Frequently asked questions about financial aid:
The U.S. Department of Education calculates your expected family contribution (EFC), which is an index number used to determine what financial aid the student is eligible for. The EFC calculation focuses primarily on household size, number in college, taxed and untaxed income, taxes paid, assets, etc.
We are sometimes required to verify information you reported on the FAFSA . We ask you to provide us with your tax figures and we compare them with what you put on the FAFSA; hence what seems a duplication of figures you provide. If everything is correct, verification is completed and you are notified of the results. If corrections need to be made, we make them and then notify you.
You have to include parent information if you cannot answer yes to at least one of the following questions: Are you 24 years old or older? Will you be working on a degree beyond a bachelor’s degree at the beginning of the academic year? As of the day you completed the FAFSA, are you married? (Answer yes if you are separated but not divorced) Are you an orphan, or are you or were you (until age 18) a ward/dependent of the court? Are you a veteran of the U.S. Armed Forces? Do you have children who receive more than half of their support from you? Do you have dependents (other than your children or spouse) who live with you and receive more than half of their support from you, now and throughout the academic year? Your independent/dependency status is not determined by whether or not your parents claim you on their federal tax return or whether they actually contribute to your cost of education.
If you or your family has unusual circumstances (such as loss of employment or major medical expenses) that might effect your need for student financial aid, check with the financial aid office for a special circumstance form.
AB requires a student to complete the FAFSA form each year before any federal, state, or institutional financial aid is awarded.
Subsidized Stafford Loans are based on need. Eligibility for a subsidized Stafford Loan is determined after verification is complete and the expected family contribution (EFC) determined according to the following formula:
|Cost of Education (for the loan period requested)||$8,475 (fall semester)|
|Estimated Family Contribution||$4,250 (4 month period)|
|Scholarships and Grants||$2,000|
|Any other financial aid||$2,225|
If your costs of education are being met, as in the example above, you are not eligible for a subsidized Stafford Loan. You would then have only unsubsidized Stafford Loan eligibility.
Financial aid has a priority processing deadlines of March 1 by which all applicable forms must be completed and submitted to the Financial Aid office. Applications will still continue to be processed after these priority dates, but funds with limited funding may not be available. If you have missed the priority processing dates for federal or state financial aid, you most likely will not receive the maximum amount of financial aid you would have been eligible for. Nevertheless, we will continue processing your aid, and award you the maximum amount of financial aid that is available.
The time it takes to process depends a lot on you. It can take from three to four weeks or from six to eight months depending on how long it takes you to respond to our requests for information or documentation. Complete and accurate information will shorten your processing time. Here are some tips to speed up the process:
- Submit the FAFSA over the Web, using your federal PIN. If you filed a 2007-08 FAFSA , you should receive a PIN in the mail from the Department of Education. If you didn’t, you can obtain a PIN by clicking here. Don’t estimate the figures on the FAFSA. Use actual income figures from your tax return or we may have to make corrections later, which slows processing. If you have questions, wait until you have found the answers before you continue. However, if you will not have actual income figures before March 1, go ahead and use estimated figures on the FAFSA and then go back and make corrections at a later date.
- Respond promptly to our requests for information and/or documentation.
- Make sure we have your current street and e-mail addresses. We will use the student’s home address to send requests for information and the student’s campus e-mail address to send messages.
The Friday following Add/Drop of each semester is the first time refunds are given for each semester. All paperwork in the financial aid office must be completed at least 2 weeks before a refund can be given. A student MUST fill out and submit a “Request for Disposition of Student Account Balance” by 11 a.m. on Wednesday in order for the check to be processed by Friday.
ABU’s school code is 003806. It is used on the FAFSA line 97 to indicate that you want FAFSA information sent to AB.
For financial aid purposes, your marital status cannot be changed for that academic year once you have submitted the FAFSA . Therefore, consult with the Financial Aid Office to determine your best option before filling it out. If you have filed the FAFSA as a single student, you cannot refile for aid as a married student during the same academic year.
You can include an unborn child in the household size if:
- The baby will be born on or before June 30 of the intended academic year.
- You will provide more than half of the child’s support through the end of the academic year.
The same rules apply to Studying Abroad at the campus in Salzburg, Austria. If you have been admitted as a degree-seeking student, have applied for aid and have been found eligible, you can use financial aid when studying in AB’s study abroad program.
Because dropping a class during the Add-Drop period may affect your financial aid eligibility, you are advised to contact the Financial Aid Office before doing so.