/February%202012%20Newsletter

Office of Student Financial Services (OSFS) February 2012 Newsletter

Applying for Financial Aid for 2012-2013 To apply for need-based financial aid for the 2012-2013 academic year, you must complete the 2012-2013 Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov.

To complete the FAFSA online, a PIN is required for both the student and parent.

To obtain a PIN, please visit pin.ed.gov.

We strongly encourage you to apply by the priority filing date of March 1st, so that you may be considered for all sources of financial aid.

In This Issue • • • • • • •

Applying for Financial Aid for 2012-2013 & IRS Data Retrieval Tool Additional Aid Opportunities Tax Documents & Tax Benefits Moving Off Campus?

Spring 2012 Refunds We’ve Moved Important Dates

New This Year: IRS Data Retrieval Tool on FAFSA When completing the FAFSA, we strongly encourage you and your parents to use the IRS Data Retrieval tool offered on the FAFSA. This tool offers students and families the opportunity to transfer their 2011 tax information into the FAFSA and is available two weeks after you electronically file your taxes or six to eight weeks after you file your taxes via a paper application. This tool makes completing the FAFSA easier, faster and more accurate. Also, if you do not use the IRS Data Retrieval tool, you may need to submit IRS Tax Return Transcripts to our office.

Additional Aid Opportunities Emmanuel College Endowed Scholarships Students interested in receiving additional aid for the 2012-2013 academic year may apply for Emmanuel College Endowed Scholarships, which are funded by alumni and friends of the College and awarded based on criteria established by the donor.

Most students are eligible to apply. To review scholarship listings, please visit the “Student Financial Services” section of MySaints, and click on “Endowed Scholarships.” Scholarships applications must be submitted to the Office of Student Financial Services (OSFS) by March 1, 2012. The OSFS will notify students of endowed scholarship decisions by early June.

Private Scholarships In addition to Emmanuel College Endowed Scholarship opportunities, students interested in receiving additional aid for the 2012-2013 academic year may also apply for private scholarships. For your convenience, the OSFS has compiled a list of some private scholarship opportunities so you can begin your search. These scholarship opportunities can be reviewed under the “Student Financial Services” page of MySaints.

Tax Documents & Tax Benefits Student W-2 and 1098-T tax forms were recently mailed to your preferred mailing address. We encourage you to review the 1098-T (which can be viewed and printed through Online Academic Resources via MySaints) to assess you or your parents’ eligibility for claiming certain education tax credits. If you are interested in learning more about these tax benefits, we encourage you to consult a tax professional or visit www.irs.gov.

Office of Student Financial Services, Emmanuel College, 400 The Fenway, Boston, MA 02115 Phone: 617-735-9938 Fax: 617-735-9939 E-mail: financialservices@emmanuel.edu

Office of Student Financial Services (OSFS) February 2012 Newsletter

Moving Off Campus?

The responsibilities of maintaining an apartment and developing a budget require effort and discipline. Many students feel that living off campus is cheaper, but it provides its own set of financial challenges that you should consider before signing a lease.

Effect on financial aid: If you are receiving funding from the College that is need-based, an adjustment to your financial aid award may be necessary.

Security deposits: Most rental agencies require a security deposit, and you may need to pay this deposit (in addition to the first month’s rent) before the end of this academic year.

Start-up costs: If you rely on financial aid, including parent and student loans, to pay for your room and board costs, these funds are not disbursed onto your account until late October, so you must have the funds to pay for September and October rent. In addition to this expense, you should be prepared to pay other basic start-up expenses such as application fees, cable, utilities, Internet, groceries, furniture, etc. before your refund check is available.

Leases: Most leases require a 12-month commitment, even if the student does not plan on residing in the apartment during the summer. If you plan on living with roommates, financial matters are easier if all names are on the lease and utility bills.

We encourage you to develop a cost plan of reasonable offcampus expenses and compare it to room and board rates. If you need help with this process or would like to discuss the impact of living off-campus on your financial aid award for the upcoming year, we encourage you to meet with your Student Financial Services counselor.

Spring 2012 Refunds If you have a credit on your account (check through Online Academic Resources), you may request a refund by completing a Refund Request Form. This form can be completed online through the Emmanuel website, by clicking “Tuition & Aid,” then “Tuition & Fees,” and then “Refund Process.”

Please note the OSFS can only process a refund check once all financial aid funds have been received and disbursed into the student’s account. Most funds should be received by early March; however, some funds, such as state grants, are generally not disbursed until late March.

If you have questions about when you can expect your spring refund, please e-mail financialservices@emmanuel.edu.

We’ve Moved Due to construction, the OSFS has temporarily moved to Longwood Center, located directly across from the library. Our office hours continue to be the same; we are open Monday through Thursday 8:30 a.m. to 6:00 p.m. and Friday 8:30 a.m. to 4:30 p.m.

Important Dates March 1

2012-2013 Financial Aid Priority Filing Date Endowed Scholarship Application Deadline

March 26

2012-2013 Housing Deposit Due Date

April

Fall 2012 Course Registration* 2012-2013 Room Selection*

May 12

Commencement*

June

2012-2013 Financial Aid Award E-mail Notifications Sent 2012- 2013 Endowed Scholarship E-mail Notifications Sent

*Students with a financial hold cannot participate in course registration, room selection or receive a diploma/participate in Commencement. If you currently have a financial hold, please meet with the OSFS so we can help you find the best way to resolve your account.

Office of Student Financial Services, Emmanuel College, 400 The Fenway, Boston, MA 02115 Phone: 617-735-9938 Fax: 617-735-9939 E-mail: financialservices@emmanuel.edu