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The 2019-2020 FAFSA and CSS Profile are available! That means you can start completing your financial aid application. We have an online checklist that lays out all the steps you need to take to apply for need-based aid at the University of Denver. But read on, as this email includes tips and how-to's to make the application process easier.
Overview of the Financial Aid Process
One of the first steps in understanding how to finance your student's education is learning how the overall process works. Here's a broad overview of what you can expect over the next year:
| When: |
What: |
| All Students |
| Throughout the Fall and Winter |
Encourage your student to research and apply for private scholarships. |
| Early Action and Early Decision I Applicants |
| October |
Complete the steps to apply for financial aid by November 15th. |
| November |
We'll process your financial aid application and let you know if we need anything else. |
| December |
Your student can expect to receive a financial aid award letter around the same time as the admission decision. |
| Regular Decision and Early Decision II Applicants |
| January |
Complete the steps to apply for financial aid by February 1st. |
| February |
We'll process your financial aid application and let you know if we need anything else. |
| Late February and Early March |
Your student can expect to receive a financial aid award letter around the same time as the admission decision. |
| All Students |
| March and April |
Review and compare financial aid award offers from all schools. |
| May |
Your student should accept financial aid awards and complete student loan requirements (if borrowing loans). |
| June |
If needed, determine the ways you will manage the costs not covered by your student's financial aid package. |
| July |
Consider additional financing options such as a DU payment plan or a Parent PLUS loan. |
| Fall of 2019 |
Arrive at DU and attend Discoveries Orientation! The fall quarter portion of your student's financial aid will automatically pay toward the DU bill. |
We'll go into more detail about many of these items throughout the rest of the Financial Aid 101 series.
Tips for Applying for Financial Aid at DU
Apply by the priority deadline.
To be considered for both federal and institutional aid, you must complete the FAFSA and CSS Profile applications. If submitted by the priority deadline, your student will receive a financial aid award letter around the same time as the admission decision. The priority deadline is November 15th for Early Action and Early Decision I applicants, and February 1st for Regular Decision and Early Decision II applicants.
Complete the FAFSA and CSS Profile at the same time using the same information.
We highly recommend that you complete both applications on the same day and use the actual information from your tax return and other financial documents. Doing so may prevent you from having to submit further documentation to our office.
Use your 2017 tax information.
The 2019-20 FAFSA and CSS Profile applications ask you to enter tax information from 2017. Although families ask if they can enter 2018 information instead, both applications require 2017 data.
Correctly report the number of family members in college.
Do not include parents in college or any siblings in high school who are taking college classes. When we calculate financial aid eligibility, consideration is given to each sibling enrolled at least half time in a degree-seeking program.
Report tax-deferred contributions to your pension and retirement savings.
Payments to tax-deferred pension and retirement savings plans (paid directly or withheld from earnings) include amounts reported on your W-2 form in box 12a through 12d (codes D, E, F, G, H and S). Those amounts must be reported on your FAFSA and CSS Profile as untaxed income.
Report the value of your family-owned business.
The value of any family-owned business should always be reported on the CSS Profile. However, on the FAFSA, do not report the value of a family-owned business if your family owns more than 50% AND the business has 100 or fewer full-time employees. If the business is a pass-through entity (e.g., sole proprietorship, partnership, S-corporation or LLC), the business income attributable to the taxpayer (e.g., through IRS Schedule C or IRS Schedule K-1) must still be reported on both the Profile and the FAFSA.
Don't leave fields blank.
If a question does not pertain to you, enter a '0' instead of leaving it blank. Too many blanks can cause miscalculations and a rejected application.
Use the IRS Data Retrieval Tool, if you can.
Most students and parents can use the IRS Data Retrieval Tool to import tax data directly into the FAFSA. If you and/or your student filed a 2017 tax return, we strongly encourage you to use this tool, as it may prevent you from having to submit further documentation.
Be sure to sign your FAFSA!
To complete your FAFSA, both you and your student must sign it. Submitting the FAFSA without signatures will delay the processing of your financial aid application.
Do not update the FAFSA unnecessarily.
Once you've submitted the FAFSA, you shouldn't make any changes unless you have been specifically instructed to. The information you report is supposed to be a "snapshot" in time, so there's no need to update elements that have changed after you initially completed the application (such as the amount in your checking account).
Pay attention to emails from our office.
We can't stress this enough. Our primary method of communication to students and parents is email. We may need additional documentation before we can process your financial aid application, and certain emails we can only send to the student—not the parent. So be sure to communicate with your student frequently about the financial aid process.
Want more?
We have additional tips and information about the application process on our website. You can also find resources for completing the CSS Profile on the College Board's website.
Up next week: Checking Your Status and When to Expect an Award Package
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