Got an email response from the company on my questions about lyrics and chords. Here is the response I got:

Hello!

1. When I enter lyrics they appear above the notes. Can they appear below the notes.

May be you have not last version (5.110)?

2. Can I enter chords in the school version. Hitting Alt+C causes a program error and there is no chord palette.

For this you have use version Maestro or Classic: