Application Process: Need-Based Financial Aid Application Process

1. Applicant and one of the parents must obtain a federally assigned PIN number at http://www.pin.ed.gov/ to satisfy the signature requirements for the FAFSA. Applicants who are independent for federal aid, based on federally defined criteria, do not have to submit parental information or have a parental signature on the FAFSA.

2. File the Free Application for Federal Student Aid (FAFSA) online at http://www.fafsa.ed.gov/ and designate Denison to receive the information by putting in our federal code of 003042.

3. Prospective students are encouraged to complete their FAFSA by February 15^th to ensure receipt of a tentative need based award prior to April 1^st.

4. Families with financial circumstances that cannot be submitted on the FAFSA are encouraged to submit a signed letter of explanation to the Financial Aid Office.

Application Process: Prospective Students for Early Decision 

Denison University will provide an estimated need based financial aid package for Early Decision Applicants who are accepted. To get an estimated need based financial aid award letter, an applicant must indicate that he or she intends to apply for financial aid on the application for admission. The Admissions Office will mail an Early Decision Financial Aid Application and instructions about the required documentation from the Federal Student Aid FAFSA4Caster. (Please note: Denison's Early Decision Financial Aid Application and instructions are not available online).

To estimate your out-of-pocket costs, use this 2013-14 estimated cost worksheet 2013-14 Estimated Cost Worksheet [lsx].

 Students who accept the need based offer and enroll are required to follow the steps below to ensure that the aid awards are finalized and disbursed to their University account:

1. After January 1, file the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov and designate Denison to receive the information by putting in our federal code of 003042.
2. Transfer federal tax data filed by the parent(s) and student to the FAFSA on the Web (FOTW) by using the IRS Data Retrieval process.
3. If you are unable to use the IRS Data Retrieval Process, you must submit an IRS Tax Transcript for the federal tax data of the parent(s) and student.

You may request an IRS Tax Transcript online.

4. Provide to the Financial Aid Office any requested verification documentation.
5. Provide a copy of the final high school transcript or other official documents certifying graduation from high school.

Determining Financial Need

The information filed on the Free Application for Federal Student Aid (FAFSA) is used in a formula established by the U.S. Congress that calculates an Expected Family Contribution (EFC). The EFC is an amount that the family is expected to contribute toward the educational costs for that academic year. Denison uses federal methodology to determine federal need. Federal need is computed by subtracting the EFC from the total cost of attendance. The difference is the federal need. In cases of high federal need, Denison is unable to meet 100% of federal need.

Total Cost of Attendance (including personal expenses)
– EFC (Expected Family Contribution)

---

= Federal Financial Need

When Denison receives the EFC calculation from the FAFSA for need-based applicants, it is loaded into the mainframe system to determine a tentative need-based aid package for all students accepted for admission.

Tentative Award Notification

Beginning in late March, tentative need-based financial aid award notifications will be mailed to all accepted prospective students from whom Denison has received FAFSA information. Denison will continue to mail tentative financial aid award letters until May 1^st. If a student files for aid after May 1^st, the financial aid file must be complete before a financial aid award will be made.

Applicants should carefully review their tentative award letter and the enclosed information sheet that provides details about each of the awards and how to finalize awards, if an applicant enrolls.

Final Award Notification

Verification

Enrolled students who are receiving need-based aid and are selected for federal verification will be notified by mail after May 1 about the documentation  needed for the federal verification process. There will be a Verification Worksheet provided to you in the notification letter which gives detailed instruction about the documentation needed for the verification process.

Tax filers (student and/or parents) are required to submit their federal tax data from the IRS. IRS tax data can be submitted in two ways:

1. IRS tax data can be loaded directly into the FAFSA using the IRS Data Retrieval Tool (DRT).
2. If the IRS DRT cannot be used, the tax filer must submit an IRS Tax Transcript AND W-2 forms, if applicable.

Non-Tax Filers must provide copies of employer provided W-2 forms, if applicable.

 Final Awards

Notification will be sent to the students informing them if their initial tentative awards are final or if they have been revised.

If your initial tentative awards are final:

• No changes were made to the initial FAFSA data in the verification process, or
• Changes were made to the initilal FAFSA data in the verification process, but the changes did not result in an adjusted financial aid award

If your initial tentative awards were adjusted:

• Awards are adjusted if the verification process results in changes that must be made to the initial FAFSA data that impact the eligibility for need based aid

 Student Loans

Final Award notifications will include instructions for the following requirements to ensure that the Federal Direct student loans credit against the student charges:

• Accepting, reducing or declining the Federal Direct Loan(s) at self service link
• Signing the Electronic Master Promissory Note (eMPN) at www.studentloans.gov
• Completing the Federal Direct Loan Entrance Counseling at www.studentloans.gov

If the Federal Direct Loan Requirements are completed before the Fall bills are generated on July 1, they will display as credits on the bill statement.

 Student Employment

Work awards (Federal Work Study and/or Non-federal Work Study) do not credit against billable charges.  Students who work on campus will be paid a bi-weekly paycheck for actual hours worked.  Students interested in student employment will be able to search for a job through the Student Employment channel located on myDenison.  Entering First Year students may access job postings in mid-August.