed.

 

Prior Financial Aid and Other Institutions

  • How much in student loans and/or grants have I received during my studies at Luther Rice or over my entire academic career?
  • How much can I borrow in student loans during my academic career?
  • If I enroll at Luther Rice, what can I do about any previous student loans that I am repaying?
  • May I attend another institution or study abroad and use that course to count toward enrollment at Luther Rice for financial aid purposes?
You may visit the National Student Loan Data System to view the student loans and/or grants you have received while at Luther Rice or during all of your academic career. 
Luther Rice encourages you to borrow responsibly and wants to make you aware that loan funds can quickly add up. Undergraduate students may borrow up to $57,500 (subsidized/unsubsidized loans) and graduate students up to $138,500 (subsidized/unsubsidized loans) during their academic careers. 
In most instances you will need to do nothing because Luther Rice regularly updates students' enrollment statuses with the National Student Clearinghouse. Lenders, in turn, obtain borrowers' enrollment statuses with the Clearinghouse. If for some reason you need to verify enrollment, please visit the Clearinghouse or submit a completed In-School Deferment form (you can obtain it from your loan servicer) to the Luther Rice Financial Aid Office. You may also use the Clearinghouse website for any organization (insurance company, employer, apartment complex, etc.) that needs verification of your enrollment.

Luther Rice does not engage in any consortium agreements with other institutions so you could not consider another institution's course toward your enrollment at Luther Rice for financial aid purposes.

Contact Financial Aid

FinancialAid@LutherRice.edu

770-484-1204 ext. 5755

Fax: 678-990-5388