How / when can I get my financial aid money?
How/When Can I Get My Financial Aid Money?
Check the Financial Aid Disbursement Calendar for specific dates for first disbursement each term. See below for more information about how and when disbursement occurs.
If you have an award letter in good standing, and have no holds, are registered for the correct number of credits, and are otherwise ready to receive financial aid, then the disbursement process begins the second week of each term. (If your award letter is packaged later in the term, or if you accept a new award later, this will be different timing)
Once you have your award letter, Lane will order a refund selection code from BankMobile. You will receive this either in an envelope or by email. You must log into the BankMobile site to choose your refund method. Your options are:
1. Direct Deposit (ACH transfer) into your checking/savings account (3-5 business days after your Lane account is paid)
2. "Vibe Account" with the Lane CC debit card through BankMobile (2 business days after your myLane account is paid)
2) WHEN will the money come???
Financial aid payments begin the second week of each term. During the first week "refund period", students are able to drop/add classes with a refund of any charges.
The second week of the term, on Tuesday, your enrollment level is frozen at full-time, 3/4 time, 1/2 time, or less than 1/2 time. If your financial aid is ready to pay, it will disburse to your Lane account in myLane. (you may see a negative account balance while this is in process)
Wednesday, a process will be run to create a refund amount.
Thursday afternoon, the refund will be sent to BankMobile, which will send it to you by whichever method you chose.
This process repeats each week of the term, for any students whose award letters get packaged later, or appeals approved, etc.
SPECIAL NOTE FOR FIRST TIME BORROWERS OF LOANS: If you are borrowing a Stafford Loan for the first time, Lane is required to wait 30 days into the first term before paying your loans. Because of our payment/disbursement schedule, this is sometimes a week later than the actual 30 day point of the term.
- How do I check the status of my financial aid application?
- How will financial aid be affected if I withdraw?
- What is Satisfactory Academic Progress (SAP)?
- When will I find out how much financial aid award I'll get?
- What can my financial aid money be used for?
- How do I file a financial aid appeal?
- What is financial aid warning/suspension/probation?
- Can you tell me about myLane?