- All applicants for admission are requested to complete a Free Application for Federal Student Aid (FAFSA). This can be done online at www.fafsa.ed.gov. FAFSA should be filed by March 1 each year in order to be considered for all aid the following year.
- The FAFSA must be returned to the appropriate processing agency. The agency will process this form and send the university a report on what the family can be expected to contribute to the educational costs.
- Students should make sure that their transcripts and recommendations are on file at the university, because financial aid decisions are not made until students have been accepted to the university.
- When students have been accepted and the financial analysis has been received from the processing agency, the university determines the financial aid award and notifies the students.
- Students are notified of their awards through the Electronic Student Aid System (ESAS). The student will have access to their estimated awards, missing documents needed to finalize the awards, and the federal shopping sheet which lists costs and awards. If a student wishes to accept the award, he or she must submit a nonrefundable deposit to the admissions office within 15 days.
- Before federal financial aid funds can be credited to a student's account, information submitted on the FAFSA is sometimes verified. The university is responsible for coordinating this federal verification process. In order to clarify the family's financial situation, Lynn University’s partner (KHEAA) Kentucky Higher Education Assistance Authority may request a copy of the parents’ and student's tax return transcript and other information. All financial aid is awarded on the condition that the above information is provided when requested.
Upon receipt of the information, it is reviewed and compared with the information noted on the need analysis. If this new information changes data previously submitted, a revised financial aid award may be sent. Timely response to requests will avoid delays in an accurate assessment of need.