HOW TO APPLY FOR FINANCIAL AID
As soon as possible after January 1, 2013, complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov. The student's and parents' federal tax information for the previous year is required to complete sections of the FAFSA. You are encouraged to use the IRS Data Retrieval tool to import your 2012 tax information into your 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. You will be required to return to www.FAFSA.ed.gov and use the IRS Data Retrieval Process when your taxes are completed.
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) and is made up of Parent Contribution (PC) and a Student Contribution (SC). This process will take 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 electronically receive a federal need analysis of your information.
Upon receipt of the Need Analysis, the Financial Aid Office will determine the student's eligibility for financial aid by subtracting the EFC from the cost of attendance. The student will receive an award letter with instructions once their aid has been processed.
Some student files are selected by the US Dept. of Education for verification. The verification process will require the student to submit an IRS tax transcript and other requested documents to the Financial Aid Office by a reply date. Upon receipt of the verification 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.