Art~College~Student~Loans~How to take out a Stafford Loan at the Lyme Academy College of Fine Arts

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STAFFORD STUDENT LOANS

Please make sure that you consider all possible Grants and Scholarships that might be available to you, before you apply for any type of loans. Loans must be repaid, Scholarships and Grants do not.

Since we are a small college, it does help to use a Lender that we know well, so that we can offer you the best in customer service by efficiently taking care of problems that can arise, and that may interfere with your loan process. A Lender that we have worked with successfully for years is NellieMae - code #829076. You may of course, apply for Stafford Loans from any Lender that you prefer. Please inform us of all pertinent information if you choose another lender.

If you are a New Applicant for a Stafford Student Loan you need to create an ID and password. If you already have a Loan, use your ID & PW - APPLY ONLINE

The application is now called the MPN for Master Promissory Note, and the Serial version is good for 10 years. New Student loan applicants must complete an Entrance Interview at the Academy before funds will be disbursed. They must also complete an Exit Interview prior to leaving the Academy.

EXAMPLE: Stafford Loans are split into two payments, one per semester, that are sent to the Academy.
Loan	$3,500	1st Semester	2nd Semester
Loan	$3,500 divided by 2=	$1,750	$1,750

Status Amount	Dependent Maximum Amount	Independent Maximum Amount
Freshman	$3,500	$7,500
Sophomore	$4,500	$8,500
Junior & above	$5,500	$10,500

For student Stafford Loan information and applications for NellieMae, contact Jim Falconer at the Lyme Academy : 860-434-5232-114 or jfalconer@lymeacademy.edu.

More information about your Nellie Mae or Sallie Mae Stafford Loan is at MANAGE MY LOANS.
• Make a payment.
• Change your address.
• Change your payment plan.
• Reduce your or Defer your payment(s).

You can use NSLDS to find out about student loans you have taken out. This is a Federal site and you must create a user name & password to log in.

See Glossary Aid Terms for help with the acronyms and terminology.