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.
Income Tax Returns: The College requires full copies of tax returns. The priority date is February 15. For dependent students, The College needs a signed copy of 1040, 1040A or 1040EZ federal income tax returns and W2s for the previous year for you and your parents. If you are an independent student, the College needs a signed copy of your tax returns and W2.
If a return was not filed, a written explanation of the reason for not filing must be provided to the College. Send signed tax return copies directly to the Financial Aid Office, Lyme Academy College of Fine Arts, 84 Lyme Street, Old Lyme CT 06371.
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.
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 tax forms, 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.
State, Federal, Institutional and Private financial aid is disbursed to the student’s account within three days of receipt of the funds, after the start of each semester. Please see your tuition bill to view the aid disbursed, which will move from the anticipated awards section to the adjustments/credits section. Tuition bills are mailed two to four weeks prior to the tuition due date, and also upon request to the billing address on file.
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 in some cases, or if an incomplete loan process is holding up your loan payment. If so, please contact the Director of Financial Aid.
Federal FSEOG funds are usually received just after the two week add/drop date.
Federal PELL funds are usually received at the start of each semester.
State CICS funds are usually received within 30 days of the start of the fall semester, provided that the State of CT has finalized its budget and released the funds. Spring semester disbursements should occur within three business days of the start of the semester.
LACFA scholarships are in place and ready to be credited within the first three business days of each semester.
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.
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 2010-11, subsidized Stafford loans are available at a fixed rate of 4.5%; unsubsidized loans at a fixed rate of 6.8%. It is possible to have the interest added to the principal balance by your lender (this is called capitalization). Applications and further information may be obtained from the Financial Aid Officer. To apply, go to Direct Student Loan 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 fixed at 7.9%. Direct PLUS loan borrowers are subject to a credit check and must not have any adverse credit history.To apply, go to Direct Parent Loan. 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 Director of Financial Aid to review their options and obligations
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