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 1st. 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 1st, on-time application deadline. You may prefer to apply
online using
FAFSA on
the Web. 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 1st. 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 1st 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/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.