Commonly asked questions about Financial Aid for first time Freshman at Belmont Abbey College
Do I have to be accepted for admission to BelmontAbbeyCollege before I can apply for and be considered for financial aid?
Yes. You must be accepted for admission to Belmont Abbey College before
you will be considered for financial aid. However, you should not wait
on the acceptance letter to apply for financial aid. Complete the 2008-2009
application for financial aid as soon after January 1, 2008 as possible.
Do I have to pay my tuition deposit before I can apply for and be considered for financial aid?
No. You do not have to pay your tuition deposit before applying for financial aid. However, if you are offered a financial aid award package and accept the package, your tuition deposit must be paid in order for the awards to be reserved for you.
How do I apply for need-base financial aid at BelmontAbbeyCollege?
Complete the 2008-2009 Free Application for Federal Student Aid (FAFSA)
as soon after January 1, 2008 , as possible. Before completing the application
read the instructions carefully and complete the form according to the
instructions. You must use your and your parents’ 2007 tax returns
to complete parts of the applications. However, if the tax returns have
not been completed at the time you complete the application, you may
use estimated figures. Corrections will be required when the tax returns
are available. Be certain to list Belmont Abbey College under the “College
Release and Certification” section. If you do not list Belmont
Abbey College in this section, the Financial Aid Office will not have
access to your data so that you may be considered for financial aid at
Belmont Abbey College . BAC’s Title IV code is 002910.
Where do I get the 2008-2009 application for financial aid?
You will probably be able to get the application form from your high school guidance counselor, or you may call the Belmont Abbey Financial Aid Office at 704-461-6718. The application form should be available in December.
If I need assistance in completing the 2008-2009 financial aid application, where can I get help?
Contact the Financial Aid Office at 704-461-6718. We will be able to answer most of your questions over the telephone but you are always welcome to schedule an appointment.
Once I complete the 2008-2009 financial aid applications, where do I send them?
You must send the completed applications to the address as listed in the instructions, or you may complete the FAFSA on the Internet. WWW.fafsa.ed.gov
What happens to the information I have submitted on the application, and how long will it take to have the forms processed?
The processor will calculate your Expected Family Contribution (EFC) according to the Federal Methodology formula. The processor will then send the student a Student Aid Report (SAR) indicating the EFC. The processing of the financial aid application will take 3-4 weeks, unless filed on the Internet where it will take approximately 72 hours.
Does the processor of my financial aid application determine my eligibility for need-based financial aid, and do they award financial aid?
No. Determining eligibility and awarding financial aid is the responsibility of Belmont Abbey College . That is why it is so important for you to list Belmont Abbey College under the “College Release and Certification” section of your financial aid application.
What should I do if I am considering several institutions?
If you are considering several schools, be sure to put all of the correct Title IV Codes on the FAFSA.
How does BelmontAbbeyCollege determine my eligibility for need based financial aid?
Once the Financial Aid Office receives the processed need analysis, your eligibility (demonstrated need) will be determined by subtracting the family contribution (EFC) from the cost of attendance. If you have a demonstrated need, you will be considered for the federal, state and institutional need-base programs.
What is the cost of attendance?
The cost of attendance is an estimated amount a student may expect to pay for the academic year for tuition, fees, room, board, books, supplies, transportation, and miscellaneous expenses.
How is the family contribution (EFC) calculated?
The family contribution is calculated according to a federal formula. The parents’ income and assets (excluding the home) will be considered. The student’s income and assets will also be considered. The formula also takes into consideration household size, number in college and certain allowances. If you have unusual financial circumstances, you should contact the Financial Aid Office prior to completing the financial aid application.
How will I know if I have eligibility for need-base financial aid?
5-14 days after the Financial Aid Office receives the need analysis, the student will receive a tentative award letter listing the types and amount the student may receive for grants, scholarships, loans, and work from the federal, state and institutional programs.
Why will my award be tentative?
The Financial Aid Office is under a federal regulation to verify the parents’ adjusted gross income, parents’ untaxed income, household size, number in college, student’s adjusted gross income, student’s untaxed income, and any other discrepancy. The Financial Aid Office will request the applicable tax returns and other required forms to complete this verification process. The items listed above will be checked for accuracy. Until this verification process has been completed, the award will remain tentative.
Will my final award be revised after the verification process has been complete?
If any of the items as listed in #14 have been corrected during the verification process, the Financial Aid Office must obtain an “official EFC” based on the corrections. The award may increase or decrease once the “official EFC” has been determined. If there are any adjustments, the student will receive a revised award letter.
