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IMPORTANT DETAILS FOR NEED BASED & MERIT RECIPIENTS 2008-2009

Q. If I haven’t applied for need based aid yet, what do I need to do?

A. File your PROFILE application form with the College Scholarship Service (CSS), using GW’s school code number 5246.

File your Free Application for Federal Student Aid (FAFSA) with the federal processor. Designate GW by using our federal school code, 001444. Prospective freshmen usually obtain the appropriate materials from their high school

guidance office. Continuing students obtain application forms from the Office of Student Financial Assistance (before Spring Break). Both forms can be completed online; visit our web site for more information (http://gwired.gwu.edu/finaid).

Q. In addition to filing PROFILE and FAFSA, what else is required?

A. You also need to provide a copy of the following documents to the Office of Student Financial Assistance (OSFA):

• 2007 W2 Wage Statements from all employers for you and your parents (or spouse, if married).
• Signed 2007 Federal Income Tax Return, including all forms and schedules for you and your parents (or spouse). Those who did not file must complete the Certification That A Tax Return Was Not And Is Not Required To Be Filed Form, available at http://gwired.gwu.edu/finaid. Individuals who work in foreign countries or for tax-exempt organizations need to submit signed translated copies of the foreign tax return or a signed employer statement of 2007 salary and benefits.
• Completed Federal Verification Worksheet
• Student’s Proof of Immigration Status for eligible non-citizens: provide copy of front and back of your green card or I-94 form.
• Continuing students also need to complete and submit the GW 2008-2009 Financial Aid Application for Continuing Undergraduate Students.

Q. Are there deadlines to apply for financial aid?

A. Yes, deadlines are important. Filing your paperwork by our published priority deadlines for 2008-2009 will enable us to consider you for all types of assistance. We do accept late applications, but funds may not be available when we review your file. You will be responsible for all interest charges that accrue on your account as a result of the late submission of financial aid paperwork.

Q. How do I know if my file is complete?

A. When we review your FAFSA and PROFILE data, we will send you a letter telling you what is still needed to complete your file. You can also check the status of your file on http://my.gwu.edu. Follow the link to the GWeb Information System. Also, our staff members may call you or your parents if they have questions about your information as they review your file.

After you have filed your FAFSA, the Department of Education will make available to you, either via the web or on paper, a Student Aid Report (SAR). Please read it carefully. If it is an unofficial or rejected SAR, your federal eligibility could not be determined. Common causes of an unofficial or rejected SAR include but are not limited to verification of your or your parent’s Social Security Number, citizenship status, Selective Service registration, and any missing signatures (either electronic or on paper). Until you have a SAR with an official Expected Family Contribution, we cannot process your request for aid.

To check the status of your PROFILE or FAFSA application with the processors call:

FAFSA: Federal Student Aid Information Center

800-4FEDAID

800-433-3243

PROFILE: College Scholarship Service (CSS) of the College Board

305-829-9793

Q. How do you determine my need?

A. When your PROFILE and FAFSA data are processed, formulas are applied to the information you provided. Congress established the federal formula and the College Scholarship Service developed the PROFILE formula. These formulas take into account your family’s income, assets, family size and the number of children/dependents in college, the age of the older parent, required expenses such as taxes, basic living expenses, and employment-related expenses. Unfortunately, consumer debt, even if education-related, is not considered. The formula results indicate how much you and your family are expected to contribute toward your education for the 2008-2009 award year. This amount and any outside awards are subtracted from GW’s estimated expenses; the difference is your financial need.

Q. Why does GW’s calculation of need sometimes differ from the Student Aid Report?

A. First of all, the information you provide on the PROFILE and FAFSA is often estimated. GW corrects any errors it finds, updates the information with actual tax data when returns are received, and reviews the consistency of the information. For example, reported assets are compared with interest and dividend income to verify accuracy. In addition, private colleges do not generally use the results of the FAFSA to award institutional aid.

However, we do use the FAFSA results on the SAR to determine your eligibility for federal funds, including entitlement for a Federal Pell Grant or the Federal Subsidized Stafford Loan. Since the federal government does not provide enough funding to fill the financial need of everyone who is eligible, we use the CSS (College Scholarship Service) formula which is based on PROFILE. When we calculate the family contribution, we use PROFILE data to award GW funds. This enables us to prioritize awards for the neediest students first.

Like the federal formula, the CSS PROFILE formula uses your tax data from the prior calendar year; thus, 2007 tax data is used to award funds for the 2008-2009 academic year. Using PROFILE, we review all asset information, including home equity, and we do not normally allow negative income or count capital losses which relate to assets. In general, we take into account other family members in college only if they are dependent siblings enrolled at least half-time as undergraduate students. We also expect a minimum contribution from the student. Insofar as possible, we try to consider special situations, such as a parent’s unemployment or a natural disaster.

Q. Does GW expect a student contribution?

A. We anticipate a minimum contribution from all students from summer earnings and past savings. To help students obtain employment, the University has its own Career Center. This is a major source of part-time, temporary and summer employment opportunities.

Q What is an “estimated award”?

A. We estimate awards only for freshmen and transfer students. An estimated award is based on the income estimates you entered on the PROFILE and FAFSA. If your family’s actual income is different from those estimates, or if you made mistakes on the PROFILE and FAFSA, your need will differ and the award package will be revised. To get a final, confirmed award, send your tax returns and W-2s to us as early as possible.

Q. What do I do to accept the Offer of Aid?

A. Sign and return the pink reply copy of your Award Notification prior to the stipulated return date, indicating on the reverse side what aid you will accept. Although reasonable and timely requests for extension of the acceptance date will be honored whenever possible, your offer will be cancelled if we have not heard from you by the reply date. Continuing students can accept their award online via the GWeb Information System.

Q. How will outside aid affect my award?

A. For a complete discussion of this topic, please refer to the preceding section of this booklet entitled Important Things to Know.

Q. How can I appeal my award?

A. Write a letter to our office explaining in detail why you think your case should be reconsidered and what factors you think we may have overlooked. When we receive your letter, our Appeals Committee will review your case and inform you of its decision. No appeal will be reviewed without 2007 federal tax information. Continuing students should mention any special circumstances in a cover letter attached to their GW renewal application at the time of submission.

Q. What do I do if my financial situation changes?

A. Let the Office of Student Financial Assistance know! The best way to do this is to write a letter specifying how your situation has changed since the original filing of your PROFILE and FAFSA forms. Provide us with detailed information (specific monetary amounts) so that we can review your financial need. We will let you know if we need any additional information and will inform you of our decision. Subject to availability of funds, we normally allow award changes for the following: disability or death of a parent, unemployment, layoffs, pay cuts, emergency medical expenses, natural disasters, or other undergraduate siblings entering college.

Q. How do part-time earnings during the academic year affect my award?

A. GW is required to consider your previous calendar-year earnings when we calculate your financial need. This means that current earnings will affect next year’s calculation.

However, if we based your need on estimated income for the academic year by using a special condition analysis, then changes could affect your award. In this case, if your parents (or you and/or your spouse, if you are an independent student) get a job when they had not expected to work, find a job with a higher rate of pay, or work more hours, inform our office in writing within one week of the change.

Your aid package may need to be adjusted as a result of the increased income.

Q. Is financial aid taxable?

A. Sometimes. Gift aid (scholarships, grants, fellowships, assistantships, etc.) is taxable to the extent it exceeds the cost of tuition, fees, books, and supplies. Even federal aid such as Pell Grants and FSEOGs may have to be included in taxable income if, along with other gift assistance, they exceed these costs.

Scholarships and grants which cover room and board, as well as earnings from the Federal  Work-Study program are always included in the recipients taxable income. For example, students receiving The Stephen Joel Trachtenberg Scholarship, Room and Board Grants, ROTC Residence Hall Awards, or Athletic Grants-in-Aid need to report as taxable income the portion designated for room and board charges. For further information, consult IRS Publication 520, Scholarships and Fellowships.

Q. How is my financial aid paid?

A. If you have a final confirmed award (not estimated) and you are registered for the correct number of credit hours for your awards, then your merit awards, University grants and scholarships, and FSEOG funds are credited to your student account at the beginning of each semester. Perkins Loan amounts pay to your account if you have signed your master promissory note; Pell amounts get posted to your account after we complete the Pell verification process. Federal Stafford Loan proceeds are credited to your account after the funds are received electronically and processed by the University or after you have signed your loan check at the Cashier’s Office.

Work-study amounts are never paid into the student’s account. They are paid to you as wages every two weeks. The amount of your paycheck can vary since it is based on the number of hours you worked during the previous weeks. If you like, you can use your work-study to help pay for your tuition by signing your paycheck back over to the University so it can be applied to an outstanding balance.

Q. How do I calculate what I owe when I receive my semester bill?

A. Total the charges on the actual bill. Next, divide your financial aid awards by 2 and deduct them from the total charges. Do not count work-study and only count 96% of the semester’s Stafford Loan amount; include any amounts you expect to receive from non-GW sources for the semester. You pay the difference.

Example:

$ _____ Bill for tuition, fees, on-campus housing

- _____ Estimated Stafford proceeds (96% of gross loan amount)

- _____ Other financial aid awarded by GW (exclude work-study)

- _____ Non-GW financial aid

= $ _____ Estimated amount due from you/parents

NOTE: Do not wait for financial aid to pay first. If you do, you could incur interest charges and late fees.

Q. Is summer aid available?

A. Yes, but it is limited to federal and alternative loans. The recommended deadline is March 1 for submission of the Stafford (subsidized or unsubsidized), PLUS, or other loan application forms.

Q. Do I have to reapply for aid each year?

A. Yes. Although merit awards, GW Guaranteed Grants, and BOT Scholarships will be renewed automatically if you completed the number of credits and attained the GPA required for your award, any additional need based financial assistance provided through the Office of Student Financial Assistance requires reapplication annually. Renewal is also dependent on satisfactory academic performance and continued financial need. Awards may be altered or withdrawn at any time if your academic record becomes unsatisfactory or your financial need changes.

Students should pick up their renewal application packet in the financial aid office before Spring Break. Refer to the completion deadlines listed earlier in this section.

Awards for continuing students are sent in June and July.

Q. Can a family count on the same financial aid package every year?

A. Your eligibility for need based funds (other than merit awards, the GW Guaranteed Grant, or BOT Scholarships) is determined one year at a time. Because your and your parents’ circumstances can change greatly from one year to the next, so can your award.

For example, let’s say your mother is a widow when you apply for aid for freshman year. If she remarries, you will need to include your new step-parent’s information when you apply for aid the next year. This might increase the family income and make you eligible for less aid. On the other hand, when family income decreases, or the number of dependent siblings in college increases, you could be eligible for more aid.

Q. What happens if my grades fall or I drop or withdraw from classes?

A. Students must maintain satisfactory academic progress. Each semester you must complete the number of credits on which your award was based and achieve the minimum grade point average (GPA) required by your awards. Check the Satisfactory Academic Progress Requirements for Financial Aid Recipients. If you do not maintain the required GPA or complete the minimum number of credit hours each semester, you may be placed on financial aid probation, or you may lose eligibility for a particular type of aid. Students who lose aid eligibility can be reinstated after one full-time semester in which they meet the minimum standards for their awards.

Q. What happens if I need to take a semester off?

A. If you are not going to be at the University for the fall or spring semester, you must be registered in either a continuous enrollment or leave-of-absence status; otherwise, you will have to apply for readmission to the University before you can return. Contact your Dean’s Office for the proper procedures. If you are a financial aid recipient, you should contact the Office of Financial Assistance to see how your withdrawal will affect your awards. If you have Stafford Loans, you also need to discuss your status with your lender.

Q. Does living off campus affect my aid?

A. On the inside cover of this booklet, you will find estimated expenses used in determining a student’s budget. Depending on your living arrangements, one of these estimated budgets was used in determining your eligibility for financial assistance.

As explained earlier, financial aid is credited to the student’s account. In some cases, aid may exceed charges, especially if a student lives off campus. Once aid has covered the direct charges at GW, any excess would be refunded to the student. Refunds must be requested through the Student Accounts Office. Since it can take up to two weeks to receive a refund, students are advised to arrive with enough funds to cover their first month expenses for each semester.