How do I apply for financial aid?
To apply for need-based Federal grants, student loans, work-study, many State of Maryland scholarships and grants, and the Stevenson need-based grant, all students must complete the Free Application for Federal Student Aid (FAFSA) at fafsa.ed.gov. Our federal school code is 002107.
When is the deadline to apply for financial aid?
You can start filing the FAFSA on October 1 for the upcoming academic year. February 15th is Stevenson’s deadline to submit the FAFSA for maximum consideration for funding from all sources. The Maryland State deadline is March 1.
Your tax information for the prior-prior year will be used beginning for the 2017-2018 FAFSA. For example, if you plan to enroll in the fall 2017, you can submit your FAFSA starting October 1, 2016 using income tax information from your 2015 Federal Income Tax Return.
October 15 is the priority deadline for students applying for aid for the spring semester only.
Funds are limited so it is important to file early and maximize your chances of receiving aid. If you miss the deadline, it’s not too late. Complete the FAFSA as soon as you can. You will be awarded based on available funds.
What is the web address for FAFSA?
The website is fafsa.ed.gov. To sign your FAFSA online, you and your parent (if you are a dependent student) must have a Federal Student Aid ID (FSA ID). If you don’t already have a FSA ID, apply for one now at https://fsaid.ed.gov.
What is Stevenson’s federal school code for the FAFSA?
Our federal school code is 002107.
Should I wait until I am accepted into the university before applying for financial aid?
No. File the FAFSA by our priority deadline, or as soon as possible thereafter. You must be admitted to the University, however, before we can actually award you.
Our tax returns aren’t ready. Should I wait to fill out the FAFSA?
Most returns should be done because your tax information for the prior-prior year will be used beginning for the 2017-2018 FAFSA. For example, if you plan to enroll in the fall 2017, you can submit your FAFSA starting October 1, 2016 using income tax information from your 2015 Federal Income Tax Return. If not the best thing to do is to complete the FAFSA by our February 15 priority deadline, even if you have to estimate your income tax information. You can correct your processed FAFSA once your federal tax returns are available.
Do I have to reapply for financial aid every year?
Yes. You must complete the FAFSA every year.
When will I receive my financial aid award?
New Students: Award notifications will be mailed starting in February.
Current Students: Email announcements directing you to your award on WebXpress will begin going out by June 1, and will continue through the summer. Check your email often because the SU student post office expires mail that is more than two weeks old. This means that if you wait longer than two weeks to open our email notification, the email will be deleted. (This will not delete your Award Letter on WebXpress).
How will I be notified if my financial aid award is revised?
New Students: If for any reason your financial aid award changes, we will notify you through an email at your SU student address.
Current Students: Should your financial aid award change, we will notify you by email. Continue to check your email throughout the summer for revision notifications.
I am a new student. What do I do with my Award Letter?
You do not have to return your Award Letter to the Financial Aid Office if you want to accept the aid package as offered. Keep both copies for your records.
If you want to reduce the amount of the student loan offered or if you want to decline a student loan, complete a Student Loan Reduction Form.
I am a new student and was offered a Federal Direct Student Loan on my Award Letter. Do I have to do anything to get this loan?
Yes. If you are borrowing for the very first time at Stevenson, you must complete an online Federal Direct Student Loan Master Promissory Note (MPN) and Entrance Interview. More information can be found on our website on the Loan Information page.
How many credits must I take to receive financial aid?
Students must enroll at least half-time (6 credits undergraduate; 3 credits graduate) each semester for most federal aid programs, including student loans. Some grants and scholarships may require full-time attendance. To get more information, Review specific program requirements described under the Types of Aid links.
Do I have to fill out the FAFSA if I only want a Student loan?
Yes. A Federal Direct Student Loan is a form of financial aid, so the federal government requires you to complete the FAFSA.
My parents want to take out a PLUS Loan so I don’t have to apply for financial aid. Do I still have to complete the FAFSA?
Yes. A Federal Direct PLUS Loan is a form of financial aid, so the federal government requires you to complete the FAFSA. More information can be found on our website on the Loan Information page.
I have special financial circumstances that I could not explain on the FAFSA. How do I report this information?
If you or your family have unusual circumstances that might affect your need for student aid, submit a Special Conditions Form to the Financial Aid Office for consideration. Be sure to include your name and SU ID or social security number in your request.
SU requested a copy of my federal income tax return, but I do not have one. How can I get a copy?
Your FAFSA may be selected for verification by the Department of Education. According to the federal government, this means we must make sure the information you reported on your FAFSA is accurate. If selected, we will ask for specific information to support or clarify your application.
Any tax information requested was because the IRS Data Retrieval Process wasn’t selected and used, or a change was made during that process. You can log black in at fafsa.gov to see whether you can use the IRS Data Retrieval Process to fill in the relevant fields on your FAFSA.
If you choose not to complete the data retrieval or if you make changes to the items transferred, you will then need to request a Tax Transcript from the IRS. Requests can be made online at www.irs.gov, by phone 1-800-908-9946 or by completing 4506 T-EZ. IRS processing time will depend on how you filed taxes and by which method you request the IRS Tax Transcript.
What is the best way to make corrections to a processed FAFSA?
After completing the federal tax return go to “Make FAFSA Corrections” on the FAFSA website fafsa.ed.gov to transfer tax data using the IRS data retrieval process.
The fastest and most accurate way to correct errors is by going online to fafsa.ed.gov.
Is there an easy way I can estimate the monthly repayment for a student loan or a parent loan?
Yes. For both student and parent loans, you can estimate monthly payment amount and total interest by going to studentloans.gov. Under Managing Repayment click on Repayment Plans and Calculators.
How do I apply for work-study?
If you were not offered work-study in your award letter but are interested, please submit a written request for consideration to the Financial Aid Office at firstname.lastname@example.org. Students who have been awarded work-study will be notified when they can attend a required orientation session before they begin work. After that session they must apply for a position using the University’s online employment site and click on Search Jobs. Federal Work-Study students can apply for both “Student Work-Study” and “Student Employee” positions.
Will my financial aid change if I go from full-time to part-time attendance?
Possibly. Some financial aid programs require full-time attendance, but not all. Let us know the number of credits you plan to take and we will recalculate your eligibility.