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Financial Aid Renewal 2015-16.

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Presentation on theme: "Financial Aid Renewal 2015-16."— Presentation transcript:

1 Financial Aid Renewal

2 Required Documents Due April 15th
FAFSA: available as of January 1, 2015 CSS Profile: available as of October 1, 2014 Copies of student 2014 Federal Tax Return Including all schedules & Forms W-2 used to file Copies of parent(s)’s 2014 Federal Tax Return If you or your parents are not required to file, please submit the Parent and/or Student Statement of Non-filing Tax Status

3 Federal Verification A random selection process from the DOE
Selected students may be required to submit additional documentation or will lose their Federal Financial Aid This process is not a secondary review of your award or an “appeal”

4 Requirements of Federal verification
1. The following items may be required by the FA Office for students selected for verification: Parent and Student IRS Tax Return Transcript or FAFSA IRS Data Retrieval Tool completed Verification Worksheet Non-filing statement Prior year W-2 statements Any additional documentation requested by the FA Office 2. FA Office Review 3. New, corrected FAFSA submitted by FA Office Any changes to aid if applicable

FAFSA: We encourage you to utilize the IRS Data Retrieval Tool when completing your FAFSA This allows our office to receive IRS verified information from your/your parent(s)’s tax returns This is a requirement for students that are selected for the Federal Verification Process If parent or student is unable to use IRS Data Retrieval Tool, we recommend using the IRS Get Transcript Online Tool

6 How to use the irs data retrieval tool
Available once the Return has been processed by the IRS Not all students will have access to use this tool Parent must enter their PIN to Link to IRS

7 How to use the irs data retrieval tool
Once on this page, make sure to TRANSFER the tax data by clicking “Transfer Now” & return to the FAFSA Do not edit any of the fields that were transferred from the IRS – Doing so will void this process altogether

8 IRS Tax Return Transcript Irs “Get Transcript” function
Tax filers can request their transcripts online to print same day Tax Filer will need to create a free account w/IRS to access their data

9 IRS “Get transcript” Request
Select “Higher Education /Student Aid” Request the most recent tax year’s Return Transcript (2014) You should be able to view and print your transcript after this page

10 Required Renewal Documents International Students
CSS Profile or International Student Financial Aid Application (ISFAA) Available on the Financial Aid Office website & through the College Board 2. International Student Certification of Finances 3. Translated copies of parent(s)’s 2014 income/tax documents

11 Important to note for 2013-14 2014 W-2 Statements
Are now available through HR-Info (via student portal) Information contained therein must be reported on your FAFSA (Student Finances) whether or not you will file a Federal Tax Return Student Portal Update Link to Student Portal now available on the financial aid website: My Financial Aid “Documents” tab now includes forms/links to documents that are required for your file Documents needed for will appear on the Student Portal by June 1st

12 Important to note for 2014-15 Outside Scholarships Loan Requests
Students are responsible for the renewal of their outside scholarships Failure to renew your outside scholarship will not result in additional grant assistance to cover the difference Loan Requests Must be submitted to our office by June 16th in order for your loan to be processed in time for the 1st bill Restricted/Endowed Scholarships Financial Aid Award letters may include Restricted or Endowed Scholarships as part of your package These are a component of your aid award – they do not provide additional aid The Scholarship Data Sheet will be required if awarded Office of Donor Relations will contact you regarding thank you letters in the Fall

13 Important Dates April 15th – Financial Aid Application due
May 30th – Financial Aid Packets mailed For students that submit their completed application by the deadline June 16th – Loan Requests due in time for 1st bill July 10th – 1st bill for Fall 2015 mailed August 1st – Fall Account Balance or 1st Payment due

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