Financial Aid Office and Student Accounting Services Highlights – January 2015

A few important highlights for you as we begin the New Year!

  • LoopWhitworth University has a number of scholarships funded by individual, corporation, or foundation donors to be awarded each year.  The RETURNING STUDENT APPLICATION for these scholarships is now live for the 2015-16 academic year! Encourage your student to complete this on-line application. The scholarships have varying criteria and award amounts vary, but are typically in the $1,000-$2,000 range.  – The deadline is midnight on January 31, 2015.
  • The FAFSA (Free Application for Federal Student Aid) is now available for the 2015-16 year.  Our priority deadline is May 1 for returning students who are seeking financial aid is; for new freshman and students who wish to apply for summer work-study, the deadline is March 1. If you need help in completing the FAFSA, Whitworth University is hosting a College Goal Washington event on January 22nd in the Library (Rm. 223) from 5-8 p.m.  Bring whatever 2014 tax information you have available at that time.  You may also use your 2013 tax form for reference if you do not have your 2014 tax information yet. If you plan on utilizing the 12-month payment plan next year, we encourage you to file the FAFSA early so that your student’s financial aid award can be finalized before that first payment under that plan is due.
  • Please remember, investments (on the FAFSA) also include qualified education benefits or education savings accounts (e.g. Coverdell savings accounts, 529 college savings plans and the refund value of the 529 prepaid tuition plans). For a student who must report parental information (Dependent student), the accounts are reported as parental investments in question 91 of the FAFSA and include all accounts owned by the student and all accounts owned by the parents for any member of the household.  If these investments are owned by someone other than you or your student and were used to pay toward your student’s charges in 2014, those payments should be reported as money paid on your student’s behalf in question 45j of the 2015-16 FAFSA.
  • The 2014 1098T tuition tax form will be available electronically at the end of this month!  It’s easy to obtain…students just need to go to the Student Account information section of Pirate Port (or Whitnet) and click on 1098 Electronic Consent. By electing to receive the form electronically, it will be available earlier and can be viewed and printed any time. This form is used to support your request for educational tax credits on your tax return. Please consult your tax advisor or go to irs.gov for more information on available educational tax credits. To assist your student in determining what financial aid should be reported on their federal income tax return and the 2015-16 FAFSA, just use this handy worksheet.
  • Confirmation Billing Forms for spring semester are due FRIDAY, January 9, 2015. Please contact Student Account Services if you have any question on this.

We appreciate your assistance with getting the word out to your students about these important reminders.  Happy New Year!

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