When will I find out how much financial aid award I'll get?
When will I receive my financial aid award information?Financial aid awarding is done by the college according to federal regulations. It can take several weeks or even months for Lane to send you an award letter once you've completed your FAFSA, depending on the amount of information that needs to be reviewed.
Note: The automated email from the Department of Education stating what you MAY be eligible for is NOT an award letter and does not confirm anything other than completion of the FAFSA application.
Here is the approximate time line, depending on what may be requested of you:
- FAFSA - First, Lane must receive your FAFSA. This takes approximately 1-2 weeks from the date you completed it online with the Department of Education. We MUST have your Social Security Number on file at Lane in order to receive your FAFSA.
- Completing all "Unsatisfied Student Requirements" - This is YOUR job as the student! Log into myLane and look on the "myFinances" tab to see what is requested. A letter will also be sent to the address you have on file with Lane with these requirements.
- Reviewing all submitted requirements - This is the Financial Aid Team's job, and because of the large number of students requesting financial aid, it is done by the order of the date the requirements are ALL received at Lane. This can take anywhere from a week or two, to several weeks, depending on what is required.
- Removal of any financial aid "holds" - There may be additional holds, such as a correction to your FAFSA information that must be updated with the Department of Education or verifying that you have not had financial aid at a different college for the year. These take 1-2 weeks usually to receive information from the necessary institution.
- Packaging your award letter - Once all requirements have been reviewed and show as "Satisfied," the next time award packaging is run, your award letter will be generated, mailed to you, and displayed on myLane on the "myFinances" tab.
If you are dependent on financial aid to attend college, you are strongly encouraged to complete your FAFSA and any requirements at Lane several weeks prior to the term in which you wish to begin. If you do not have an award letter by the time the term begins, be sure you have a backup plan to pay your bill or drop your classes by the end of the first week of the term's refund period.