Title IV Authorization Statement

Paying for College
1

<p>I don't understand the following statement, and which option we should choose. It is on Georgetown's financial aid acceptance form we send back to them:</p>

<p>Federal regulations allow Georgetown University to hold Title IV funds (Federal Stafford Loan, Federal Pell Grant, Federal SEOG, Federal Perkins Loan or Federal PLUS loan) to pay charges on your student billing account. If you provide authorization, Georgetown University may apply your Title IV funds that are in excess of tuition, contracted room and board and mandatory fees to pay for the cost of other fees (health insurance, library fines, etc.) This authorization is valid for your entire period of enrollment. However, you may revise it at any time. Please check the appropriate box below and sign the statement.</p>

<p>__ Yes, I authorize Georgetown University to apply Title IV funds to all charges.</p>

<p>__ No, I do not authorize Georgetown University to apply Title IV funds to all charges.</p>

<p>Which one am I supposed to choose? An explanation would be helpful. Thanks.</p>

2

<p>I believe we're supposed to choose the "Yes, I authorize GU to apply Title IV funds to all charges."</p>

<p>It's basically a statement that says that in case we have like overdue library books or need to pay for health insurance, that it'll be covered through Perkins/Stafford/PLUS/Pell. If you check off no, then that means.. well, I guess it can only mean that such bills will be sent to your house or to the student..</p>

<p>(I just checked off yes, it wasn't as if it were a big thing or anything like that..)</p>

3

<p>I would recommend that you talk to someone from the fin aid office to be sure exactly what that means. I have heard that if you say yes then they could apply your funds for something you don't need (say health ins.). If your parents cover your health ins. you certainly don't want to pay $800+ for something you don't need.</p>