It’s FAFSA Time!

Posted by on February 22, 2012

The time has come to complete your 2012-2013 financial aid packet and FAFSA.  Any student who will be in attendance after July 1st, 2012 must complete a financial aid packet.  The renewal packets will be available in the student lounge starting Monday, February 27th

This year there are significant changes to the FAFSA. The most significant change is
you are now encouraged to use the IRS data retrieval tool. This option is built
into the FAFSA and is easy to use.  This IRS data retrieval tool will bring in many items that you were required to manually input in previous years, such as taxes paid and adjusted gross income, among other things.

You will have a very high likelihood of being chosen for verification if you are unable to link your taxes, choose not to link your taxes or if you make changes to the information that was brought in using the IRS data retrieval tool.

What does this mean to you? If you are chosen for verification you may be required to contact the IRS and get a copy of your tax transcript.  Schools can no longer accept a copy of your tax return; the documentation must be an actual tax transcript from the
IRS.  Depending on your situation, the financial aid office may also request other information for verification, like a Verification Worksheet, that asks further information about income not shown on a tax return.

How does the IRS data retrieval tool work? At the point in the FAFSA where your taxes are needed it will ask if you want to use the tool. It will then ask you for some personal information such as name, social security #, date of birth, filing status and address. This personal information must match exactly with what is listed on your taxes.  Once your information is correctly entered, it will show you what information will be imported. Once the information has been imported there should not be any reason to change it.

The IRS data retrieval tool will be available to electronic filers approximately 2 weeks after your taxes have been filed. For students who mail in their taxes it should be available approximately 8 weeks after your taxes hit the mailbox.

always, if you have any questions stop by the financial aid office and speak
with your financial aid advisor.

Thank you for your Interest in Minnesota School of Business.