Students must complete the Financial Aid Process between January 1 and February 15 each year in order to be considered for need-based financial assistance for the following academic year.
Completion of the Financial Aid Process results in a determination of a family’s ability to pay for their son’s education (EFC). If the EFC is lower than the student’s Cost of Attendance (COA), the student is eligible for need-based financial aid.
COA – EFC = Need-based Aid Eligibility
The amount of federal, state, and institutional need-based aid a student can receive is based on the level of the student’s need-based aid eligibility and other sources of financial assistance he may have (i.e. merit-based scholarships).
Eligibility for need-based financial aid is contingent upon continuing to demonstrate financial need, Satisfactory Academic Progress, and campus citizenship as determined by the Dean of Students. Additionally, students cannot be in default or owe a refund on any federal aid.
Financial Aid Calendar
Through the Institutional Documentation Service (IDOC), the College Board collects families' federal tax returns and other documents on behalf of participating colleges and programs. The College Board notifies students selected by participating institutions when to submit the required documents. The Department of Education encourages all applicants to utilize the IRS tax data retrieval tool when completing the 2012-13 Free Application for Federal Student Aid (FAFSA). This tool is available to most tax filers who have a processed tax return on file with the IRS. Students selected for federal verification are required to utilize the tool to import student and/or parent income information directly from the IRS. If a student and/or parent is not able or unwilling to use the IRS data retrieval process, a tax transcript is required.
You and your parents are eligible to use the IRS Data Retrieval Tool if you:
* Filed your 2011 federal tax return with the IRS.
* Have a valid social security number.
* Have a Federal Student Aid PIN (if you do not have a PIN, you will be given the option to apply for one)
* Do not fall into one of the ineligible categories listed below.
You and your parents are not eligible to use the IRS Data Retrieval Tool if:
* Your marital status changed after December 31, 2011.
* You filed married filing separately.
* You filed an amended return.
* You filed a foreign tax return.
* You filed a tax return using a Tax ID Number (TIN).
* The home address on the FAFSA does not match the address on the tax return.
According to the IRS, this tool cannot be used until 1-2 weeks after electronically filing a tax return and 6-8 weeks after filing paper tax returns.
Please note that signed copies of your 2011 federal tax returns, along with all schedules and W-2 forms, still must be submitted directly to the College Board as part of the financial aid application process.
You must actively choose to utilize the data retrieval tool. If you choose to do so, you will be transferred to the Internal Revenue Service web site. There, the FAFSA Central Processing System (CPS) will conduct a data match with the IRS. You and your parents will need to authenticate your identity before any information is displayed. Tax data will be presented and you will have the option to "Transfer" the tax information to the FAFSA. Transferred data will have a notation -"Transferred from the IRS"
Although the following video was produced by a school in California, the information presented will be helpful to all families in understanding the process.
Obtain a Tax Transcript from the IRS
If you and/or your parents are selected for federal verification and are also not eligible (or choose not) to use the IRS Data Retrieval Tool when updating your FAFSA, the US Department of Education requires our office to collect an Official Tax Transcript processed by the IRS. Please note that parents who are married but filing separately must submit two separate IRS transcripts. Transcripts are not required for those filing a foreign or Puerto Rican tax return.
There are three ways to request your tax transcript: by phone, online, or by mail. Please make sure you request a Tax Transcript. Do not request a Tax Account Transcript or Record of Account because they cannot be used for financial aid verification purposes. Please be advised that our office cannot verify your financial aid award without a tax transcript.
To obtain a tax return transcript online please follow these steps:
* Go to www.irs.gov.
* Click Order a Tax Return or Account Transcript located under Tools
* Click Order a Transcript under Step 3.
* Enter your SSN, Date of Birth, Street Address, and Zip Code.
* Click Continue.
* Select Return Transcript for Tax Year (i.e., 2011).
* Click Continue.
To obtain a tax return transcript by phone please follow these steps:
* Call the IRS at 1-800-908-9946 (7:00 a.m. to 10:00 p.m.).
* Tax filers must follow prompts to enter their Social Security Number and the numbers of their street address. Generally, these will be the numbers of the street address that was listed on the latest tax return filed. However, if an address change has been completed through the U.S. Postal Service, the IRS may have the updated address on file.
* Select "Option 2" to request an IRS Tax Return Transcript, and then enter "2011"
* If successfully validated, tax filers can expect to receive a paper IRS Tax Return Transcript at the address that was used in their telephone request within 5 to 10 days from the time the IRS receives the request.
* IRS Tax Return Transcripts requested by telephone cannot be sent directly to a third party by the IRS.
To obtain a tax return transcript by mail please follow these steps:
* Complete Form 4506-TEZ (Request for Transcript of Tax Return).
* Form 4506-T is available online.
* Mail or fax the completed IRS Form to the appropriate address (or fax number) provided on page 2 of Form 4506T-EZ.
* Your transcript(s) will be mailed within 5 to 10 days from the IRS.
IDOC Mailing Address
Please do not submit any documents to the Financial Aid Office. Documents must be sent to the College Board.
* Mail all requested documents with the Cover Sheet to:
College Board IDOC
P.O. Box 4017
Mount Vernon, IL 62864
To check the status of your FAFSA, go to: www.fafsa.ed.gov and select "Check Status of a Submitted FAFSA or Print Signature Page"
To check the status of your CSS/PROFILE, go to: https://profileonline. collegeboard.com and Log In
To review and complete the IDOC (verification) process, go to:
Missing paperwork? Check "My Documents" on Ask Wally for items that have not been received by the Financial Aid Office.