Financial Aid Basics

What is financial aid?

Financial aid includes grants, scholarships, loans and work options. These funds come from a variety of sources including Hope College, federal and state government programs, and private organizations.

Your financial aid can be considered either gift aid or self-help aid:

• Gift aid (such as scholarships and grants) does not need to be repaid
• Self-help aid must be repaid (loans) or earned (work study)

WHO IS ELIGIBLE FOR AID

For most financial aid programs you must:

• Be a United States citizen or eligible non-citizen enrolled in a degree or certificate program
• MaintainSatisfactory Academic Progress
• Not be in default on a federal student loan
• Not owe a refund on any federal financial aid grant
• Be registered for selective service (if required)
• Have a high school diploma or recognized equivalent
• Have a valid Social Security number

Students typically apply for financial aid as a dependent student, submitting their parents’ income and asset information. However, if you meet one of thecriteria established by federal regulations, you can file for aid as an independent student.

Sometimes extraordinary circumstances make it impossible for a student who does not meet the criteria for an independent student to obtain parental information. In such cases, if well documented, the Office of Financial Aid may authorize a dependency override. If such an override is granted the student then reports only his or her income and asset information on the aid application.

Examples of extraordinary circumstances include documented cases of child abuse, incarceration of the custodial parent or documented long-term estrangement from parents.

Parents who are unwilling to contribute to educational expenses or who do not claim their student on their federal tax return arenotextraordinary circumstances; a dependency override will not be granted in these situations.

HOW TO APPLY FOR AID

If you’re interested in receiving aid, you'll need to complete:

• TheFree Application for Federal Student Aid (FAFSA)

The priority consideration date for aid applications is March 1 of each year. Be sure to list Hope College on yourFAFSA. Our school code is 002273.

When you file the FAFSA you will need aFSA ID. Your FSA ID is used to electronically sign your financial aid application and documents. You may need separate FSA IDs for you and your parents.

In cases of divorced parents, you should apply for aid using the income figures of the parent (and his or her spouse, if remarried) with whom you resided the most during the past 12 months. If you did not live with one parent more than the other, provide answers about the parent who offered you the most financial support during the last 12 months, or during the most recent year that you were supported by one of your parents.

Find more helpful hints for the FAFSA application

HOW AID IS DETERMINED

Once you have filed the FAFSA, you will receive a Student Aid Report (SAR) that includes your Expected Family Contribution (EFC). The EFC is what our office will use to determine your financial need at Hope.

To determine your financial need we also review your Cost of Attendance (COA). All schools create a COA based on several factors including tuition, housing, food, books, transportation and personal expenses. These factors will have a different cost at each school, therefore the COA is different at each school.

Your financial need is determined by taking your cost of attendance (COA) minus your expected family contribution (EFC). Understanding the cost of attendance, your expected family contribution and financial need will help you understand your award notification.

WHAT HAPPENS NEXT

在您完成您的申请后，我们的办公室审查您的资格。您可能需要提交额外的文件来验证您的FAFSA上的数据。这个验证过程是美国教育部所要求的。

如果您被选中完成联邦验证程序，您将被要求记录联邦所得税信息。You will need to submit the following documentation:

• If you filed a federal tax return, use the IRS Data Retrieval Tool link in the FASFAORsubmit anIRS Tax Return TranscriptOR提交一份经国税局签署的所得税申报表副本。
  
• Verification worksheet (dependent studentorindependent student)
• Copies of all W-2 wage and tax statements, or an equivalent document (i.e. Schedule C for self-employed individuals), for each source of income

If you are required to submit additional documents, our office will send you a written request with details. It is important that you submit any required documentation as soon as possible to avoid delays in receiving your award notice.

If no additional documents are needed to complete your file, your award notice will be sent during the months of February and March (incoming students) or May and June (returning students).

Filing your applications after March 1 can result in a delayed award notification.

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USE THE IRS DATA RETRIEVAL TOOL

1. Go to fafsa.gov and login using your FSA ID
2. Select the “Make a Correction” button
3. 从页面顶部选择“财务信息”选项卡。如果您符合条件，将显示到IRS数据检索工具的链接。当被问及是否想离开FAFSA网站前往IRS网站时，click “yes”
   
4. Select “Transfer My Information into the FAFSA”
5. Proceed to the “Sign and Submit” page

REQUEST A TAX RETURN TRANSCRIPT

1. Go to “Get a Tax Transcript” at the IRS website. There are two options:
   
   • Select “Get Transcript Online” to create an account that will allow you to retrieve and print your transcript
   • Select “Get Transcript by Mail” to have a copy mailed to the address on file with the IRS. Allow 5–10 business days for your request to be processed
2. Enter tax payer information as stated on tax return and select “Return Transcript” as the type
   
3. Submit a copy of the transcript to the Hope College Office of Financial Aid