The key to financing your education is to start the planning
early. The more you understand the resources available to you and
your family, the better prepared you will be to pay the cost of
your education.
The Office of Financial Aid at St. John's University is
committed to helping you and your family finance your education. We
have set up a step-by-step guide through the process of applying
for financial aid.
Step 1: Complete the Free Application for Federal Student Aid
(FAFSA)
There are three ways you can complete the FAFSA:
- Online
Apply on the World Wide Web at http://www.fafsa.ed.gov/. It's
fast, easy and efficient. Internet access is available at most
public libraries.
- Renewal Form
If you applied for financial aid in 2007-2008 you will receive your
Renewal FAFSA by late December 2006. If you do not receive one by
late December use one of the other options in this section. You can
access your Renewal FAFSA on the Internet at http://www.fafsa.ed.gov/.
However, you must request a PIN number from http://www.pin.ed.gov/ if you do
not already have one.
Helpful Hints:
- You must complete a FAFSA every year!
- Do not wait until you have been admitted to the college to
apply.
- Do not wait until you file your actual 2006 federal and/or
state income tax returns. Use estimated 2005 federal income tax
information when you complete the FAFSA.
- You are not allowed to complete, mail or sign the FAFSA before
January 1, 2007.
- On the FAFSA, Step Six, Item #86, you
must indicate our Title IV federal school code, which is
002823.
- Keep copies of all documents that you used to complete the
FAFSA in case your application is chosen for federal verification.
See Federal Verification Process in Step 4 for more
information.
Why should everyone file a FAFSA?
The Office of Financial Aid at St. John's University recommends
that every student complete a FAFSA even though you feel that you
may not be eligible for financial assistance. We encourage you to
file a FAFSA because:
- Every student is eligible for some type of financial
assistance.
- A FAFSA must be filed to receive any type of federal or state
financial aid including loans.
- FAFSA information is used to determine eligibility for some
institutional scholarships.
- Your family's financial situation may change during the
year.
Step 2: Student Aid Report (SAR)
You will receive a 2007-2008 Student Aid Report (SAR) from the
federal processor approximately four weeks after completing your
FAFSA. The SAR indicates all the information you and your family
reported on the FAFSA.
If you need to make corrections on your SAR, indicate the revisions
in the corresponding box and obtain the appropriate signatures. If
the St. John's University federal school code (002823) is not
listed on the SAR contact the Federal Processor at (800) 4 FED AID
and add the St. John's University school code (002823).
If you do not need to make corrections please keep this document
for your records. If you have general inquiries regarding your SAR
contact the Federal Processor at (800) 4 FED AID.
Step 3: Express TAP Application (ETA)
If you are a New York State resident attending a New York State
college or university and have completed a FAFSA, the New York
State Higher Education Services Corporation (NYSHESC) will mail you
an ETA a few weeks after your FAFSA is processed. Some of the
information that you reported on the FAFSA will be preprinted on
your ETA. The ETA is used to process your NYS TAP award. You and
your parents must sign and return the ETA to NYSHESC to receive
your Tuition Assistance Program (TAP) grant from New York State.
For questions regarding TAP please contact New York State at (888)
697-4372 or visit them online at
http://www.hesc.com/.
Helpful Hints:
- Make it easy on yourself. Enter St. John's University's federal
school code (002823) as the first school on your FAFSA. This will
insure that your TAP award will be used to pay for the costs at St.
John's University.
- If St. John's University is not listed
on the ETA, enter our TAP code (Undergraduate 0751, Graduate 5110,
Law 5385) on the application and return it to NYSHESC in the
envelope provided.
Step 4: Federal Verification Process
The Federal Processor reviews all FAFSA applications and selects
30% for a process known as verification. In order to complete the
verification process, you must submit documentation that verifies
the information you and your family reported on the FAFSA. If you
are selected for verification, our office will send you the
appropriate documentation to be completed. All completed
documentation must be sent to the Office of Financial Aid for
review.
Step 5: The Financial Aid Award Letter
New students must wait until they have been accepted to St. John's
University before they will receive a Financial Aid Award Letter.
The award letter will list the amounts and types of federal, state
and/or institutional assistance they are eligible to receive.
Students will receive their award letters on a rolling basis.
Step 6: Apply for a Stafford Loan
Parents and students are relying on loans to meet educational
costs. For new or first-time borrowers once you file your FAFSA
form, you will receive a Financial Aid Award Letter indicating the
amount of your student loan eligibility. Also enclosed will be a
Loan Voucher Form. If you wish to use your loan as a credit on your
account, you must return the completed form to the Office of
Financial Aid.
For continuing student borrowers, if you have previously borrowed
under the Federal Stafford Loan program at St. John's, he loan
amount(s) indicated on your award letter will automatically be
processed and forwarded to NYSHESC for approval. You will not
receive a Master Promissory Note.
Helpful Hints
- All banks have the same interest rate and loan conditions
because the Stafford Loan Program is federally regulated. Some
repayment incentives may vary slightly.
- You do not need to have a bank account or visit the bank that
you borrow from.
*Note: The maximum PLUS loan amount is variable. The maximum amount
that can be borrowed is equal to the difference between the total
Cost of Attendance minus all forms of financial aid.