Questions Frequently Asked by Continuing 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?
- What is student loan consolidation?
- 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 six questions in Step Two 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 an estimated credit on my Statement of Student Account?
If the Office of Student Financial Services determines that you are eligible to receive a Federal Pell grant, state grant, Federal Stafford or Perkins loan, or outside scholarship, these will appear on your bill as estimated credits until actual funds are received. Once you complete all necessary paperwork and/or funds are received, these estimated credits will become actual credits on your bill.
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 Stafford 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. Federal Work-Study (FWS) is an opportunity for you to earn money to pay for ongoing personal expenses throughout the year and also to gain work experience. It is part of the financial aid award "package" that usually consists of loan, work, and scholarship awards. You may choose not to accept the FWS offer, especially if you have a part-time job 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. What is student loan consolidation?
Loan consolidation allows students to combine all of their existing federal student loans into one. There are several advantages of loan consolidation. It simplifies repayment by having multiple loans under a single loan holder, reduces the required minimum monthly payments by extending the repayment period from the standard 10 years to a maximum of 30 years and uses a graduated repayment schedule. The disadvantages to loan consolidation are that students end up paying more interest and they are no longer eligible for many types of deferments.
16. 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.
17. 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.
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