How the Process Works

Applying
Students need to apply for admission and apply for financial aid. Both of these things can happen at the same time. You do not need to wait until you are admitted to a school to file for financial aid. Our financial aid process requires only the one federal form, the Free Application for Federal Student Aid (FAFSA). The Department of Education utilizes a federal formula to calculate an Expected Family Contribution (EFC) for a family. An EFC is calculated by using a Federal Methodology created by Congress. The formula considers most heavily, parent and student income, assets, the number of family members in the household and the number of children in college.

Dependency
Are you unsure if parental information will be required on the FAFSA? If so, click here to read the FAFSA dependency questions and to determine whether you will be considered a Dependent or Independent student. Please note: you will be required to submit supporting documentation to the Office of Financial Aid if you answer YES to any of these questions on the FAFSA.

Which Parent to Report
In cases of parental divorce, you may be unsure which parent to use on the FAFSA. Click here for guidance on determining which parent household and income information should be included on the FAFSA.

Renewing Aid
A new FAFSA application is completed each year in order to obtain a more current snapshot of a family's financial situation. The new FAFSA form is available to file each year on or after January 1. The Department of Education sends the information including an EFC, to each school listed on the FAFSA (JCU School Code 003050). From this information, John Carroll University creates a financial aid award made up of all the appropriate federal, state and institutional aid for which the student is eligible.

Award Letters
Once an award has been mailed, the award acceptance letter and any additional paperwork requested by the Office of Financial Aid (OFA) must be submitted before financial aid is applied to student accounts. All financial aid is processed through the OFA and is then transferred to your student account. 

Special Circumstances
If your financial situation changes after filing your FAFSA, please see our special circumstances section of the web site.

Refunds
If excess financial aid causes a credit balance on a student's account, they may request a refund be processed by completing the Refund Request Form in OFA or in the Cashier's Office. Note: refunds are not issued prior to the add/drop date each semester. Graduate student refunds are processed first. If a refund is not requested, a refund will automatically be issued to the student after the Business Office has completed the audit review process each semester.

Verification
Thirty-three percent (33%) of students are selected for a process called verification. This process requires schools to verify the accuracy of the information provided on the FAFSA by requesting and reviewing the student and parent tax information for the current year. Schools are required by the Department of Education to verify certain FAFSA items to prevent errors and to ensure the EFC is accurate. In general, since approximately thirty-three percent of aid filers nationwide are selected for this process, you can expect to be selected for verification at least once through your college career. 

The OFA has the right to request copies of federal tax forms, 1099s and/or W-2s.  JCU will not disburse funds until this process is complete.