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What Parents Need to Know
Here in the Financial Aid Office, we understand that a college education is a big investment, and our goal is to work with you and your student to put together the best possible financial aid package for you.
A word of encouragement: The financial aid process can be complicated and tedious, but it does get easier each time. Furthermore, we have found from conversations with families and from personal experience that the entire financial aid process of decision making and application can be a very rich time of parent-student dialogue and prayer. More importantly, it can provide a wonderful opportunity to test the waters of trusting God and discerning His will.
As you begin the process of applying for financial aid, here are things to keep in mind:
- The Process
Colleges differ in their financial aid policies. Doing some research into how each institution handles financial aid will help you understand the process. For example, at Wheaton College financial aid is awarded primarily on the basis of financial need, thus there is little merit aid as compared to some institutions.
- Our Guidelines and Parameters
Financial aid administrators must work within strict federal, state, and institutional guidelines in order to be in compliance with the law and to be good stewards of resources.
- Confidentiality
Please know that your information is kept confidential, and once it is no longer needed, it is shredded on-site. Also, we ask for a student's ID number when parents or students call for information not merely for our convenience, but as a protective measure for the student's information. Furthermore, federal FERPA laws govern the information we can give to the student about the parent and vice versa.
- Thinking Ahead
Consider how your situation might look not just for the coming year but in years ahead. For instance, if the number of siblings in college changes, it may significantly change the amount of financial aid a student will receive. Other circumstances can also affect the amount of aid awarded from year to year. Accordingly, we reassess financial aid yearly (which means parents and students need to reapply every year).
- Plan Ahead
At Wheaton College we ask for financial information based on the previous calendar year's tax information (for the 08-09 academic year, we ask for the 2007 tax information). The earlier families can have their tax information together, the earlier they can apply for financial aid (but no earlier than January 1 in any given year).
Sometimes families are asked to verify the financial information on their applications. For this reason, keep all documents related to financial aid, taxes and finances in one place so that if you are asked to submit documentation, it will be convenient. Encourage your student to do the same.
- Communication
Financial aid is awarded to the student; therefore, Wheaton College policy is to communicate with the student first as the person who will ultimately be responsible for his or her finances. This means that all departments communicate with students once they are enrolled. They do this via Bannerweb and email. For that reason, we ask them to check both Wheaton email and Bannerweb regularly and to give information to their parents. A good question to ask your student is, “Have you checked email and Bannerweb?”
- Student Involvement
For the same reason, we encourage students to be as involved in the financial aid process as possible. Often, the more involved the student is, the smoother the financial aid process goes.
- Accuracy
Just as accuracy and completeness is important for tax forms, so it is with financial aid forms. Please check paperwork and online documents for accuracy, completeness and signatures to avoid delays in processing.
- Contacting Our Office
During our busy seasons (March through June and the start of each semester), we have a very high volume of incoming phone calls which can mean that callers often reach voice mail. Please leave a message and have patience. We do try to return calls as quickly as possible. Another option for communicating with us is by email to finaid@wheaton.edu.
- Billing
Account statements are sent to the student's mailbox on campus during the semester. If a student requests a change in billing address in Student Accounts, statements can be sent directly to the parents instead.
Practical Tips
Start early and follow up. Feel free to ask questions and know that whatever questions you have had, someone else has probably had the same questions. Go here for more helpful ideas.
What Parents Need to Do - In a Nutshell
1. Obtain a FAFSA PIN number (www.pin.ed.gov)
2. Complete the parent section of the FAFSA and sign with the PIN (www.fafsa.ed.gov)
3. Together with your student complete the Wheaton College Financial Aid Application online at www.wheaton.edu/finaid.
4. If selected for verification (your student will be notified), submit verification documents as requested.
5. If additional funds are needed, check with the financial aid counselor about obtaining supplemental loans.
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