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, 2014.
Please download and reference this financial aid handbook for traditional students.
- After January 1st, complete the Free Application for Federal Student Aid (FAFSA) on line, www.fafsa.ed.gov. Your federal tax returns for the previous year 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 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.
- Be sure to apply for a PIN number at the PIN website, www.pin.ed.gov or you may choose your own PIN at the FAFSA website, www.fafsa.ed.gov so you can electronically sign the FAFSA. Make sure you print a copy of the FAFSA for your records.
- 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 to submit copies of the 2013 tax transcripts and other requested documents to the Financial Aid Office by a reply date. Upon receiving the copies of the 2013 tax transcripts 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. 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.
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.
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.
Federal Pell Grant – The Pell grant is a federal entitlement program that provides funds to students enrolled at approved colleges. The Estimated Family Contribution (EFC) number on the Student Aid Report (SAR) determines the amount of each grant. This information is generated through the Department of Education and is mailed to the applicant at his/her home address.
Eligibility is based on the following:
- Enrollment as a regular student in an eligible program
- U.S. citizenship or permanent residence with proper documentation
- Undergraduate student not previously receiving a bachelor’s degree
- Does not owe a refund or is not in default on any federal financial aid
- Is in compliance with Selective Service Registration requirements
Annual maximum and minimum awards vary. The 2014-2015 minimum award is $602. The 2014-2015 maximum award is $5,730.
Federal Supplemental Educational Opportunity Grant (FSEOG) – The Supplemental Educational Opportunity Grant program is a federal non-repayable program that provides money to a limited number of undergraduate students who demonstrate financial need. Supplemental grants range from $200 to $4,000 per academic year depending on your need and availability of funds. There is no aggregate limit of FSEOG funds that a student may receive.
Subsidized Stafford Loans – Any student who files a FAFSA and who meets the eligibility requirements will qualify for a Federal Stafford Loan. Subsidized Stafford Loans do not accrue interest until a student ceases to be enrolled. The interest rate is set each year on July 1, and is a fixed rate loan. For 2013-2014 the subsidized interest rate is 3.86%.
Unsubsidized Stafford Loans – If you do not meet the financial need criteria to qualify for a subsidized loan, you can still apply for an unsubsidized loan. You are responsible for paying the interest while you are in school. If you cannot make the interest payments, the interest can be added to your principle balance. The interest rate is set each year on July 1, and is a fixed rate loan. For 2013-2014 the unsubsidized loan interest rate is 3.86%.
Federal Loan Programs for Parents
Parent Loans for Undergraduate Students (PLUS) – PLUS Loans are available for every creditworthy parent who is a U.S. citizen or eligible non-citizen, who has completed the FAFSA.
Parents may apply for a PLUS Loan at www.studentloans.gov. Please complete this step no later than July 1. A delay can prevent the loan from being credited to your student’s account prior to first semester tuition due date of August 10. First-time PLUS Loan borrowers at Belmont Abbey College are also required to complete an online master promissory note. For 2013-2014 the PLUS loan interest rate is 6.41%.
Entrance counseling must be completed before a student can receive a disbursement of Stafford loan funds. College students may fulfill this federal requirement by clicking on the link below.
Federal Student Aid (Entrance Counseling)
Exit counseling must be completed when a student who has received Stafford loan funds either graduates or leaves college. Belmont Abbey College students may fulfill this federal requirement by either making an appointment with a BAC financial aid counselor or clicking on the link below.
Federal Student Aid (Exit Counseling)
Financial Aid Links
- FAFSA Application www.fafsa.ed.gov
- PIN # Application www.pin.ed.gov
- Selective Service Link www.sss.gov
Financial Aid Forms
- Special Circumstance Application
- North Carolina Need Based Scholarship
- Plus Loan Credit Application
- Verification Independent V1 14-15
- Verification Independent V3 14-15
- Verification Independent V5 14-15
- Verification Independent V6 14-15
- Verification Dependent V1 14-15
- Verification Dependent V3 14-15
- Verification Dependent V5 14-15
- Verification Dependent V6 14-15
Please complete and return all forms to the Financial Aid office.
On August 14, 2008 the Higher Education Opportunity Act (Public Law 110-315) (HEOA) was enacted. This legislation reauthorizes the Higher Education Act of 1965. Part of this legislation requires that Belmont Abbey College have and enforce a code of conduct for all of its officers, employees and agents of the institution.
Belmont Abbey College is a William D Ford Federal Direct Lending School. Belmont Abbey College became a direct lending school at the beginning of the 1995-96 academic year.
Belmont Abbey College does not have a preferred lender list. Belmont Abbey College does not recommend or attempt to influence student’s right to choose their own lender if they elect to take out a private educational loan.
The following Code of Conduct applies to all employees, officers and agents of Belmont Abbey College who have responsibilities with respect to student educational loans. All of these individuals must comply with the following policy:
Ban on revenue-sharing arrangement with any lender: Employees, officers and agents of Belmont Abbey College shall not enter into any revenue-sharing arrangement with any lender.
Ban on receiving gifts from any lender, guaranty agency or loan servicer: Employees, officers and agents of Belmont Abbey College shall not solicit or accept any gift in the form of a gratuity, favor, discount, entertainment, hospitality, loan service, transportation, lodging, meals, reimbursement, or other item having a monetary value of more than a de minimus amount.
Ban on contracting arrangements: Employees, officers and agents of Belmont Abbey College shall not accept from any lender or affiliate of any lender any fee, payment or other financial benefit (including stock purchasing options) as compensation for any type of consulting arrangement or other contract to provide services to a lender or on behalf of a lender relating to education loans.
Prohibition against steering borrowers to particular lenders: Belmont Abbey College does not have a preferred lender list and is a Federal Direct Lending School.
Prohibition on offers of funds for private loans: Belmont Abbey College shall not request or accept from any lender an offer of funds for private loans, including funds for an opportunity pool loan, to students in exchange for providing concessions or promises to the lender for a specific number of loans made, insured or guaranteed, a specific loan volume, or a preferred lender arrangement. An “opportunity pool loan” is defined as a private education loan made by a lender to a student that involves a payment by the institution to the lender for extending credit to the student.
Ban on staffing assistance. Belmont Abbey College shall not request or accept any lender assistance with financial aid office staffing. Belmont Abbey College does its own entrance and exit counseling.
Ban on advisory board compensations: No member of the financial aid office staff of Belmont Abbey College, or any other employee that has responsibilities with respect to education loans or any other student financial aid shall derive any material benefit from serving on an advisory board, commission or group established by a lender, guarantor, or group of lenders or guarantors. However, such individuals may be reimbursed for reasonable expenses incurred in serving on such advisory board, commission or group.
Belmont Abbey College
Financial Aid Office
100 Belmont-Mt Holly Rd
Belmont, NC 28012