PDF Financing a Saint Joseph's University Education

Financing a Saint Joseph's University Education

Presented by: Elizabeth Rihl Lewinsky, Director of Financial Aid

Presentation Overview

Recap: Financial Aid Application Process

Verification Process IRS Data Retrieval tool EFC & Special Circumstances

Cost of Attendance Financing Options Campus Work Study & Outside Sources of Aid Billing & Payment Process FERPA & The Nest Important Names & Offices to Know

Recap: Financial Aid Process

1. Submit the 2019-2020 FAFSA at

2. View financial aid package via Saint Joseph's Admissions Account.

3. Review Financing Options at sju.edu/admittedfinance.

4. If selected for federal verification (deposited students will receive notification via email), submit required documents.

? Submit Deposit @sju.edu/deposit to hold spot in incoming class ? Admissions deposit credited toward initial bill

$500 deposit for residential students ($375 deposit Credit on current bill- $125 security deposit returned after last semester) $250 deposit for commuter students

5. Complete Steps to obtain any Federal or Private Student Loans.

Verification Process

?About 30% of all FAFSA filers are selected for the verification process to check the accuracy of the FAFSA information.

?If selected, deposited will receive separate notification.

?Documents that must be submitted:

?2019?2020 Verification Form

?IRS data retrieval (without any changes on FAFSA)

?2017 Federal Tax Return Transcript (request from IRS via GetTranscript option at )

IRS Data Retrieval Tool

?If selected for verification upon filing FAFSA and IRS Data Retrieval Tool was not offered or used, must obtain 2017 IRS Tax Transcripts. Request tax transcripts at IRS Get Transcript site: transcript.

?Download as pdf and upload through SJU Admissions Account (be sure student's name is listed) ?Request to receive by mail. Will receive via mail 5-10 days later. Mail to SJU Financial Aid Office, 5600 City Avenue, Philadelphia, PA 19131.

?Non-Tax filer (2017) parents (of dependent students) and independent students must request IRS Verification of Non-Filing Statement

?Go to transcript. Select "Verification of Non-filing Letter " select "2017" in Tax Year Field. ?Cannot download if you have NEVER filed taxes in previous years. Must use paper request: Download IRS Form 4506-T at pdf/f4506t.pdf

What is the EFC

? Basis of financial aid package ? EFC=determined by a federal formula that calculates

student's "financial need " based on info. on FAFSA ? EFC & Financial Need are guidelines used by schools

to determine aid package ? EFC not necessarily = to out-of-pocket cost of family

Cost of Attendance - Expected Family Contribution

=Financial Need

Primary Factors Used to Calculate EFC

? Taxable Income: Adjusted Gross Income ? Untaxed income & benefits ? Number in family ? Number of dependent children in college ? Assets

? includes cash/savings, value of other real estate and investments, 529 plans for all dependents ? excludes value of primary home, retirement plans (IRA's, Keogh, 401K's), life insurance policies ? Education Savings & Asset protection allowance acc. to age*

-example: Oldest Parent's Age = 50, $12,500 of assets protected if married*. ? 12% of parents assets counted toward EFC ? 20% of student's assets counted

*Based on 2019-20 FAFSA, parent age as of 12/31/19.

Special Circumstances

?In special circumstances, a Financial Aid Administrator can use "professional judgement" to update information on FAFSA and recalculate a student's EFC.

?Once student has filed 2019-2020 FAFSA and receives financial aid package, if student or parent's 2017 calendar year income, as listed on FAFSA, is higher than their projected 2019 calendar year income, due to: ?Loss of income/unemployment ?Death of a wage earner

OR you had: ?Significant medical expenses not covered by insurance ?Other financial circumstance not reflected on the 2019?2020 FAFSA

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