Financial aid and scholarship funding is awarded by the Financial Aid Office and disbursed by Student Accounts. If financial aid exceeds the amount of charges, residual funds are due to the student and can be processed by paper check or by electronic funds transfer to the student’s bank account. The aid disbursement before the term begins is limited to $2500 for fall/spring semesters. Remaining residual funds will be released after attendance has been confirmed.
Fully-Admitted students, who have returned their award letter and any other required documents and are enrolled in the appropriate number of credits two weeks before the fall or spring semester begins AND submitted Intent to Attend* by the deadline date, may have all finalized financial aid posted to their student account before the semester begins. If not, students who attend all the classes that their aid is based on may have aid posted during the first week of the semester. If a balance is still owed, it must be paid or have a signed payment plan contract by the fee payment deadline to avoid late fees
Financial aid recipients should check their student account and LCMail often. Specifically just before and after day 5, and day 10, to confirm financial aid awards have not been reduced or cancelled due to lack of attendance verification. If your aid isn't posted and your fees are not paid you may incur late fees.
Students who attend summer sessions must attend classes before any aid is released. Summer loan funds are released in two disbursements: the first half after 6 credits of attendance is verified and the second half after the mid-point of your longest session. The same process is used for students attending fall or spring only with half of the loan funds disbursed at the mid-point of the term. Please check your Student Account Statement on Warrior Web to see if your aid has disbursed. Students who have aid exceed charges will have residual funds processed weekly.
Students who advanced registered for the semester must confirm their plans have not changed and they still plan to attend the upcoming semester. Students who are signed up for electronic refunds at least 2 weeks before the term begins have the option to receive their FIRST disbursement (before the semester begins) by direct deposit. By confirming the intent to attend 3-6 weeks before the semester begins, residual funds will be processed by direct deposit to the bank account that has been submitted on Warrior Web. This step is in addition to having all aid in place, documents submitted, and registered for the appropriate number of credits.
Confirming your intent to attend also gives the Financial Aid Office the opportunity to revise your financial aid awards to your intended enrollment level if a change is needed. The Registrar's Office also wants to know if your plans have changed. If something has changed with your plans, and you won't be able to attend any or all of your classes, they ask that you update your schedule and drop the classes that you will no longer be able to attend. This may open up seats in full sections and offer opportunities for other students to enroll. Someone else's schedule change may open up a new opportunity for you!
Fall 2017 submission period is July 18, 8 am to August 9, 5 pm. Deadline to submit Intent to Attend is August 9.
Residual funds can be deposited electronically directly into your bank account. No more standing in line to get a residual check. Electronic refunds are generally processed sooner than paper checks. Sign up on Warrior Web under My Banking Information (U.S.) – only United States banks can be used, foreign banks are not an option for residual funds transfer. Direct deposit is quicker, safer and is cheaper to process!
We strongly encourage distance learning students to sign up for electronic refunds to streamline and expedite the release of residual funds.
Students who are eligible to receive residual funds electronically before the fall semester begins should have funds in their bank on August 17 Please remember that the residual disbursement before the term begins is limited to $2500.
Students who have NOT signed up for electronic deposit (or did not submit Intent to Attend) will have a paper residual check prepared. Students must present photo identification to obtain information regarding their student account or to pick up checks.
Residual (paper) checks will be released on August 18 from Student Accounts in the Controller’s Office, room 103 in the Administration Building. Please remember that the residual disbursement before the term begins is limited to $2500.
Students attending in Coeur d’Alene can have their checks mailed to the Coeur d’Alene Outreach Office. Checks will be available to pick up in the LC-CDA Business Office at 1031 N Academic Way, Coeur d'Alene, ID, 208-666-6707, anytime between 8:00 a.m. and 5:00 p.m.
Students usually receive the whole semester’s financial aid funds early in the term, sometimes before the term begins. It’s kind of like an advance on a paycheck. Once an aid recipient has attended 60% of the term the federal aid is considered to be ‘fully earned’. Students who receive federal aid and do not complete 60% of the semester must repay a portion of the ‘unearned’ aid immediately. The earlier a student withdraws, the less aid they earn. Students who do not withdraw and do not pass any classes (receive all “F” grades) are also required to repay some of their financial aid. Please contact Student Accounts and/or the Financial Aid Office if you have any questions.
International students are subject to tax on non-qualified scholarships and/ or waivers.
Scholarships and/or waivers that pay housing, meals, or exceed tuition and fees are subject to tax. Gift cards and other funding is also taxable. Documentation provided by the student can reduce withholding tax from 30% to 14%, or in some cases eliminate the tax.
Scholarships that apply directly to tuition and fees are not subject to tax. This includes non-resident tuition waivers.
Student Accounts staff will email international students to obtain information to determine tax liability. This handout provides some examples that may be helpful.