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NOTE to Alverno Students: It is time to apply for your financial aid for the 2015 - 2016 academic year.
Complete the FAFSA based on information from your paycheck records, end-of-January W2s, and last year’s tax documents. Filing by the March 1st priority deadline will ensure you are considered for the maximum amount of financial aid. Even if you don't have your 2014 taxes filed yet, you can still fill out your FAFSA using estimates and then make a correction to update your FAFSA amounts after your tax return has processed.
Estimate. Don’t Be Late!
The following steps will make it easy for you to complete the financial aid process. Current students can track their progress in completing financial aid through Alverno's Interactive Online (IOL). On the Menu, "Communications - My Documents" will allow you to see which documents the Financial Aid Office has received and which documents are still needed.
1. Create your FSA ID at fafsa.gov. Your FSA ID will allow you to electronically sign federal documents, loan applications, etc. Dependent students and their parents should acquire a PIN number to make these processes easier.
2. Complete the FAFSA (Free Application for Federal Student Aid) form online at fafsa.gov. Use Alverno's Federal Code (003832). The priority deadline for submission of all financial aid documents is March 1. After that date, the FAFSA should be completed as soon as possible.
Dependent vs. Independent Student Definition
Federal regulations require that all students who answer "NO" to all of the following statements are considered dependent students:
- I will be 24 years old by January 1st of the school year
- I am applying for
- I am married at the time of completing the Free Application for Federal Student Aid (FAFSA)
- I am a veteran of the U.S. Armed Forces
- I will be in a graduate degree program
- I have children or dependents for whom I provide more than half of their support
- I am an orphan or ward of the court
- I am homeless and can document this by one of the following: the McKinney-Vento Act school district liaison; U.S. Dept. of HUD; or Runaway & Homeless Youth Act program director.
3. Review the Student Aid Report (SAR) that you will receive two to five days after submitting the FAFSA. Contact the Financial Aid Office if you find errors. Alverno College will receive an Institutional Student Information Record (ISIR) after you file a FAFSA. An ISIR is the same as a SAR.
4. Respond to any follow-up requests for additional information from the Financial Aid Office. Students may be asked to obtain tax transcripts, a verification form or other supporting information/documentation. (Financial Aid Forms)
5. Continuing students are notified by e-mail and postcard that their award is ready to view on IOL beginning in March. New students are sent an award packet upon acceptance. Additional information regarding the award letter for continuing students can be found by reviewing the 2015-16 Financial Aid Handbook (pdf).
When You File the FAFSA:
- Be sure to use the IRS Data Retrieval Tool to upload your federal tax information. If you file taxes after completing the FAFSA, you can use Data Retrieval Tool approximately three weeks later.
- Photocopies of tax returns required for verification are no longer acceptable for income documentation. Tax information can only be accepted via the Data Retrieval Tool or a tax transcript that is provided directly from the IRS.
- More complete directions will be provided if tax or other information is needed.