the receipt of financial assistance from private external sources to the financial aid office.
Disbursement of Aid All financial aid awards except for grants from private external sources are credited to a student’s account after the 11th class day pending completion of verification, loan entrance counseling and master promissory note, if required. Grants from private external sources are not credited to the student’s account until Lyon receives the funds. Work-study earnings are paid directly to the student every month. Students can apply work-study earnings to their student accounts by endorsing their check and presenting it to the business office.
Verification of Federal and State Aid Awards Students who receive Federal or state aid may be selected for verification of the financial information that they provided in their aid application. Students selected for verification will be required to provide information in addition to that which they have already provided. Students should submit the required documents to the financial aid office within two weeks of the verification request. The financial aid office will not certify a Federal Direct Loan application or authorize Federal or state financial aid to be applied to a student’s account until verification is complete. If the information provided in the verification is different from that contained in the original financial aid application, the financial aid office will re-evaluate a student’s aid application using the verified information.
Return of Aid If a student who receives Federal aid withdraws or takes a leave of absence prior to completing 60% of a term (including the summer term), the financial aid office must return a portion of that student’s Federal funds to the Federal government. The percentage of the Federal aid disbursed for the term that must be returned is equal to the percentage of the term that the student did not complete. Funds that must be returned to the Department of Education are returned within 30 days of the date on which the student withdrew. In this situation, the student could owe Lyon a balance for the amount of the loan that was returned. If the student withdraws during Lyon’s refund period, all of the student’s institutional scholarships and grants will be returned to his/her sources on a basis consistent with the College’s refund policy (see the ‘Refund Policies’ section above). For example, a student who withdraws and receives an 80% tuition refund will receive 20% of his/her institutional scholarships and grants for that semester, equaling the percentage of tuition he/she was charged for the semester.
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