News from the Office of Financial Aid
It is that time of the year again – time to file your taxes and FAFSA for 2011-2012.
Following are some things to keep in mind:
- The Free Application for Federal Student Aid serves as the application for all federal, state and institutional financial aid at Xavier University for summer 2011, fall 2011 and spring 2012.
You should file the FAFSA online at http://www.fafsa.ed.gov/. Students or parents should use a PIN (Personal Identification Number) to sign the FAFSA electronically. If a student or parent does not already have a PIN, apply for one at http://www.pin.ed.gov/. If you need assistance completing the FAFSA on the Web, please use the link for the Pre-Application Worksheet at https://fafsa.ed.gov/fotw1112/pdf/fafsaws12c.pdf. This worksheet will help you prepare to complete the FAFSA on the Web.
Xavier University has a priority deadline of March 15 for returning students. This is the date by which Xavier needs the processed results of your FAFSA. In order for Xavier to receive the results of your FAFSA, you must list the Xavier school code of "003144". If you have not yet filed your taxes, you can use estimated income information when completing the FAFSA by using your W-2(s) or last paystub from 2010.
- As tax season is upon us, Ohio Senator Sherrod Brown reminds all students that they should be taking full advantage of the American Opportunity Tax Credit (AOTC). This credit, which was originally included in the American Recovery and Reinvestment Act and was recently extended for two years as part of the Unemployment Insurance Reauthorization and Job Creation Act of 2010, provides a maximum tax credit of $2,500 for qualified tuition and related expenses for the first four years of post-secondary education. This partially refundable tax credit, which replaced and expanded the HOPE tuition credit, is helping to make college more affordable for millions of middle-class families.
Citing just Ohio statistics, the Senator says only 35 percent of eligible students used the credit in 2009. As cost continues to be a significant barrier to college completion, it is an important reminder to claim 2010 higher education expenses on your April tax filings.
Additional information about this tax credit is available at the IRS website: http://www.irs.gov/newsroom/article/0,,id=211309,00.html