The first step in the financial aid process is filling out the FAFSA (Free Application for Federal Student Aid-www.fafsa.gov) using your family’s tax information. The U.S. Department of Education then uses the information from your FAFSA to determine the amount of money that your family should be able to contribute toward college expenses.
The determined amount is called the EFC (Expected Family Contribution) and is clearly marked in the box at the beginning of the Student Aid Report that you receive after submitting your FAFSA. This number is then sent to the colleges and universities that you select and is used to determine the amount and type of financial aid that a student is eligible for. At JBU, once a student has been accepted, the financial aid office uses the EFC to determine the amount of need-based aid that a student will receive. This amount takes into account that cost of attendance as well as any merit-based or academic scholarships they are receiving from JBU.
Once the amount of financial aid has been determined, an award letter will be sent to the student outlining the institutional financial aid (JBU aid including academic, merit, and need- based scholarships), federal grants and loans, and/or state scholarships that a student is eligible for. The student ID number (printed in the upper left hand corner of the award letter) is then used to log in and accept or decline the financial aid items.
Important Things to Know:
- 1/3 of all FAFSA applications are selected for verification. If your FAFSA is selected for verification, you will need to complete the IVF form for JBU as well as provide your federal tax return transcript before a financial aid award can be issued
- JBU begins awarding financial aid on March 1. We encourage families to submit their FAFSA between January 1 of the student’s senior year and March 1 so that we can send a financial aid award as soon as possible. FAFSA results received prior to March 1 will still be awarded as they are received.
- If the information on the FAFSA is not complete and accurate, the FAFSA cannot be processed by the financial aid office and will result in a delayed financial aid letter until the information is corrected or completed.