Financial Aid Basics

The key to financing your education is to start the planning early. The more you understand the resources available to you and your family, the better prepared you will be to pay the cost of your education.

The Office of Student Financial Services at St. John's University is committed to helping you and your family navigate the financial aid application process. Below is a step-by-step guide through the process of applying for financial aid.

Step 1: Complete the Free Application for Federal Student Aid (FAFSA)
There are three ways you can complete the FAFSA:

  • Online
    Apply online at http://www.fafsa.ed.gov/. It's fast, easy and efficient. Internet access is available at most public libraries.
     
  • Renewal Form
    If you applied for financial aid in 2012-2013 you will receive your Renewal FAFSA by late January 2013. If you do not receive one use one of the other options in this section. You can access your Renewal FAFSA on the Internet at http://www.fafsa.ed.gov/. However, you must request a PIN number from http://www.pin.ed.gov/ if you do not already have one.

Helpful Hints:

  • You must complete a FAFSA every year!
  • Do not wait until you have been admitted to the college to apply.
  • Do not wait until you file your actual 2012 federal and/or state income tax returns. Use estimated 2012 federal income tax information when you complete the FAFSA.
  • You are not allowed to complete, mail or sign the 2013-2014 FAFSA before January 1, 2013.
  • On the FAFSA, Step Six, Item #86, you must indicate our Title IV federal school code, which is 002823.
  • Keep copies of all documents that you used to complete the FAFSA in case your application is chosen for federal verification. See Federal Verification Process in Step 4 for more information.

Why should everyone file a FAFSA?
The Office of Student Financial Services at St. John's University recommends that every student complete a FAFSA even though you feel that you may not be eligible for financial assistance. We encourage you to file a FAFSA because:

  • Every student is eligible for some type of financial assistance.
  • A FAFSA must be filed to receive any type of federal or state financial aid including loans.
  • FAFSA information is used to determine eligibility for some institutional scholarships.
  • Your family's financial situation may change during the year.

Step 2: Student Aid Report (SAR)
You will receive a 2013-2014 Student Aid Report (SAR) from the federal processor approximately four weeks after completing your FAFSA. The SAR indicates all the information you and your family reported on the FAFSA.

If you need to make corrections on your SAR, indicate the revisions in the corresponding box and obtain the appropriate signatures. If the St. John's University federal school code (002823) is not listed on the SAR contact the Federal Processor at (800) 4 FED AID and add the St. John's University school code (002823).

If you do not need to make corrections please keep this document for your records. If you have general inquiries regarding your SAR contact the Federal Processor at (800) 4 FED AID.

Step 3: TAP on the Web-electronic process
NY residents can apply for both federal and state financial aid using a single online session. After filling out the FAFSA on the Web, NYS resident can link to TAP on the Web, which is pre-filled with their FAFSA data and, if applicable, historical data from HESC’s system.
Express TAP application (ETA)—paper process
Students initiate the TAP application process by filing a Free Application for Federal Student Aid (FAFSA).

HESC will use FAFSA data to preprint an ETA for any NYS resident who lists at least one NYS institution on the FAFSA. The preprinted ETA will include student data from the FAFSA and will provide an opportunity for the student to change or update the information. The first NYS institution listed on the FAFSA will be indicated on the ETA. The estimated NYS net taxable income derived from the FAFSA will be preprinted on the ETA. If the estimated income differs from the actual income reported to the NYS Tax Department, a correction can be made on the ETA. Students must sign the ETA and return it to HESC and, if required, spouses and parents,. HESC will process returned ETA forms and then issue award certificates, denials, or requests for additional information.

For questions regarding TAP please contact New York State at (888) 697-4372 or visit them online at http://www.hesc.com/.

Helpful Hints:
•    Make it easy on yourself. Enter St. John's University's federal school code (002823) as the first school on your FAFSA. This will insure that your TAP award will be used to pay for the costs at St. John's University.
 
•    If St. John's University is not listed on the ETA, enter our TAP code 0751 on the application and return it to NYSHESC in the envelope provided.

Step 4: Federal Verification Process
The Federal Processor reviews all FAFSA applications and selects a percent for a process known as verification. In order to complete the verification process, you must submit documentation that verifies the information you and your family reported on the FAFSA. If you are selected for verification, our office will send you the appropriate documentation to be completed. All completed documentation must be sent to the Office of Student Financial Services for review.

Step 5: The Financial Aid Award Letter
New students must wait until they have been accepted to St. John's University before they will receive a Financial Aid Award Letter. The award letter will list the amounts and types of federal, state and/or institutional assistance they are eligible to receive. Award letters are generated beginning in March and will continue to be sent out to all accepted students who file a FAFSA and list St. John's University's federal school code ,002823, on their FAFSA application.

Step 6: Apply for a Federal Direct Student Loan
Parents and students may want to consider borrowing federal student loans to assist with meeting educational costs. For new or first-time borrowers once you file your FAFSA form, you will receive a Financial Aid Award Letter indicating the amount of your student loan eligibility along with instructions on when and how to apply for your loans.

For continuing student borrowers, if you have previously borrowed under the Federal Direct Loan program at St. John's you will not need to complete a new Master new Promissory Note each year but you must accept your loans by logging into your personal UIS account.