LYON COLLEGE

UNDERSTANDING YOUR FINANCIAL AID INFORMATION

This information has been provided to assist you with your award letter.  Please review this material as it may answer some of your questions concerning your financial aid package.

All students are expected to file a FAFSA at www.fafsa.ed.gov or notify the Financial Aid Office that they do not intend to file.

AWARD LETTER BASICS: As you review your award notification, here are a few facts to keep in mind:

·         You may accept or decline aid. You have the right to decline all or part of the self-help (student work and/or loans) without affecting your grant or scholarship.  However, please remember that the amount of self-help declined must be provided by the family.                                                                                                                                                                  

·         If loans are part of your financial aid package and you wish to borrow less than the amount listed, please indicate on the award letter that you return to us how much you wish to borrow. 

·         Any required deposits cannot be taken from the assistance listed on your Award Letter.  You must forward those deposits to the Admissions Office.  

AWARDS SUBJECT TO REVISION:   

·         Lyon College reserves the right to adjust any award if corrections or changes to information used to determine eligibility for the award are necessary, if living plans change, if the student fails to supply requested documentation, or if Federal or State funding levels change.                                                                                                           

·         You receive additional assistance from a source not listed on your most recent Award Letter which changes your eligibility.  Students receiving outside scholarships must contact our office with the name and amount of the scholarship. It is the student’s responsibility to coordinate any documentation that is required by the donor of the scholarship prior to the disbursement of the funds. The outside scholarship will not be applied to the student’s account until funds are received from the donor.

·         Failure to meet satisfactory academic progress (SAP) standards as stated in the Lyon College catalog.

·         Failure to maintain full-time enrollment status.                                                                                                                      

·         You do not complete all required financial aid applications for need-based federal, state, and institutional aid.

2006-2007 ACADEMIC YEAR COSTS:  Students should plan for the following costs for the 2006-2007 school year: Tuition:  $14,420; Room and Board: ON-CAMPUS: $6,270/OFF-CAMPUS: $5,830; Student Fees (Activity/Technology):  $440; Totals ON-CAMPUS: $21,130/OFF-CAMPUS: $20,690.  Students should also budget $1,000 per year for books. Please keep in mind that the total cost of books varies within each discipline. 

FIRST TIME BORROWERS OF STAFFORD LOAN: FIRST do Entrance Counseling for this loan at www.mapping-your-future.org. You will receive an e-mail from E-Sign Online@SLGFA.ORG which you MUST respond to in order to complete the loan process.  The Lyon College Preferred Lender List is under “Helpful Links” at www.lyon.edu/admissions/financialAid.asp.

PARENT PLUS LOAN ESTIMATED:  The information listed is an estimate only.  Go onto the Lyon website at www.lyon.edu/admissions/financialAid.asp under “Helpful Links” to apply for this loan.  This is a credit based loan.

PERKINS LOAN INFORMATION:  If there is a Federal Perkins Loan amount listed on your award letter, you will be required to complete a Perkins Master Promissory Note on-line through the Business Office.  You will be notified by Nanette Garner via e-mail.

WORK STUDY: If your award letter includes a work study award, you will be required to attend a Work Study Session which will be scheduled during the first week of classes.  The Financial Aid Office assigns available jobs on campus at the rate of $5.15/hour for time worked.  You MAY NOT start working until all paperwork is completed. The work study money is NOT credited to your account until actually earned.

PAYMENT PLAN:  Lyon College has payment plans available.  Please contact the Business Office at 870-307-7322 to discuss these options. Financial aid listed on your award notice will be credited to your student account after the 11^th class day with the exception of Stafford or PLUS Loans and work-study earnings. Loan proceeds are disbursed to your student account upon receipt from the lender. Work-study funds are paid each month as they are earned.

SOURCES OF AID:  Please refer to the College catalog for a description of each source of aid listed on your award letter.