Bulletin 2007-2008 - Austin College

e submitted electronically no later than March 15. FAFSA data received after theApril 1 deadline will be considered on a rolling basis subject to available funds.Austin College fully complies with federal and state regulations for the awardingof federal and state grant, loan, and work programs. It is the policy of the Office ofFinancial Aid to verify the information reported on the FAFSA for all students whoare selected by the Federal Processor for verification. Should a student be selectedfor verification (notice will be given on the Student Aid Report), signed federal incometax returns and all W-2s from both the student and parents will be required,along with a completed Verification Worksheet and the ABC worksheet (availablefrom the Office of Financial Aid). These additional documents should be submittedto the Office of Financial Aid, as soon as possible, but no later than May 1. This willnecessitate early completion of federal income tax returns or the use of estimatedincome information for FAFSA purposes. If estimated income and tax information isused, it will be necessary to correct the FAFSA when income tax returns are completedand it may be necessary for the Office of Financial Aid to adjust the student’sfinancial aid package as required by the subsequent re-calculation of the student’sneed analysis data.The electronic data will contain the student’s Expected Family Contribution (EFC),the number used to determine federal student aid eligibility and which of the variousaid programs the student and family may access — grants, need-based loans, workprograms, or one of several non-need-based loans through which a portion or all ofthe family contribution may be borrowed.Returning students must reapply for financial aid each year, submitting the FAFSAor Renewal FAFSA early enough for the Office of Financial Aid to receive the electronicdata no later than May 1, which is the priority aid deadline. All financialaid is granted for a maximum of one year. Renewal of financial aid is based on astudent’s academic standing, availability of funds in relation to receipt of the student’selectronic data, and demonstration of federal need. Aid may be terminated at theend of any term if academic and other federal, state, or institutional requirementsare not met. All aid awards must be divided equally (half each semester) as requiredby federal regulations.Financial Aid for Study Abroad. The Office of Financial Aid will adjust students’budgets to allow for the cost of studying abroad and in many cases their federalneed will increase, allowing students to qualify for additional federal and/or state aid.However, additional institutional aid (scholarships, grants, grant/loans) to assist withany increased cost for study abroad programs will not exceed the cost of tuition androom and board at Austin College.Off-campus living affects financial aid. Students choosing to live off-campus may experiencelower eligibility for need-based aid due to lower student budgets, which arebased on federal guidelines. Austin College merit-based scholarships are not affected.Details regarding Austin College policies concerning satisfactory academic progress,withdrawals and refunds, packaging procedures, grade point averages required forscholarship renewal, over-award procedures, requirements for transfer students,verification, award letters, and other financial aid processes are available from theOffice of Financial Aid.ADMISSION AND FINANCIAL INFORMATION| 33