Applying for Financial Aid

NOTE to Alverno Students: It is time to apply for your financial aid for the 2012-2013 academic year. Prepare to file your 2012-2013 FAFSA on the Web (FOTW) by printing and completing the 2012 - 2013 FAFSA Worksheet. The questions appear in the same order as the questions on the 2012-2013 FAFSA on the Web. Complete the worksheet based on information from your paycheck records, end-of-January W2s, and last year’s tax documents. Once the worksheet is completed, follow the steps listed below to file your FAFSA and your 2012-2013 Financial Aid Annual Form for the upcoming 2012-2013 academic year. Do not take the chance of losing out on financial aid by waiting until you file your tax forms in April.

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.

Apply online for a Federal Personal Identification Number (PIN number) at www.pin.ed.gov. This PIN 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.
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.
Complete the FAFSA (Free Application for Federal Student Aid) form online at www.fafsa.ed.gov. Use Alverno's Federal Code (003832).
The priority deadline for submission of all financial aid documents is March 15. After that date, the FAFSA should be completed as soon as possible.
Complete the 2012-2013 Financial Aid Annual Form available from the Admissions and the Financial Aid Offices, or print out the following form: 2012 - 2013 Annual Form (pdf).
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.
Respond to any follow-up requests for additional information from the Financial Aid Office. Students may be asked to submit copies of federal tax returns used in completing the FAFSA, a verification form or other supporting information/documentation. Verification forms can be printed out from below.
2012 - 2013 Verification Form (pdf).
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 2012 - 2013 Financial Aid Handbook (pdf).
2012-2013 Loan Changes

Key Financial Aid Dates and Other Information

Important dates for Spring 2012 Semester

January 1, 2012 ESTIMATE, DON’T BE LATE! 2012-13 FAFSA is available at www.fafsa.ed.gov.

See below for important information about filing this FAFSA.

February 8, 2012 Financial Aid Census Date - Financial Aid is frozen at your credit level on this

date. No increases or decreases for added or dropped classes. Satisfactory Progress is measured against census date credits AND any credits added later.

March 15, 2012 Priority date for completion of FAFSA

March 29, 2012 60% Date- if you withdraw or stop attending all of your classes on or before this date, Federal Financial Aid regulations require you to repay a portion of your aid.

BIG CHANGES in FEDERAL FINANCIAL AID FOR 2012-13!

For all students:

Photocopies of tax returns required for verification are no longer acceptable for income documentation. Applicants (and parents) should upload their 2011 1040 tax info from the FAFSA website or will need to order a tax transcript from the IRS. Further instructions will be given, if tax information is required.
Effective for loans disbursed on or after July 1, 2012, the upfront interest rebate is eliminated. Loan fees of 1.5% will be deducted from the principal.

For undergraduate students:

Unless Congress acts soon, the interest rate for new subsidized loans disbursed after July 1, 2012 will reset to 6.8%.
The grace period interest subsidy is eliminated for new Subsidized Direct Loans. Payments are still deferred for 6 months, however.
The duration of Pell Grant eligibility is now limited to 6 full awards. The U.S. Department of Education will notify Alverno of students at or nearing this maximum in mid-April. Students may check their Pell Grant history now on NSLDS.

For graduate students:

Effective for loans made for enrollment periods beginning on or after July 1, 2012, graduate students are no longer eligible for Direct Subsidized Loans. Only unsubsidized loans will be offered and will continue at the 6.8% interest rate.
Graduate students requesting loans for summer classes that begin before July 1, 2012, may still receive a Subsidized Direct Loan if enrollment and application requirements are met. (also, see #2 above)

Tips for Using Financial Aid Workflows

1. Log into IOL at https://iol.alverno.edu and proceed to the Student section.

To use My Documents, choose Communications My Documents by selecting from the student menu drop-down list:
My Documents: Allows you to review documents that have been requested by various departments withinAlvernoCollege. You will see the description of the document needed, whether the document has been received or not, the date it was received (if received), the due date for submission of this document and the requesting department withinAlvernoCollege.

Specifically for financial aid, the current processing year displayed is 2010 (2010 Summer, 2010 Fall, 2011Spring) every time you make a correction to your FAFSA there is the potential that additional documentation may be required. Check My Documents often until you have a financial aid award to be sure that your financial aid application is complete.

Your FAFSA application produces your Student Aid Report and an Institutional Student Information Report (ISIR). The ISIR is sent to the school(s) you indicated on the FAFSA. On My Documents, an ISIR received confirms that we have received your FAFSA data. An ISIR is sent even when the FAFSA doesn’t process correctly. This is indicated by a document with the message, “FAFSA did not process”. Review your Student Aid Report for the reason. After you are awarded, My Documents will indicate if Loan Entrance Counseling and/or a Stafford Loan MPN are needed. Information on these processes is available in the Award Letter Help section. To review your financial aid information, choose Financial Aid Award Letter, Status By Term, or Status By Year by selecting from the student menu drop-down list found in the upper right-hand corner:

Award Letter: Allows you to review your financial aid for the year. Additionally, the award letter will indicate your financial aid cost of attendance, family contribution and need determined in accordance with federal guidelines.

Information on the source of these numbers is available in the Financial Aid Handbook on the Alverno website. Your aid is based on your expected enrollment level according to your registration or your response on financial aid application materials. Your Satisfactory Academic Progress status is displayed: satisfactory, probation or unsatisfactory. This policy, in accordance with Federal Title IV regulations, defines what you must do to retain eligibility for financial aid in future semesters. The Satisfactory Academic Progress Policy is available on the Alverno website. You are strongly encouraged to read and understand this policy.

Communication about changes in your aid will be done by e-mail to your Alverno e-mail address.

Status by Term: Allows you to review the different types of financial aid that you have been awarded for the term (summer, fall and spring), the dollar amount of each aid type and whether the aid is accepted, rejected, estimated or pending.
Accepted indicates that the aid is expected and will disburse to your account.

Rejected indicates you declined the aid, became ineligible for it or it was replaced with money from another fund. Rejected aid is not included in the total.
Pending aid needs some action to be accepted. For example, you may need to complete loan entrance counseling or a loan application (MPN).
Estimated aid is awaiting final confirmation of the amount from the funding source.

Status by Year: Allows you to review the different types of financial aid that you have been awarded for the academic year (summer – if applicable, fall and spring), the total dollar amount of each aid type and whether the aid is accepted, rejected, pending or estimated. Please note: The status field for an award will be blank if the statuses are different between semesters. Check Status by Term to review the difference.