LOM Financial Policies

Owned by Julie Siegfried
Last updated: Jul 14, 2022 by Kaleigh Ott (Deactivated)
3 min read

Each student must submit a completed Payment Plan Worksheet for approval by the Coordinator of Student Financial Services prior to matriculation. Any amount for semester one not covered by employer assistance, Direct Student Loan, grant, or other approved plan, is due on or before the first night of class. In order to begin the next semester, student accounts must be up-to-date according to their payment plan.

Failure to follow through on the approved payment plan may result in the student’s enrollment being interrupted and other consequences as deemed appropriate by the director.

Any account not paid in full will be assessed interest at the rate of 1.5 percent per month on the unpaid balance. A diploma and transcript will not be furnished to a student until the account is paid in full.  Failure to meet financial obligations may result in the referral of the delinquent account to an outside agency for collection of the total amount due plus all applicable collection costs.

FINANCIAL AID

Most LOM and LOMV students are eligible for a Federal Direct Student Loan (FDSL), if the undergraduate FDSL aggregate maximum hasn’t been borrowed and student is not in default on prior federal student loan. Students may also be eligible for a Federal Pell Grant; eligibility determined by the Federal Student Aid (FAFSA).  To begin the application process for federal financial aid, two forms must be completed: 1) Free Application for FAFSA, and 2) Degree Completion Financial Aid Information Sheet (FAIS).  All anticipated outside sources of aid must be included (ex: employer assistance.)  Students should use the Financial Aid Checklist to ensure each step of the process is completed.  Timely completion of federal aid forms/steps is important! 

 Information and forms to apply for the second academic year will be distributed prior to the end of the first academic year. Questions regarding financial aid can be answered by the EMU Financial Assistance Office at 540-432-4137 or emailing finaid@emu.edu.

EMPLOYER ASSISTANCE

To be eligible for employer assistance, students must complete the Employer Assistance Information form.  This form is for any student whose employer will pay the university or the student. If the employer requires submission of a grade to pay for tuition, students are responsible for submitting grades to the employer within one week of receiving it. If the employer will make payments to the student rather than the university, the student should show this as employer assistance on the Payment Plan Worksheet and FAIS.  Students must pay Eastern Mennonite University when they receive payment from their employers.  A student who fails to apply their employer assistance payment to their EMU account as designated on the employer assistance information form will be required to make immediate payment in full or be administratively withdrawn from the program.  Students are ultimately responsible for their own accounts.  All exceptions must be cleared with Coordinator of Student Financial Services before the first class session.

PERSONAL FUNDS

Students may pay for the program with personal funds by using the monthly payment plan or the semester payment plan as follows:

  1. EMU LOM/LOMV Monthly Payment Plan:  Students may enroll in a semester-long payment plan through CashNet. Your monthly payment will be adjusted in accordance with your other funding sources.  There is a $35 enrollment fee each semester. 
  2. Semester Payment Plan:  Students may pay for each semester at the beginning of each semester.

REFUNDS

  1. FEDERAL REGULATIONS:  Federal regulations require that refunds be proportional to the percentage of classes attended. EMU will calculate refunds to the student’s benefit.  A student will be charged again for any course that is retaken.
  2. OFFICIAL WITHDRAWAL DATE:  The official withdrawal date is the day following the last class attended.  

REFUND OF OVER-PAYMENT ON STUDENT ACCOUNT

  1. If a student’s account is overpaid in any semester and a credit balance currently exists on the account, the student may keep those funds on his/her student account to be applied toward other expected expenses, or may request a refund of the credit balance.
  2. If the student’s account was partially or fully paid by a third party, i.e. employer assistance, the refund to the student will not exceed the amount that the student paid. Any credit balance over the amount that the student paid will be refunded to the third party.
  3. If students desire to have the credit balance refunded, they should make a request in writing to the business office.

WITHDRAWAL ADJUSTMENT SCHEDULE

Information regarding withdrawal adjustment and refund percentages can be found in the Student Handbook.