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: If your application for federal aid has been selected for verification, the College will notify you in writing and include a Verification Worksheet. Please return the completed worksheet, along with the relevant IRS tax return transcripts, to the College within 30 days of receipt. In order to determine your eligibility and disburse federal aid funds, you must first provide the College with all necessary documents, and the Financial Aid Office must verify that the information is correct and that there are no outstanding issues or discrepancies.
Please help us help you. By sending accurate information before deadlines, the College can offer you a package identifying your eligibility for more types and greater amounts of available aid.
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 or Business Office so that your statement will reflect accordingly.
After receipt of funds, if your financial account has a credit balance, a refund check will be mailed to the local address on file. Credit balances on your account that are due to federal funds will be mailed within 14 days of each credit occurring. If a credit is due to a Plus Loan, the funds will be mailed, payable to the parent borrower. Students eligible for PELL related refunds will have their check mailed within 7 days after the start of each semester, unless they request to pick it up in the Finance Office in order to facilitate the purchasing of books and supplies.
When applying for private loans, if the funds are electronically transferred to the College, your refund will be processed much sooner. Otherwise, we will have to mail you the check to endorse, and then you will have to mail it back to us for deposit and processing.
Loan funds may be received for a different amount than anticipated due to fee structures. If this occurs, the student will either receive a refund check for the difference within 14 days, or a bill for the balance due that is payable upon receipt.
Please remember to apply for aid in a timely fashion in order for it to arrive each semester before the tuition due date. Any questions regarding your tuition bill or receipt of financial aid may be addressed by contacting the Bursar’s Office at 1-800-DIAL-UNH, ext. 7217.
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 be eligible for these loans. The government pays the interest on subsidized loans while you are in school, during the post-school grace period, and during authorized deferment periods. If you receive an unsubsidized loan, you must pay the interest during these periods. For the academic year 2014-15, subsidized Stafford loans are available at a rate of 4.66%. 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 FAFSA PIN number to gain access.
A Direct PLUS Loan is a loan that a parent takes on behalf of an undergraduate dependent for am amount up to the cost of attendance. The interest rate is currently at 7.21%. Direct PLUS loan borrowers are subject to a credit check and must not have any adverse credit history.To apply, go to www.studentloans.gov. You will need your FAFSA PIN number to gain access.
The College is eligible to participate with organizations that offer private, non-federal, educational loans based on the creditworthiness of the borrower(s). Private educational loans are also available to families, spouses, grandparents, or any other creditworthy borrowers who want to use them to help students with their education.
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.
The College currently does not offer an institutionalized study abroad program. 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
© 2014 Lyme Academy College of Fine Arts: A College of the University of New Haven | 84 Lyme Street, Old Lyme, Connecticut 06371 | Phone: 860.434.5232 | Fax: 860.434.8725
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