Application process for financial aid
Students interested in applying for federal financial aid must comply with the following requirements and process:
- Have financial need.
- Be an US Citizen or an Eligible Non-Citizen.
- Have a valid social security number.
- Enroll in an eligible program as a regular student working toward a degree.
- Meet satisfactory academic progress standards.
- Register (or have registered) with the Selective Service if you are a male between the ages of 18 and 25.
- Certify that are not in default on a federal student loan and that do not owe money on a Federal student grant.
- Student can not exceed the aggregate loan limit established by the Department of Education.
- Comply with the Entrance/Exit Interview (Counseling).
- Provide all documents and information required by the Financial Aid Office and the Admission’s Office.
Applicants must submit the documentation required by the Financial Aid Office no later than a week prior to enrollment.
First time applicants at SJBSM must complete an Electronic Entrance Counseling, and a Master Promissory Note at https://studentaid.gov/.
- Fill the Free Application for Federal Student Aid (known as FAFSA) in order to be evaluated for eligibility for federal funds. Go to https://studentaid.gov/,
- Deadline for submission is April 15th
- SJBSM School code is G31773.
- Enter your name as it appears on your Social Security card.
- Be sure to enter updated information (address, phone number, email, etc.).
- You need a FSA ID to sign your FAFSA. To request an FSA ID, please access https://studentaid.gov/.
- Financial need: Once you submit your FAFSA, the U. S. Department of Education will send an Institutional Student Information Record (ISIR) to the Financial Aid Office, which will be used for completing your financial need analysis. For undergraduate students, the Expected Family Income (EFC) will be considered. The EFC is the amount that the student should contribute toward to his/her cost of attendance. The financial need analysis consists of the following calculation:
(Cost of attendance) minus (EFC) equals (Financial Need)
The Financial Aid Office will take in consideration any other expected financial aid (external funds such as Vocational Rehabilitation, military scholarships, and any other grant or scholarship) when calculating the financial need.
Note: A student cannot receive financial assistance in excess of the determined Financial Need.
The Financial Aid Office has the authority to request any document to determine the eligibility of the student to receive federal funds.
The next step is the Financial Aid Notification. Once the financial need analysis is completed and eligibility is determined, the student will receive a notification letter, which will indicate the type/financial aid programs, amounts, and the applications forms that must be completed.
Verification is the process used to confirm that the data reported on your FAFSA is accurate. The main reasons for being selected for verification include: that you were chosen randomly, that the information you submitted was incomplete, or that the data you provided is inconsistent. The Financial Aid Office will verify applications selected by the Department of Education (ED), except in cases when of graduate students which will are eligible for unsubsidized financial aid only.
Otherwise, FAFSA applications selected for verification by the ED will be verified in the following items (according to the verification code):
- Adjusted gross income
- Taxed paid
- Specific untaxed income items from tax return: untaxed IRA distribution, untaxed pensions, eduction credits, IRA deductions, tax excemp interest
- Number in family members in college
- Child support
- Other items required by the Departemtn of Education
The student is required to submit the following documents to the Financial Aid Office, within an establihed deadline for submission:
- Verification Worksheet
- Copy of corresponding tax return
- Copy of the corresponsing W-2 form,(s)
- Evidence of wages, salaries, tips, etc, reported on FAFSA
- Other required documents
Note: Financial aid will not be processed until the verification is completed
Satisfactory Academic Progress
Federal regulations require that every stuent who receives federal financial aid maintain a satisfactory academic progress toward the achievement of a degree. Progress is measured by the student's grade point average and credit earned in relation to those attempted and the length of the academic program.
Return of Title IV Funds
Federal student financial aid (Title IV funds) are awarded to students under the assumption that the student will attend school for the entire period for which the assistance is awarded. When a student withdraws, the student may no longer be eligible for the full amount of Title IV funds that the student was originally scheduled to receive.
A student who withdraws after the 60% point of a semester is entitled to retain all Title IV aid for that payment period. However, if the student withdraws prior to the 60% point of the term, unearned Title IV funds as determined by the federal policy must be returned to the corresponding programs.
Electronic Entrance Counseling and Master promissory Note:
Students must complete an Electronic Counseling and the Master Promissory Note for DL Loans at StudentLoans.gov. Students are also required to complete an Electronic Exit Counsling before the student changes his/her status from the school (graduation, withdrawal, or dismissal). More information and instructions regarding this process will be provided to the student with the notification.
Students with loans from other school
Students with loans from other school(s), must contact his/her servicer(s) in order to request a diferrment for the loan(s).
To keep track of all your federal loans, access the National Student Loan Data System (NSLDS) at https://nsldsfap.ed.gov/login, the central database for federal student aid. You'll need to use your PIN number to access your information.
Important links and numbers:
- Fill out your FAFSA on line: https://studentaid.gov/
- FSA Information Center: 1-800-433-3243
- Get your FSA ID Credentials: https://studentaid.gov/
- Registration with the Selective Service: https://www.sss.gov
- View your loans: http://www.nslds.ed.gov/nslds
- Manage your federal student loans: https://studentaid.gov/