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Financial Aid
Frequently Asked Questions - Refund Checks

All Lake Michigan College refunds are distributed through Higher One. Each student will be mailed a Higher One Bank Card. Students must sign up online, through their WaveLink account, using the card they receive in the mail and select the method of refund they would prefer. Students who do not register online will automatically default to the paper check option.

What do I need to know about/do because of the new refund process?

  • All LMC refunds will now be processed through Higher One.  This change enables LMC to provide student refunds via Direct Deposit, OneAccount Deposit, or a paper refund check.

What are my refund options?

  • Direct Deposit: Refunds will be deposited in your existing checking or savings account and will be available in 2-3 business days after processing by Higher One.
  • OneAccount Deposit: Refunds will be deposited into a checking account with Higher One and will be available the same day refunds are processed by Higher One. And may be accessed with your Higher One Card.
  • Paper Check: Refunds will be sent to the address on file via U.S. mail and should be received within 7-10 business days after processing by Higher One. Note: Refunds are not disbursed until class attendance has been confirmed. If your class starts later in the semester, your aid will not be released until then

How often are refunds processed?

  • Financial aid refunds are processed within 14 days after disbursement.
  • Tuition refunds are processed every Friday excluding holidays.

How do I select my refund option?

  • Log into WaveLink and look for the Financial Aid section. Within that section there will be a link called Student Refund. The Student Refund link will take you to the Higher One site where you can maintain your refund preference.

How do I verify my refund has been processed?

  • The online account that you created, when selecting your refund preference (OneAccount Deposit, direct deposit or paper check) provides a status update bar which provides information about your refund amount and the process stage.

How can I change my preference for receiving refunds?

  • Log into WaveLink and look for the Financial Aid section. Within that section there will be a link called Student Refund. The Student Refund link will take you to the Higher One site where you can maintain your refund preference.

I forgot my password and I am having trouble logging into my account.  How can I reset it?

  • Once you are on the Higher One site you can click on the link “Forgot your  Password”

How do I change my password?

  • Once you are logged into the Higher One site, click on the “Profile” tab. Within this tab will be a section titled “Login Information”.  It is here that you can change your password.

What do I do if I did not receive my anticipated direct deposit refund?

  • First check your personal bank account to ensure the funds were not received.  If your funds are not available the direct deposit transaction may have failed due to a closed account or inaccurate account information.  If your transaction failed you will be notified via your LMC e-mail address and a paper check will be mailed to the current address on file within 3 - 5 business days so it is important you verify that your mailing address is always updated.

What do I do if I did not receive my paper check refund?

  • Any undeliverable checks will be returned to Higher One. 

Will I need to sign up every term?

  • No, once you have made your refund type selection the information is valid each semester.

How do I update my personal information?

  • You must update your personal information through your LMC WaveLink account, with Higher One MyMoney.com and the U.S. Postal Service.

How do I know how much my refund is going to be?

  • The online account that you created, when selecting your refund preference (OneAccount Deposit, direct deposit or paper check) provides a status update bar which provides information about your refund amount and the process stage.

What happens if I do not login into my account and set up an option for my refund?

  • You will receive your refund via paper check.

Can I deposit my refund into someone else’s account if I do not have a checking or savings account?

  • Although Higher One and Lake Michigan College recommends that a student use their own account, a student is able to put anyone’s account information and routing number into the ACH option.  However, make sure that all information is accurate.  Additional charges could apply if an ACH reversal is necessary due to inaccurate account information.  Higher One and Lake Michigan College are not responsible beyond the transaction process.

Why hasn’t my financial aid been paid to my account and a refund sent to me yet?

There could be many reasons why your financial aid has not been posted to your account.  Some of   the common reasons are:

  • The initial disbursement date for the semester has not past yet;  This is usually about 30 days after the semester begins;
  • Your tracking requirements are not complete;  Please check your Wavelink account by going to Financial Aid Section;  Select ‘Eligibilty’; Select ‘Student Requirements’;  All docments still ‘needed’ must be turned into the financial aid office before financial aid may be applied.
  • You are no longer eligible for financial aid due to poor Satisfactory Academic Progress (SAP); You may verify your current SAP eligibility by going to the financial aid section of your WaveLink account; Select ‘Academic Progress’;
  • You have been reported as not attending for one or more of your classes or you have stopped attending all your classes;  your financial aid will be placed on hold until attendance is confirmed in classes.
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