Financial Aid Payments, Credits, and Refunds
Per federal regulations, Federal Direct Loan funding must be disbursed equally between all terms or semesters. If a student is enrolled for only one semester, only one disbursement is required. Prior to the scheduled financial aid disbursement, students must complete the loan acceptance process and, if prompted, complete Direct Loan Entrance Counseling and/or sign a Direct Loan Master Promissory Note at www.studentloans.gov. Financial aid is applied to a student's account once registration and enrollment have been verified following the end of the add/drop period. For low-residency and low-residency/hybrid programs, this occurs after the residency has begun (but no earlier than July 1, per federal regulations) and subsequent semesters or terms. Once enrollment has been verified, student loan proceeds are sent electronically to Lesley University from the U.S. Department of Education and post to the student's billing account. Tuition charges and fees are subtracted from the financial aid disbursement. Any credit balance that results will be automatically refunded to the student for educational expenses by the Student Accounts Office within 10-14 business days. (Please note: A credit balance from a current semester may not be used to pay for tuition and fees incurred from a previous semester.)
A disbursement notice will be sent to the student's Lesley email address once financial aid funds have been received by Lesley University. The student has fourteen (14) days from the date of the disbursement to request the funds be returned to the lender. If fourteen (14) days have passed, the student may remit payment directly to the student loan lender.
If a student is attending a second institution to complete courses towards a degree, a Consortium Agreement must be completed by the student and the student's Advisor. (This does not apply to students enrolled in the Collaborative Program or the Elementary Education Urban Initiative Program.) The Consortium Agreement is used to factor in the tuition costs for courses taken at the second institution which will allow Lesley University to properly determine the financial aid award.
Disbursement dates vary by student, depending on the academic program and confirmed registration. Specific disbursement dates may be obtained at lesley.edu/students/financial-aid-bills-payments/financial-aid-disbursement or by reading the disclosure letter provided by the Department of Education at the time of loan origination.
If actual registration differs from what is listed on the Financial Aid Award Letter, loan amounts may be adjusted accordingly and scheduled disbursements changed.