HOW TO APPLY FOR NEED-BASED FINANCIAL AID
In December or early January, obtain the Free Application for Federal Student Aid (FAFSA) from your high school guidance counselor or contact the Belmont Abbey College Financial Aid Office.
As soon after January 1, 2007 , as possible complete the Free Application for Federal Student Aid (FAFSA). The student’s and parent’s federal tax returns are required to complete sections of the FAFSA. If tax returns will not be available until later, complete the FAFSA using the best estimates possible. Do Not Delay in completing the FAFSA.
In completing of the FAFSA be certain to list Belmont Abbey College in the “Information Release” section. The code for Belmont Abbey College is 002910. If Belmont Abbey College is not listed, the financial aid office will not have access to the information required to consider the student for need-base financial aid.
Be sure to sign and date the FAFSA before mailing it to the processor as listed in the instructions, make a copy of your form for your records. Do not mail tax returns or any other documents with the application. The preferred method of filing the FAFSA is via the Internet at www.fafsa.ed.gov.
The processor will calculate your information according to the Federal Methodology (FM). The result of this calculation is called the Expected Family Contribution (EFC) and is made up of Parent Contribution (PC) and a Student Contribution (SC). This process will take 4-6 weeks. If you file your FAFSA via the Internet, the process takes approximately 72 hours to complete.
After the calculation has been completed, the student will receive a Student Aid Report (SAR).
The Financial Aid Office will receive a federal need analysis electronically.
Upon receipt of the Need Analysis, the Financial Aid Office will determine the student’s eligibility for need-based financial aid by subtracting the EFC from the cost of attendance. If the student has a demonstrated need, the student will receive an award letter with instructions. Some student files are selected by the US Dept. of Education for verification.
The verification process will require the student to submit signed copies of the 2006 tax returns and other requested documents, to the Financial Aid Office by a reply date. Upon receiving the signed copies of the 2006 tax returns and other documents, the Financial Aid Office will verify the accuracy of the information submitted on the FAFSA. Corrections must be made during the verification process. If corrections are made, the Financial Aid Office will obtain an “Official EFC” based on the correct data. The student will then receive a revised award letter. The final award may be increased or decreased according to the “Official EFC”.
Once the student has received an award letter, the student should accept or decline the award within two weeks.
