Financial Aid & Scholarships: NEW FOR 2012-2013
Completing the FAFSA
IRS Data Retrieval System
Individuals who file their 2011 income tax return with the IRS BEFORE completing the FAFSA can pull in their IRS income data directly to the income sections of the 2012-2013 FAFSA. This feature can be used by both the student and the parent(s), if applicable. The advantage of using the IRS Data Retrieval System when completing the FAFSA is if the FAFSA record is selected for verification, there is no need to submit copies of tax returns to our office. The income data received would be coming directly from the IRS and is already verified.
FAFSA records selected for verification
Verification of Income information
If selected for verification and 2011 income tax returns have been filed with the IRS, the student and parent, if applicable, can update the 2012-2013 FAFSA income data through the IRS Data Retrieval option. Log in to your FAFSA at http://fafsa.gov as you will be making a correction to the financial information (income section). Selecting the "already completed taxes" and checking the box "you have filed' will enable you to select the "View Option to link to the IRS" This will expedite the verification process and no IRS Tax Transcript will be needed. If you are not able to utilize the IRS Data Retrieval option you will need to request a Tax Return Transcript through the IRS web site, specifically http://www.irs.gov/individuals/article/0,,id=232168,00.html. Select the Return Transcript option. Don't forget to Submit the request! And don't forget to include your CWID on ALL pages!
Verification of Child Support Paid
If Child Support Paid is reported in question 91B of the FAFSA applicants will need to complete a Child Support Paid Verification Worksheet for our office.
Verification of Food Stamp Benefit Received in 2010 or 2011
If Food Stamp Benefits were received in 2010 or 2011 as indicated in question 75 of the FAFSA, a copy of the official notice of food stamp eligibility from the appropriate agency.
For the Graduate Level Federal Direct Subsidized Loan Program
Beginning July 1, 2012, the in-school interest subsidy for graduate and professional students will no longer be available except for those students taking preparatory coursework and students in programs leading to teacher certification where the credential is awarded by the state instead of the institution.
For Federal Pell Grant:
Students who have received 12 semesters of full-time equivalent Federal Pell Grant will no longer be eligible to receive Federal Pell Grant. The 12 semester maximum includes Federal Pell Grant received at ALL schools attended at ANY point in time. The FAFSA processor will notify students affected under this new rule.
For Federal Direct Loans Repayment Incentive Program
For new loans disbursed on or after July 1, 2012 the repayment incentive program will no longer be applicable when the loans go into repayment.
For Student Direct Loans:
The incentives for using automatic debit repayment are eliminated for student loans and Parent PLUS Loans. This incentive provided borrowers with a 0.25 interest rate reduction. The up-front interest rebate incentive was equal to 0.5 percent of the loan amount and applied toward the 1 percent loan origination fee.
For Parent PLUS Loans:
The up-front interest rebate was 1.5 percent and was applied toward the 4 percent origination fee. Borrowers were able to keep the rebate if they made their first 12 payments on time.
* For Both Student Direct Loans and Parent PLUS Loans
An interest rate reduction may be provided to a borrower who agrees to automatic debit electronic payments