IMPORTANT CHANGES TO 2017-2018 FINANCIAL AID PROCESS–
On Sept 13, 2015, President Obama signed into law new federal regulations that will impact your financial aid. The new regulations require families to use their income taxes from the year prior to the prior year, or the “prior prior year” to file. For example for the 2017-2018 FAFSA families will use the 2015 tax return. The earlier submission date is a permanent change and enables you to submit your Free Application for Federal Student Aid (FAFSA) as early as October 1.
Belmont Abbey College is encouraging all students to file their FAFSA’s as soon after October 1, 2016 as possible. Because you will have already done your taxes you won’t need to estimate tax information and then update the FAFSA later. You may also be able to use the IRS Data Retrieval Tool to automatically import tax information into your FAFSA. Finally, the earlier submission date should relieve some pressure and give you more time to explore your financial options.
Also, North Carolina students must now verify their residency.
How to Apply for Financial Aid
All students applying for any premier Belmont Abbey College scholarships must complete the Free Application for Federal Student Aid (FAFSA). The FAFSA code for Belmont Abbey College is 002910. www.fafsa.ed.gov
We encourage you to apply for Financial Aid by our priority deadline of April 1, 2017.
Types of Aid
- Scholarships and Grants are considered gift aid and generally don’t have to be paid back (sometimes a repayment is required if a student withdraws);
- Loans are funds that you borrow and must be paid back, usually after you leave school.
Step by Step Instructions
- After October 1st, complete the 2017-2018 Free Application for Federal Student Aid (FAFSA) on line, www.fafsa.ed.gov. Your 2015 federal tax returns are required to complete sections of the FAFSA.
- In completing 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 financial aid.
- The student and the parent must have an FSA ID to electronically sign the FAFSA. You may apply for your FSA ID at www.fafsa.ed.gov.
- The Dept. of Education will calculate your information according to the Federal Methodology (FM). The result of this calculation is called the Expected Family Contribution (EFC). This process will take approximately 72 hours to complete.
- After the calculation has been completed, you will receive a Student Aid Report (SAR).
- The Financial Aid Office will electronically receive a federal need analysis of your information.
- Upon receipt of the Need Analysis, the Financial Aid Office will determine your eligibility for financial aid by subtracting the EFC from the cost of attendance. If you have a demonstrated need, you 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 and parent to use DRT or submit an IRS tax transcript. Upon receiving the required 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. You will then receive a revised award letter. The final award may be increased or decreased according to the “Official EFC.”
- Once you have received an award letter, you should accept or decline the award within two weeks.
Tax Transcript Information
How to Get a Copy of Your Tax Transcript Information:
A tax return transcript shows most line items from the tax return (Form 1040, 1040A, or 1040 EZ) as it was originally filed, including any accompanying forms and schedules. It does not reflect any changes you, your representative, or the IRS made after the return was filed. In many cases, a transcript will meet the requirements of lending institutions such as those offering mortgages and student loans. You should receive your tax return transcript within 10 working days from the time the IRS receives your request. To request a transcript by phone call: 1-800-908-9946 or you may print a copy of your tax transcript at http://www.irs.gov/Individuals/Get-Transcript.