Butler University’s Office of Financial Aid recently sent out the academic scholarship award letters, which has sparked many questions among admitted students. Before you begin, you might want to familiarize yourself with these common financial aid terms.
Still have questions? Let us help you:
Q: I haven’t received my scholarship letter yet, is it coming soon?
A: Most academic scholarship letters were mailed in late December and should have already arrived in your mailbox. If you haven’t received it yet and are wondering if you should have, please contact your admission counselor. He or she will be happy to assist you!
Q: If I didn’t receive a scholarship, what are my options?
A: First, we are very excited that you are considering Butler University as one of your top choices! Second, there are many options that students have when it comes to funding their college education. Here are a few to help you get started:
- Gift Programs: These can include departmental scholarships and grants. In fact, Butler University is the largest provider of financial aid to its students. To learn more visit www.butler.edu/financial-aid.
- Aid Programs: Financial aid programs include federal, state and university grants, federal student loans, and federal student work-study. For consideration of all aid programs, you must file the Free Application for Federal Student Aid (FAFSA). To ensure maximum consideration and timely notification of any of the following awards complete the FAFSA online between January 1 and March 1 each year. For more information, visit www.butler.edu/financial-aid.
Q: Does Butler University accept outside scholarships?
A: Yes, we do accept outside scholarships! An outside scholarship is any scholarship not awarded by the government or the school, such as a scholarship provided by a private sector company, philanthropist, or foundation. We strongly encourage students to apply for as many outside scholarships as possible. Outside scholarships can quickly add up and many go unclaimed each year, so be sure to start applying for these as soon as you can. Here is a list of websites we recommend:
Please contact the Office of Financial Aid if you have specific questions and they will be more than happy to help!
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A few weeks back, we blogged about starting the financial aid while waiting for your admission decision to arrive. Although it can be intimidating and confusing, it is important to start the process as early as possible. Before we jump into the process, let’s define a few financial aid terms:
1. Aid: Need-based aid refers to federal, state and university grants, federal student loans and federal student work-study. For consideration of need-based aid, you must file the Free Application for Federal Student Aid (FAFSA). We recommend each year that you complete the Free Application for Federal Student Aid online.
2. Merit & Talent Awards (also known as scholarships): Awards based on academic achievement or performance ability (scholarships). Those you do not have to pay back.
3. Loans: Students and parents who wish to borrow from any of the loan programs (ex: Federal Direct PLUS Loan or Private Loans) must determine their borrowing needs for the entire academic year before beginning the application process.
Now let’s cover some important dates:
- Gather the previous calendar year’s W2s and federal tax returns, and identification documents (social security cards, drivers licenses) for both the student and the parents.
- File the FAFSA (school code 001788) beginning January 1 of senior year, but no later than March 1.
- Financial aid administrators at the colleges where you’ve applied will use your EFC to determine how much aid you’ll get. Next you’ll receive the The Financial Aid Notification (FAN) is a complete overview of the financial aid offered to students eligible to receive financial aid based on merit or need. The FAN also includes an average cost of attendance, which is used to determine financial aid eligibility. You’ll receive a financial aid award letter that tells you the amount of aid you’ll receive for the school year and in what form: loan, grant or campus-based program.
- Once we have completed the review of your financial aid application, we will make an offer of financial aid available to you online at my.butler.edu (Self-Service – Student Center – Finances – Review/Accept/Decline Financial Aid). You can accept or decline each award, select a lender (if necessary) and report any outside scholarships.
- To help you consider your options, you can also fill out the Family Responsibility Worksheet (PDF) will guide you in evaluating the different financing options available and developing a plan for your investment in a Butler education.
We know that this is a quick overview of the process so for more in-depth information, please visit www.butler.edu/financial-aid.
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