To be considered for financial aid, a student must have been accepted for admission to Lyme Academy College of Fine Arts.
The FAFSA (Free Application for Federal Student Aid), a form of the Department of Education, should be completed online to determine need-based eligibility for any of our federal financial aid programs.
Verification: Federal regulations require that the Financial Aid Office verify the accuracy of the information provided on the FAFSA by an applicant for federal financial aid. This process is called verification. Students selected for Verification must provide a Verification Worksheet that will be made available to students on the online financial aid system. In addition, students’ families who choose to not use or who are not able to use the IRS Data Retrieval process to complete or correct their FAFSA MUST provide a copy of the student and parent IRS TAX RETURN TRANSCRIPT, if a federal tax return was filed with the IRS. A TAX RETURN TRASNCRIPT is available from the IRS (copies of tax returns are NOT acceptable).
Other forms and documents may be requested from applicants as their aid applications are reviewed. Upon completion of the review of an application, the Financial Aid Office will notify an applicant of his or her eligibility for financial aid.
Financial Aid Disbursement Schedule
State, Federal, Institutional and Private financial aid is disbursed to the student’s account at the start of each semester.
The usual time frame for receipt of funds and disbursements is as follows:
Federal Loans are generally received around the first day of each semester, unless you applied late, are a first time borrower, or if an incomplete loan process is holding up your loan payment.
Outside scholarships and grants are credited as they are received from each individual state or organization. If you receive a scholarship check directly from an organization, please notify the Financial Aid Office so that your financial aid award can be adjusted accordingly.
Please remember to apply for financial aid in a timely fashion in order for your file to be complete and your financial aid award determined before the tuition due date. Any questions regarding your tuition bill may be addressed by contacting the Bursar’s Office at 1-800-DIAL-UNH, ext. 7217.
Direct Subsidized & Unsubsidized Stafford Loans
Direct Stafford Loans are low-interest loans made to students attending school on at least a half-time basis; they may be subsidized or unsubsidized. Under either arrangement, students must file a FAFSA to have their eligibility determined for these loans. The government pays the interest on subsidized loans while you are in school at least half-time and during other specified periods. The government does not pay the interest on the unsubsidized loan. For the academic year 2015-16, subsidized and unsubsidized Stafford loans are available at a rate of 4.29%. It is possible to have the interest added to the principal balance of your unsubsidized loan (this is called capitalization). To apply, go to www.studentloans.gov. You will need your FSA ID to gain access.
Direct Plus Loans
A Direct PLUS Loan is a loan that a parent borrows on behalf of an undergraduate dependent student. Parents may borrow the Direct PLUS Loan for an amount up to the cost of attendance minus any financial aid the student is receiving. The interest rate is currently fixed at 6.84%. Direct PLUS loan borrowers are subject to a credit check and must not have any adverse credit history. To apply, go to https://studentloans.gov/myDirectLoan/index.action. You will need your FSA ID to gain access.
For information on student loan repayment terms visit https://studentaid.ed.gov/sa/ and select “How to Repay Your Loans” from the menu.
For information on Loan Forgiveness for Public Service visit https://studentaid.ed.gov/sa/ and select “How to Repay Your Loans” from the menu.
Private Educational Loan Options
The College is eligible to participate with organizations that offer private, non-federal, educational loans based on the creditworthiness of the borrower(s).
Interest rates for private loans are usually higher than those of other educational loans. Students are encouraged to seek all federal student and parent loans, as well as available grants and scholarships, before considering private loans. For more information regarding Private Alternative Loans visit this page.
Eligibility While Studying Abroad
If students engage in a study abroad program of their own choosing, they are strongly encouraged to meet with the Financial Aid staff to review their options and obligations.