Financial Aid Policies

Financial Aid Eligibility

To be considered for financial aid, students must:

  • be accepted to a degree granting program;
  • be a citizen, national, or permanent resident of the United States or its trust territories;
  • maintain Satisfactory Academic Progress;
  • be free from default status on any student loan or aid refund obligation;
  • maintain compliance with selective service requirements
  • be clear of drug convictions

Determining Financial Need

A student’s financial need is determined by subtracted by his/her Expected Family Contribution (EFC) as determined from the information provided on the FAFSA from the Cost of Attendance.

Expected Family Contribution (EFC) is a measure of a student’s financial ability and is calculated according to a formula established by the government. Your EFC is determined based on the information provided on the FAFSA; therefore your (and your family’s if you are dependent) taxed and untaxed income, assets and benefits are all considered. Other information, such as the number of people in the family and the number of people in college, are considered.

Cost of Attendance

The 2020-2021 cost of attendance for a nursing student ranged from $83,952 for students who lived on their own, to $55,296 for students who lived with their parents.

The 2020-2021 cost of attendance for a radiography student ranged from $91,287 for students who lived on their own, to $62,631 for students who lived with their parents.

The cost of attendance includes charges that you are billed directly by the school (such as tuition and fees) and indirect expenses that students may need to consider such as books, supplies, transportation and living expenses.

Financial Aid Disbursement

Financial aid is credited to your bill after the start of the semester (when your enrollment has been confirmed), when all necessary documentation is complete, and monies are received.

Federal regulation requires LMRC to notify students (and parent for PLUS Loan) when federal loan funds have been disbursed to their account. Students have the right to cancel all or a portion of the loans. To cancel or reduce the loan(s), the student must notify the Financial Aid Administrator within 14 days of the notification. If the cancelation or reduction of the loan results in a balance due to LMRC, the student is responsible for the balance immediately.

Financial Aid Withdrawal Policy

A student may find it necessary to withdraw from all classes during a semester. The student may be eligible to receive a refund of tuition and course fees depending upon the timing of withdrawal (see Cost, Billing & Institutional Refund Policy).

If circumstances cause a student to withdraw from all classes, they are encouraged to contact their Course Coordinator, the Director of Student Services, and the Financial Aid Administrator so their decision will be based on a clear understanding of the consequences of withdrawing from all classes.

Withdrawals and Financial Aid

Federal regulations require Title IV financial aid funds be awarded under the assumption that a student will attend the institution for the entire period in which the monies were awarded. When a student withdraws from all course for any reason (including medical withdrawals), he/she may no longer be eligible for the full amount of Title IV funds that he/she was scheduled to receive. A pro-rated schedule is used to determine the amount of federal student aid funds he/she will have earned at the time of the withdrawal.

If a student withdraws from Lawrence Memorial Regis College, then the school, or the student, or both may be required to return some or all of the federal funds awarded to the student for that semester. The federal government requires a return of Title IV federal aid that was received if the student withdrew on or before completing 60% of the semester. Federal funds, for the purposes of this federal regulation, include Pell Grant, Supplemental Educational Opportunity Grant, Unsubsidized Stafford Loans, Subsidized Stafford Loans, Perkins Loans, and Parent PLUS Loans. The formula used in this federal “return of funds” calculation divides the aid received into earned aid and unearned aid.

Determining Aid Earned

A student “earns” financial aid in proportion to the time s/he is enrolled up to the 60% point. The percentage of federal aid to be returned (unearned aid) is equal to the number of calendar days remaining in the semester when the withdrawal takes place divided by the total number of calendar days in the semester. If a student was enrolled for 20% of the semester before completely withdrawing, 80% of federal financial aid must be returned to the aid programs. If a student stays through 50% of the semester, 50% of federal financial aid must be returned.

For a student who withdraws after the 60% point-in-time, there is no unearned aid. However, a school must still complete a return calculation in order to determine whether the student is eligible for a post-withdrawal disbursement.

Determination of the Withdrawal Date

The “last date of attendance” is used to determine the point in time that the student stopped attending so that the percentage of the enrollment/payment period completed can be determined. The Financial Aid Administrator uses the official date given by either the Registrar or the Director of Student Services. The last date of attendance is the last date the student attended class or clinical. The percentage of Title IV aid earned is equal to the percentage of the enrollment/payment period the student completed.

Return of Title IV Federal Financial Aid

In compliance with federal regulations, the Financial Aid Administrator will perform the calculation as soon as possible but no later than 30 days after the student’s withdrawal and funds will be returned to the appropriate federal aid program within 45 days of the withdrawal date. An evaluation will be done to determine if aid was eligible to be disbursed but had not disbursed as of the withdrawal date. If the student meets the federal criteria for a post withdrawal disbursement, the student will be notified of their eligibility within 30 days of determining the student’s date of withdrawal. If the eligibility is for a grant disbursement, the funds will be disbursed within 45 days of determining the student’s date of withdrawal. If the eligibility is for a loan, the student will be notified in the same timeframe but they must also reply to the Financial Aid Office if they wish to accept the post withdrawal loan obligation. A post withdrawal disbursement of any funds would first be used toward any outstanding charges before any funds are returned to the student.

Once the amount of unearned federal aid is calculated, the Lawrence Memorial repayment responsibility is the lesser of that amount or the amount of unearned institutional charges. The school satisfies its responsibility by repaying funds in the student’s package in the following order:

  • Unsubsidized Stafford Loan
  • Subsidized Stafford Loan
  • Parent PLUS Loan
  • Pell Grant

Student Notification

After the calculation is completed, a letter outlining the calculation and the amount returned to the federal government will be mailed to the student. The letter will also include an updated tuition statement (reflecting the charges). The student is responsible for all charges and overpayments resulting from Return of Title IV calculation.

Student Rights & Responsibility

Students have the right to:

  • Know what financial aid programs are available at the institution
  • Know the deadline dates for submitting applications for financial aid
  • Know how financial aid will be distributed, how decisions on distribution are made and the basis for these decisions
  • Know how financial need was determined
  • Know how much financial need as determined by the institution has been met
  • Request an explanation of the various programs in the student aid package
  • Know the institution’s refund policy and procedures
  • Know what portion of the financial aid received must be repaid and what portion is grant money.
  • Know the institution’s policy on satisfactory academic progress
  • Have student records maintained in a confidential manner, to have information released only on written consent of the student and to have institutional policies and procedures which protect the student’s right of privacy
  • Receive student consumer information
  • Appeal to the Financial Aid Administrator if they are dissatisfied with the award

If satisfaction is not achieved, the student may appeal in writing to the Director, Student and Alumni Services.

It is the student’s responsibility to:

  • Meet the eligibility requirements for financial aid
  • Complete all application forms accurately and submit them on time to the right place
  • Provide correct information on all financial aid forms
  • Return all additional documentation, verification, corrections and/or new information requested by either the Financial Aid Office or the agency to which financial aid forms were submitted
  • Read and understand all forms that he/she is asked to sign and keep copies of the forms
  • Accept responsibility for all personally signed agreements
  • Perform the work that is agreed upon in accepting a Federal Work Study award
  • Be aware of and comply with the institution’s documented deadline dates
  • Inform the Financial Aid Office of any change in name, address, enrollment status, financial circumstances or marital status
  • Reapply each year in order to receive federal aid
  • Complete entrance and exit interview requirements for loans.

Nondiscrimination Policy

Lawrence Memorial/Regis College admits academically qualified persons without regard to race, color, national origin, religion, age, gender, sexual orientation, disability or veteran status. Lawrence Memorial/Regis College maintains a policy of nondiscrimination toward all persons eligible for scholarship and loan programs and other College administered programs.

Voter Registration

A federal regulation requires schools to provide voter registration information to each enrolled student. All students may request a “Voter Registration Form”.


Lawrence Memorial/Regis College is in compliance with the Family Educational Rights and Privacy Act of 1974, as amended. Financial aid records are confidential and are in the office of the Financial Aid Administrator. They are accessible to the Vice President for Education; Director, Student & Alumni Services, Financial Aid Administrator; and internal auditors. Information shall not be released to others without the written consent of the student and/or his/her family (for dependent students). All policies and procedures will protect the student’s right of privacy.

Department of Education Loan Ombudsman

The Federal Student Aid Ombudsman of the Department of Education helps resolve disputes and solve other problems with federal student loans.

All questions regarding Federal Student Loans that cannot be satisfactorily answered by the Program, bank or loan services should be directed to the Department of Education “Loan Ombudsman.” Click here for more information, including contact information

Useful Information:


Feel free to contact the Financial Aid Administrator with any questions.