Graduate Financial Aid
There is a lot to consider when you are thinking about attending graduate school. One of those considerations should be how you plan to fund your education. Chances are you will need to rely on student loans to help pay for at least part of your education. (fafsa.ed.gov)
- Paying for Your Graduate Degree
- Graduate Assistantships
- Alumni Advantage
- LR Partners
- Employment Tuition Reimbursement
- Looking Ahead
- Financial Aid Timeline
- Other Important Information
- Manage your Financial Aid and Student Account via myLR
- Additional Questions?
The Federal Direct Unsubsidized Loan is a federal loan available to graduate students to help cover educational expenses. This includes, but is not limited to: tuition, books, fees, living expenses, and travel.
There are other forms of aid available, including the Grad Plus Loan found at studentloans.gov. North Carolina residents in many health and education programs may apply for the Forgivable Education Loans for Service. North Carolina residents or those attending an eligible non-profit Title IV institution in North Carolina, including Lenoir-Rhyne, may apply to the NC Assist Student Loan. Private loans and an interest-free payment plan are also options.
Upon graduation, you will have the opportunity to consolidate your federal loans and choose a repayment plan that best fits your next steps, such as standard repayment, income based repayment, or another form of extended repayment.
The Alumni Advantage program allows LR graduates to continue their education at a discounted rate. To be eligible, alumni must have completed a bachelor’s degree earned from Lenoir-Rhyne or a master’s degree earned from Lenoir-Rhyne. Not all programs qualify.
Lenoir-Rhyne has partnered with businesses, associations, government agencies, school systems, and health facilities to offer discount incentives to their employees. Check out the Community Partners page for more information or check with your department head or Human Resources to see if this is a benefit.
- Complete income tax returns as quickly as possible after January 1 of the same academic year.
- Submit a FAFSA each year by March 1.
- Complete Loan Entrance Counseling and sign the Master Promissory Note. Master Promissory Notes last 10 years, so you don’t need to fill one out every year.
- Make sure that you are enrolled in at least 6 credits to be eligible for federal financial aid.
Complete Your FAFSA
Log on to FAFSA.gov to complete and submit your Free Application for Student Aid (FAFSA) and send the results to Lenoir-Rhyne University, code 002941.
LR Receives Your FAFSA
We will receive your FAFSA results 3-5 business days after your submission and will begin preparing your Financial Aid Award.
Expect Your Financial Aid Award Letter
Once you‘re admitted and your FAFSA has been matched with your application, you’ll receive a Financial Aid Award letter via email. Review this letter and make sure you agree with the information and take care of any to-do items.
Complete Your Loan Application
To complete your loan application, sign into studentloans.gov with your FSA ID to submit Direct Loan Entrance Counseling and to sign the Master Promissory Note. You will only need to sign the Master Promissory Note the first year you are in school.
Finalize Your Federal Direct Unsubsidized Loan
To finalize your application for the Federal Direct Unsubsidized Loan, go to studentloans.gov and sign in with the same FSA ID you used for your FAFSA. You will need to complete Entrance Counseling and sign a Master Promissory Note.
Receive Excess Funds
Lenoir-Rhyne waits until the 10th classroom day to take census. This is also the day we disburse your aid funds to your student account. However, the Office of Student Accounts has 14 days to generate a refund on any credit created by your federal funds.
You may receive your excess funds in one of two ways: you may sign up for the eRefund through myLR or you may receive a check. Students who do not enroll in the eRefund will automatically receive a check. The eRefund process is quicker and students tend to get their funds earlier.
Federal Financial Aid Eligibility
You must be enrolled in a degree-seeking program (not certificate) for a minimum of 6 credit hours per semester, including the summer semester, to be eligible to receive federal financial aid. For non-degree programs, private education loans are available.
Summer Financial Aid
Our office awards students aid for the fall and spring terms. If you plan to enroll in summer and wish for your aid to cover that term as well, just contact our office. You must be enrolled in 6 credit hours to be eligible for federal aid in that term.
If you drop a course before the drop/add period has expired, you will not be charged for the course. However, if you drop a course and are below 6 credits, you may lose your financial aid. If you drop a course after the drop/add period, you will be charged for the course, but your financial aid will not be adjusted.
Changing Your Financial Aid
If you wish to cancel a loan that you previously accepted, contact the financial aid office in writing or by email to request a cancellation or reduce a loan. We will return the funds to the federal government and the loan will either be cancelled or reduced according to your request.
If you wish to reinstate a loan that you previously declined, contact the financial aid department in writing or by email to request a reinstatement of your loan. You will need to make sure your Master Promissory Note and Direct Loan Entrance Counseling are complete to ensure the funds are disbursed, but we can generally accommodate your request as long as the semester is still in session.
Once you have paid your enrollment deposit, you will receive a username and password to access the online student portal, myLR. There you will be able to view and manage your financial aid and student account.
You will not receive a tuition statement in the mail. Your tuition statement is only available through your online student portal, myLR. Both financial aid and tuition statements are available through myLR.
Steps to access this information:
1. Log onto myLR.
2. Click on the Finances tab at the top.
3. You will see three links: Student Account, Financial Aid, and Agreements.
View your account information
Make a payment
Set your eRefund settings
Add users for view access of your account
Enroll in a payment plan
Document submission status
Student financial aid package
- FAFSA status
- FAFSA errors
- FAFSA verification
- Document completion
- Payment plans
- Direct deposit information
- Payments from a third party
Contact your enrollment counselor if you still have questions.