Federal Student Aid
The College participates in the following Federal programs:
Federal Pell Grant
The Federal Pell Grant is an award to help undergraduates pay for their education after high school (an undergraduate is defined as one who has not earned a Bachelor’s or professional degree). For many students, Pell Grants provide a “foundation” of financial aid. The maximum award for the Academic year 2014-15 is $5,730.
Federal SEOG Grant
A Federal Supplemental Education Opportunity Grant is for undergraduates with exceptional financial need, as determined by the College. Priority is given to Federal Pell Grant recipients.
The Federal Work-Study (FWS) Program provides jobs for undergraduates who need financial aid. FWS gives students a chance to earn money to help pay their educational expenses. The program requires community service.
Connecticut Governors Scholarship Grant Program
A need based program for Connecticut residents enrolled at least half-time at the college. Eligibility is based on the student’s EFC as determined by the FAFSA. The annual grant amounts are set each year by the Connecticut Department of Higher Education.
Connecticut Governor’s Scholarship Program
Connecticut students who have finished in the top 20 percent of their junior year high school class, or college undergraduates who ranked in the top 20th percentile of their senior year class and/or have scored 1800 or higher on their combined Scholastic Aptitude Test (SAT) scores or an ACT of 27 or higher, that are enrolled at least half-time in their first undergraduate program, and who have an Estimated Family Contribution (EFC), as calculated by the FAFSA, equal to or below the eligible cutoff determined by the Connecticut Office of Higher Education, may be eligible for this award. Students should contact their high school guidance office or www.ctdhe.org for more information. Eligible students may receive up to $5,000.
Other State Grants, such as the State Student Incentive Grant (SSIG) may be available through the state you reside in. Application Material Eligibility criteria, Application materials, and deadlines vary widely among participating states. Consult the your State Student Assistance agency for further information.
FINANCIAL AID ELIGIBILITY
Lyme Academy College of Fine Arts uses the FAFSA, which is a standard needs-assessment method employing “federal methodology,” to determine need-based eligibility for financial aid. All students interested in financial aid should file the FAFSA annually. A student’s demonstrated need is calculated on the information reported, and is evaluated each year (or within the year if circumstances change). Once enrolled in the College, students must make satisfactory academic progress toward the degree or certificate program in which they are enrolled (see SAP or Standards of Academic Progress). If a student remains in a probationary status for two consecutive semesters (less than a 2.00 GPA per semester), they will automatically lose eligibility for both need-based and merit-based financial aid at the college. The aid may be reinstated only after two consecutive semesters of demonstrated academic progress
resulting in both a 2.00 semester, and cumulative, GPA average.
At least half-time enrollment is required to receive financial aid. Please note that partial or complete withdrawal during the add-drop period each semester may result in cancellation of College-awarded aid (please see refund policy).