Office of Student Financial Services Newsletter February 2010
Time to Reapply for Financial Aid for the 2010-2011 Academic Year
Federal Change in Aid Translates into Increased Savings for Students
The priority filing date for financial aid for the 2010-2011 academic year is quickly approaching. If you have not already completed the Free Application for Federal Student Aid (FAFSA) and are interested in applying for financial aid, you must complete the application at www.fafsa.gov (school code: 002147). We strongly encourage you to apply by the priority filing date of March 1st so that you can be considered for all sources of financial aid.
The Federal Pell Grant has increased significantly over the last few years. The maximum award for 2009-2010 is currently $5,350, and Congress recently approved an increase for the 2010-2011 academic year, raising the maximum award to $5,550. Remember, to be considered for the Pell Grant, students must complete the FAFSA!
Endowed scholarship applications for the upcoming academic year must also be submitted to the Office of Student Financial Services (OSFS) by March 1, 2010. Students can view the many scholarships and download the application on the Emmanuel Portal by going to “Student Resources” and clicking on “Student Financial Services.” The OSFS will notify students of scholarship decisions in May.
Tax Documents & Tax Benefits Student W-2s and 1098-Ts were recently mailed to your preferred mailing address. We encourage you to review the 1098-T (which can be viewed and printed through Online Academic Resources via the Emmanuel Portal) to assess you or your parents’ eligibility for claiming certain education credits. As part of the American Recovery and Reinvestment Act of 2009, the existing Hope Credit has been expanded to allow taxpayers to claim 100 percent of the first $2,000, plus 25 percent of the next $2,000 of qualifying expenses (i.e., tuition, fees and course materials) paid during the tax year. If you are interested in learning more about these tax benefits, we encourage you to consult a tax professional or visit www.irs.gov.
Also, as part of the Higher Education Reconciliation Act of 2005, the origination fee for Direct Subsidized and Direct Unsubsidized Stafford Loans will again be reduced. For loans disbursed on or after July 1, 2010, the origination fee is changing from 1.5 percent to 1 percent.
February is Financial Aid Awareness Month February is a short month filled with many events: Groundhog’s Day, Black History Month, Valentine’s Day and President’s Day – but there’s more! February is also Financial Aid Awareness month. In honor of the occasion, we have listed some online sources to help you learn more about financial aid and the staff of the OSFS is available to assist you with any questions you may have! FinAid: The Financial Aid Information Page (www.finaid.org) FastWeb: The Internet’s largest free scholarship search (www.fastweb.com) National Student Loan Data System (NSLDS): View federal student loan history (www.nslds.ed.gov)
The Office of Student Financial Services is available to answer any questions that you might have. Please contact us via phone at 617 735-9938, by e-mail at financialservices@emmanuel.edu or in person in the Administration Building, Room 340.
What Students Should Consider When Moving Off Campus
Office of Student Financial Services Refund Process
The responsibilities of maintaining an apartment and developing a budget require effort and discipline. Many students feel that living off campus is cheaper, but it provides its own set of financial challenges that you should consider before signing a lease.
If you have a credit on your account (check through Online Academic Resources), you may request a refund by completing a Refund Request Form. This form can be completed online through the Emmanuel web site, by clicking “Tuition & Aid,” then “Tuition & Fees,” and then “Refund Process.”
Affect on financial aid: If you are receiving funding from the College that is need-based, an adjustment to your financial aid award may be necessary. Security deposits: Most rental agencies require a security deposit, and you may need to pay this deposit (in addition to the first month’s rent) before the end of this academic year. Start-up costs: If you rely on financial aid, including parent and student loans, to pay for your room and board costs, these funds are not disbursed onto your account until late October, so you must have the funds to pay for September and October rent. In addition to this expense, you should be prepared to pay other basic start-up expenses such as application fees, cable, utilities, Internet, groceries, furniture, etc. before your refund check is available. Leases: Most leases require a 12-month commitment, even if the student does not plan on residing in the apartment during the summer. If you plan on living with roommates, financial matters are easier if all names are on the lease and utility bills. We encourage you to develop a cost plan of reasonable off-campus expenses and compare it to room and board rates. If you need help with this process or would like to discuss the impact of living off-campus on your financial aid award for the upcoming year, we encourage you to meet with your Student Financial Services counselor.
Please note the OSFS can only process a refund check once all financial aid funds have been received and disbursed onto the student’s account. Most funds should be received by late February; however, some funds, such as state grants, are generally not disbursed until late March. If you have questions about when you can expect your spring refund, please e-mail financialservices@emmanuel.edu.
2010-2011 Important Dates February Begin applying for private scholarships March March 1st – Financial aid priority filing date March 1st – Endowed scholarship application deadline March 30th – Room selection deposit due date March 30th – Fall 2010 registration begins* April Room selection* May Endowed scholarship notifications sent June 2010-2011 financial aid award letters sent Apply for student or parent loans for the 2010-2011 academic year July Fall 2010 tuition bill sent 10-month payment plan begins August August 4th – Fall 2010 tuition bill due & health insurance waiver & enrollment deadline *Note: Students who have not paid their tuition bill will not be able to participate in fall 2010 registration, 2010-2011 room selection or graduation. If you currently have an outstanding balance (view your Statement of Account on Online Academic Resources via the Emmanuel Portal), please meet with the OSFS so that we can work with you to resolve your balance.
The Office of Student Financial Services is available to answer any questions that you might have. Please contact us via phone at 617 735-9938, by e-mail at financialservices@emmanuel.edu or in person in the Administration Building, Room 340.