Financial Aid Frequently Asked Questions for Traditional Students
Yes, you must be accepted for admission to BAC before you will be considered for financial aid. However, you should not wait on the acceptance letter to apply for financial aid. Complete the 2015-2016 application for financial aid as soon as possible after January 1.
No, you do not have to pay your tuition deposit before applying for financial aid. However, if you are offered a financial aid award package and accept the package, your tuition deposit must be paid in order for the awards to be reserved for you.
Complete the 2015-2016 Free Application for Federal Student Aid (FAFSA) as soon as possible after January 1, 2015. Before completing the application, read the instructions carefully and complete the form according to the instructions.
You must use your and your parents’ 2014 tax information to complete parts of the application. You are encouraged to use the IRS Data Retrieval Process to import your 2014 tax data into the FAFSA. However, if the tax returns have not been completed at the time you complete the application, you may use estimated figures.
You will be required to return to www.FAFSA.ed.gov and use the IRS Data Retrieval process once your tax returns are completed. Be certain to list Belmont Abbey College under the “College Release and Certification” section. If you do not list BAC in this section, the Financial Aid Office will not have access to your data so that you may be considered for financial aid.
FAFSA is now available online (www.FAFSA.ed.gov.)
Help is provided on the FAFSA website ( www.FAFSA.ed.gov.) or you may contact the Financial Aid Office at 704-461-7000.
The US Department of Education will calculate your Expected Family Contribution (EFC) according to their Federal Methodology formula.
The parent’s income and assets (excluding the home) will be considered. The student’s income and assets will also be considered. The formula also takes into consideration the household size, the number of family members attending college and certain other allowances. They will then send the student a Student Aid Report (SAR) indicating the student’s EFC.
The processing of the financial aid application will take approximately 72 hours or 3 business days.
If you have unusual financial circumstances, you should contact the Financial Aid Office at 704-461-7000 prior to completing the FAFSA.
The FAFSA’s College Release and Certification section gives you the option of listing several colleges in which you are interested. Make sure to put all of the correct Title IV Codes for those colleges on the FAFSA.
No, determining eligibility and awarding financial aid is the responsibility of Belmont Abbey College. That is why it is so important for you to list BAC under the College Release and Certification section of your financial aid application.
The cost of attendance is an estimated amount a student may expect to pay during the academic year for tuition, fees, room, board, books, supplies, transportation, and miscellaneous expenses.
Once the Financial Aid Office receives your processed need analysis, your eligibility (demonstrated need) will be determined by subtracting the expected family contribution (EFC) from the cost of attendance. If you have demonstrated need, you will be considered for the federal and state need-based programs.
Five to fourteen days after the Belmont Abbey College financial aid office receives the student’s need analysis, the student will receive a tentative award letter listing the types and amount of aid the student may receive in the form of grants, scholarships, loans, and work study from federal, state, and institutional programs.
The Financial Aid Office of Belmont Abbey College is under federal regulations to verify the student’s and parents’ adjusted gross and untaxed incomes and any other possible discrepancies in information. The Financial Aid Office will request the applicable tax transcripts and other required forms to complete this verification process. The items listed above will be reviewed to check for the accuracy of the information supplied on the FAFSA. Until this verification process has been completed, the award will remain tentative.
If any of the items as listed in the question above have to be corrected during the verification process, the Financial Aid Office must obtain a new “official” EFC based on the corrections. The award may increase or decrease once the new EFC has been determined by the Department of Education. If there are any adjustments, the student will receive a revised award letter.
If you do not have eligibility for need-based aid, you will receive a listing of the student and parent loans available.
Yes, you must complete a renewal FAFSA each year as soon as possible after January 1 but prior to March 1. Need-based financial aid is not carried forward from year to year. You must re-apply every year that you attend college.
Yes, you may contact the admissions office to determine your eligibility to compete for an academic scholarship.
The Higher Education Amendments have established an unsubsidized loan program for students who do not qualify in whole or in part for the subsidized Federal Stafford Loan and/or for the unsubsidized Federal Stafford Loan.