Questions Frequently Asked by Enrolled Undergraduate Students
- What is Georgetown University's Title IV code and CSS PROFILE code?
- Do I need to reapply for aid consideration every year?
- When will financial aid decisions be mailed?
- Should I wait until my parents tax forms are finished before I complete my financial aid forms?
- Why must I submit a copy of my W-2 forms in addition to my federal tax returns?
- My parents will not be claiming me as a dependent on their tax returns. Can I file my financial aid applications as an independent student?
- I was awarded a scholarship from a private outside organization. Do I need to inform my Student Financial Services Counselor?
- What is an estimated credit on my Statement of Student Account?
- How will my financial aid award be impacted if I drop below full-time enrollment?
- Why must I verify my sibling's college enrollment?
- If I take a leave of absence, do I have to begin repayment of my loans?
- If I choose to live off-campus will my financial aid be affected?
- Do I have to work if I am awarded work-study as part of my financial aid package?
- What is the difference between Student Financial Services and Student Accounts?
- Is my scholarship taxable?
- Will Resident Assistant Benefits change my financial aid
package?
1. What is Georgetown University's Title IV code?
Georgetown University's Main Campus Title IV code to be used on the FAFSA is 001445. The school code to be used on the CSS PROFILE form is 5244.
2. Do I need to reapply for aid consideration every year?
Yes, your need for financial aid must be reassessed annually. You must
complete our required financial aid applications each year. As a courtesy,
over winter break Georgetown sends emails to those students who are receiving
financial aid for the current year to remind them they must reapply for aid for
the next year.
3. When will financial aid decisions be mailed?
Financial aid decisions for returning students whose applications were complete by the April 15 deadline will be mailed over the summer, beginning in late June.
4. My parents will not complete their federal tax returns before the priority deadline for filing the FAFSA and PROFILE. Should I wait until their tax forms are finished before I complete my financial aid forms?
No. You can complete the FAFSA and PROFILE financial aid applications based on reasonable estimates of your family's prior year income. However, you will later need to submit copies of your and your parents' (if dependent) federal tax returns to the Office of Student Financial Services so that we can verify that the information you reported on your aid applications was accurate and recalculate your eligibility if necessary.
5. Why must I submit a copy of my W-2 forms in addition to my federal tax returns?
The information on W-2 forms is used to verify total tax-deferred income.
6. My parents will not be claiming me as a dependent on their tax returns. Can I file my financial aid applications as an independent student?
Probably not if you are an undergraduate student. To determine if you meet the federal definition of an independent student, review the questions in Step Three of the FAFSA. However, except in rare cases, even if you meet the federal definition of an independent student, you still must provide your parents' financial information on the FAFSA and CSS PROFILE to be considered for Georgetown scholarship assistance.
7. I was awarded a scholarship from a private outside organization. Do I need to inform my Student Financial Services Counselor?
Yes. If you will receive an outside grant or scholarship or a third party payment
you must report the type and amount to the GU Office of Student Financial
Services. Under federal law and University policy Georgetown must consider
these payments as resources that are available to help meet your financial need.
The outside awards you report will be used to reduce or eliminate your loan or
student employment before any adjustment in your need-based GU scholarship award
will be made. Entitlement payments like Federal Pell grants, GU tuition
benefits, or VA benefits replace GU scholarship on a dollar-for-dollar basis. Students can
contact their counselor in the GU Office of Student Financial Services to
discuss how outside or entitlement awards would impact their need-based GU financial aid
package. Total aid including outside resources cannot exceed
your demonstrated financial need and cost of attendance.
8. What is a "memo credit" on my GU billing statement?
Memo credits reduce the amount that you would otherwise have to pay to
Georgetown. Georgetown offers this
benefit to students with financial need who (through no fault of their own) are
waiting for financial aid funds to be paid by an outside sponsor or lender.
You should check your GU billing statement regularly at
MyAccess.georgetown.edu to make
sure you have a zero balance due, and no pending "memo credits". If you
have a memo credit on your bill for longer than a month, you should
contact our office to find out what actions you need to take to get your aid
funds onto your student billing account.
9. How will my financial aid award be impacted if I drop below full-time enrollment?
Most initial awards are based on expected full-time enrollment and the corresponding tuition charge, unless otherwise indicated. If you enroll less than full-time, your cost of education will be recalculated using actual reduced tuition costs. Your family contribution will not be revised, as you are expected to contribute the same amount regardless of your enrollment status. Your eligibility for aid will be reduced in proportion to the reduced tuition or other charges that result from less than full-time study.
10. Why must I verify my sibling's college enrollment?
If the siblings reported on your original aid application do not enroll at
least half-time for the entire academic year in the colleges reported on the
original aid application, your family's ability to contribute to your
educational costs will change and your aid package must be revised.
If Georgetown needs your assistance to verify sibling enrollment, the GU Office
of Student Financial Services will mail you a form that must be completed by the
Registrar(s) of the school(s) your sibling(s) enrolled at.
11. If I take a leave of absence, do I have to begin repayment of my loans?
Not immediately. The Federal Subsidized/Unsubsidized loan has a grace period of six months and the Federal Perkins loan has a grace period of nine months before repayment begins. Therefore, when you take a leave of absence, you will not have to begin to repay your loan until the end of the grace period. Students taking a leave of absence are encouraged to contact their lender regarding the status of their loans.
12. If I choose to live off-campus will my financial aid be affected?
Financial aid is not reduced or increased when you live off-campus. Whether or not you will live on campus, the same standard room and board amounts are used to calculate your budget of annual costs. If there is a credit balance on your student account once tuition and fee charges have been paid, you may use this credit to pay for off-campus rent and food expenses. A refund of any credit balance on your student account is obtained directly from the
GU Office of Student Accounts.
13. Do I have to work if I am awarded work-study as part of my financial aid package?
No. FWS is part of the financial aid award "package" that
typically consists of loan, work, and scholarship awards. Getting a Federal Work-Study (FWS)
award makes it easier for you to find a job to earn money to pay for your
educational expenses and gain work experience, if you choose to do that.
Having a FWS award means the federal government will pay for part of your
earnings and your employer only has to pay a portion. Many students
use their FWS earnings to pay for the personal expenses included in their cost
of attendance. However, you may choose to reject your FWS offer
if you have planned to meet your expenses in other ways; some students reject
their FWS if they already have a part-time job that's not funded by FWS.
14. What is the difference between Student Financial Services and Student Accounts?
The two offices have separate administrative functions. The GU Office of Student Financial Services, located in G-19 Healy, determines eligibility for scholarships, loans, work-study,
and other financial aid and college financing programs, and disburses payments
to eligible students. The
GU Office of Student Accounts is responsible for billing and collecting payments from students for university charges.
15. Is my scholarship taxable?
Some forms of financial aid may be considered taxable by the Internal
Revenue Service. Under current federal law, the amount of a student's
total scholarships/fellowships that exceed the cost of tuition, fees, books,
supplies, and equipment is generally considered by the IRS to be taxable income.
Information about what to report to the IRS and how to report it can be found at
the IRS website and in the
IRS tax topic #421.
16. Will Resident Assistant (RA) benefits change my financial aid
package?
Students with RA benefits receive free room and board. Both federal
law and University policy require that the value of the RA benefit be considered
when determining the amount of financial aid a student is eligible to receive.
The amount used to adjust an aid package for RA benefits is equal to the room
and board allowance in the standard expense budget. RA benefits will be
used to reduce or eliminate your loan or student employment before any
adjustment in your need-based GU scholarship award will be made.
|
