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.

We are a small college and have carefully considered our list of suggested lenders based on the quality of products and services they provide. However, if you wish to use another lender that is not on this list, you have the right to do so. Please inform us of all pertinent information if you choose another lender.

We recommend the following lenders to Lyme Academy College of Fine Arts' students and families. You will need to create an ID and password on the LOAN Application website.

NHHELCO Student Stafford Loan
1-800-525-2577
New Hampshire Higher Education Loan Corporation
APPLY ONLINE

Benefits: .25% interest rate reduction using auto debit

CSLF Student Stafford Loan
1-800-237-9721
Connecticut Student Loan Foundation

APPLY ONLINE

Benefits: .25% interest rate
reduction using auto debit

NellieMae Student Stafford Loan
1-800-367-8848
NellieMae Student Loan Company

APPLY ONLINE

Benefits: .25% interest rate reduction using auto debit

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 Subsidized + $2,000 Un-Subsidized	$3,500 Sub + $6,000 Un-Sub
Sophomore	$4,500 Subsidized + $2,000 Un-Subsidized	$4,500 Sub + $6,000 Un-Sub
Junior & above	$5,500 Subsidized + $2,000 Un-Subsidized	$5,500 Sub + $7,000 Un-Sub

For help with Student Stafford Loan information and applications, contact Jim Falconer at the Lyme Academy - 860-434-3571-114 or jfalconer@lymeacademy.edu.

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.