How do I apply for Financial Aid?
Complete a
Free Application for Federal Student Aid (FAFSA) or a Renewal
FAFSA and return it to the Federal Processor as soon as possible
after January 1. Be sure to submit your FAFSA/Renewal FAFSA to the
Federal Processor in time for them to process it (about four weeks)
and transmit the results to St. John's University by our March 1,
on-time application deadline. You may prefer to
apply online using FAFSA. We strongly encourage this method of
applying since it is faster and generally more accurate because the
online version has built-in edits. Apply for financial aid at the
same time, or even before you apply for admission.
When should I apply?
St. John's University has an "On-Time" financial aid filing
deadline of February. This means that the Office of Financial
Aid must receive the results of your Free Application for Federal
Student Aid (FAFSA) or your Renewal FAFSA from the Federal
Processor by March 1 for your application to be considered
"on-time". Meeting the deadline gives you priority for all funds.
Late applicants are considered for whatever aid remains when their
application file is complete. The St. John's University Federal
School Code must be included: 002823.
Why should I apply by the "On-Time"
Deadline?
Students who have a complete file by the "On-Time" deadline
are more likely to receive funds by the time school starts in the
fall. Students who apply by the priority date are also more likely
to receive funds from all programs for which they are eligible.
After the priority dates, funding in many programs, especially
campus-based programs such as Federal Work Study, SEOG and the
Perkins Loan Program may be exhausted. Applying early is always to
the student's advantage.
Do I need to reapply each year?
Yes. Each year you must file either the Free Application for
Federal Student Aid (FAFSA) or a Renewal FAFSA. You must also
maintain satisfactory academic progress in order to qualify for aid
each year.
What happens after I apply?
Once you complete and mail your FAFSA to the processing
center, your FAFSA will be processed and you will receive a Student
Aid Report (SAR). The results of your FAFSA will be electronically
sent to the Office of Financial Aid. The FAFSA will be reviewed and
a Financial Aid Award Letter will be prepared and mailed to the
student describing all of the eligible financial aid sources.
Whom do I call if I do not receive my
SAR?
If you need answers right away to questions about Federal
Student Aid you may call the Department of Education at (800) 4-FED
AID.
When completing my Financial Aid
Application, can I estimate my income?
Yes, you may estimate by using the previous year's income.
We recommend that you try to estimate your income as close as
possible to your actual income so that your financial aid
eligibility is not greatly affected by any income changes.
What is verification?
Verification is a review process where the Department of
Education has requested that the Office of Financial Aid review all
of the information that the student has completed on their
financial aid application.
Is it required that I submit my parent's
Federal Tax Return?
No, unless you have been selected for Federal/Institutional
Verification. In fact, unless the Office of Financial Aid requests
tax returns from the student or student's parents we do not want
them submitted.
If my parents are divorced or separated,
whose financial aid data should be used when I am completing the
Free Application for Federal Student Aid (FAFSA)?
If your parents are separated or divorced use the parent
with whom you lived the most with in the past 12 months. If you
lived with neither parent or lived with each parent an equal number
of days use the parent that provided the most financial support to
you over the past 12 months. If that parent has remarried you must
also include the stepparent's financial information on the
application and parent and stepparent should report themselves as
married on the FAFSA.
How do I apply for a Federal Subsidized
Stafford Loan?
Eligibility for the Federal Subsidized Stafford Loan is based on
need and is computed in the same way as eligibility for other
need-based aid. You will be applying for a Federal Stafford Loan
when you complete the Free Application for Federal Student Aid and
send it to the processor. It is important to start this process
early.
Will our savings and other assets be
considered when our financial need is being
determined?
Family assets such as stocks and bonds, net business worth and
savings are taken into account in determining the Expected Family
Contribution toward a student's education. Eligibility for Federal
Financial Aid funds is determined by rules set by the government
that provide, among other things, allowances for retirement needs
in computing this contribution.