FAFSA: IRS Data Retrieval Tool

[Miss Marty]

What is your opinion of the new FAFSA
IRS Internal Revenue Service Data Retrieval Tool?

FAFSA
Pay attention to the deadlines!

There are federal and state deadlines,
and your colleges may also have a deadline.


How to Submit a Free Application for Federal Student Aid (FAFSA)
FAFSA 1‑800‑4‑FED‑AID - FAFSA on the web: https://fafsa.ed.gov/


Click on

Start or Continue your FAFSA
Correct your FAFSA
Check the status of your FAFSA, and more...

Login using

The student's first name
The student's full last name
Social Security Number
Date of Birth

You must enter the student's Social Security Number.

Enter the Social Security Number (SSN) that is printed on the student's Social Security card. Enter this number without dashes. For example, enter 123456789.

You must enter the student's date of birth.

Enter the date of birth in "mmddyyyy" format, and make sure it exactly matches the date of birth on file with the Social Security Administration. For example, if the student's date of birth is Jan 1, 1980, type 01011980.

Password

Do you have your pin from last year? Even if you don't you can get a new one, or they'll email it to you. You only need your pin number when you are ready to submit your (online) application.

Your PIN serves as your electronic signature and provides access to your personal records, so you should never give your PIN to anyone. Be sure to keep your PIN in a safe place.

How to apply for a Pin number for Federal Student Aid

http://www.pin.ed.gov/PINWebApp/pinindex.jsp


NEW! The 2012-2013 IRS Data Retrieval Tool is now available.

This is the easiest way for you or your parents to access completed IRS tax return information and transfer it into your FAFSA.

Expected Family Contribution (EFC) Calculator

http://www.finaid.org/calculators/finaidestimate.phtml

 

[ace2000]

Sounds like it will make my life easier. You're obligated to make sure both are 100% accurate, so why should it matter?

 

[Egret1986]

Thank you. I need to get this completed, as well as the final tweaks to my taxes.

Pay attention to the deadlines!

There are federal and state deadlines,
and your colleges may also have a deadline.

This is a definite "sign" that when I go on TUG and am told to "pay attention" that I need to do just that and get with the program!

Thanks Marty!

 

[ace2000]

This is a definite "sign" that when I go on TUG and am told to "pay attention" that I need to do just that and get with the program!

Thanks Marty!

Ha! Me too... The FAFSA deadline spurred me to call my accountant to set up an appointment.

 

[SOS8260456]

Since we do tax prep for a living, our tax return was always the last one done as close to Oct. 15th as possible. This is the first year for FAFSA and I actually got it done this past weekend, just have to doublecheck it before efiling. Don't know why we didn't do it this early every other year.

Thanks for the information and reminders about school and state deadlines.

Lisa

 

[DeniseM]

You can do a preliminary FAFSA application before the deadline, and then go back and edit it later.

 

[Luanne]

You can do a preliminary FAFSA application before the deadline, and then go back and edit it later.

That's what we've always done. But it sounds like this retrieval tool will just allow you to pull everything over from your return.

 

[DeniseM]

That's what we've always done. But it sounds like this retrieval tool will just allow you to pull everything over from your return.

Yes, but for those who don't have their tax return done before the FAFSA deadline, you can still add it later.

 

[Miss Marty]

FAFSA: Making Changes & Corrections


How can I change schools on my Student Aid Report (SAR)?

You have a Federal Student Aid PIN
and the application has been processed.

Go to the FAFSA on the Web home page and click Start Here to log in.
You will be given the option to Make FAFSA Corrections. You may add
or remove colleges, and then submit the corrections for processing.

Will making a school change (add/delete) effect your SAR score?

Correction History

How do you delete a correction if it has been saved but not submitted?

 

[SOS8260456]

Just curious. Once the form is complete, how long until you find out what you are eligible for?

Thanks.

 

[Luanne]

Just curious. Once the form is complete, how long until you find out what you are eligible for?

Thanks.

You can see your EFC right away, but that doesn't really tell you much of anything.

Basically the school your child is applying to, or attending, will let you know. Most students are eligible for a Stafford loan at the very least.

 

[SOS8260456]

I just did this and we have an EFC score of 9511 which seems really high and from what little online research I did, it seems like she will be only eligible for a student loan. We are an average middle class family of 5. I guess we are richer than I thought. Next year we will have two in college, will that make a big impact on that number?

 

[squeeze]

I just did this and we have an EFC score of 9511 which seems really high and from what little online research I did, it seems like she will be only eligible for a student loan. We are an average middle class family of 5. I guess we are richer than I thought. Next year we will have two in college, will that make a big impact on that number?

for 2 in college, a small impact, but not a large one.
You are pretty far over the limit for any other aid other than student loans.

Honestly, for grants these days you have to be considered at the poverty level.

our oldest is 25, married and in college (so considered self supporting). They can barely afford to put gas in the 1 car they have and share between the 2 of them (which we bought for her). She literally lives on a dime sized budget, opening windows (instead of using the air conditioner), no cable tv, and ration for their food budget. She would rather suffer than ask for help from us.

Needless to say, not even she qualifies for anything other than student loans. It's really crazy. This past semester her bill was higher than she could even receive in student loans, therefore, we paid a bill off and supplied her money for books and supplies. College tuition these days is really riduculous.

Thank goodness she will be done in May, but she is now in the process applying for grad school.

Update:

Just wanted to add, that even if you think your student won't qualify you still want to make sure to file. Most school aid/scholarships require that you have at least filed the fafsa first.

 

[Stressy]

for 2 in college, a small impact, but not a large one.

Does it not split the EFC equally when you have 2 in college? So for OP 9511 for one student equals 4755 each for 2. That's the way I understand it.

 

[dmharris]

I just did this and we have an EFC score of 9511 which seems really high and from what little online research I did, it seems like she will be only eligible for a student loan. We are an average middle class family of 5. I guess we are richer than I thought. Next year we will have two in college, will that make a big impact on that number?

Don't get me started on college tuition! Okay, I can't help myself. Colleges have not been held accountable to their consumer and have raised tuitions at an unconscionable rate over the years.

The government is expecting people to foot the bill for college and I'm fine with that as long as students can get loans. Now that is even difficult!

Your EFC may seem high, but if your child goes to a private college with tuition at $46,000 then the remaining amount must be funded by "free money" e.g. scholarships or grants, loans and/or work-study. Each college decides what % of the remainder (tuition minus EFC) they will contribute. Some promise 100% of "need" which can be comprised of the three funding channels mentioned above at whatever % they choose. E.g. If you need $35,000, $10,000 may be in free money, about $1200 (I don't know the current limit) in work study, and the rest will be loans.

So if your child goes to a public/state school the "need" will be less but addressed in a similar method.

I agree no matter how much income you have, EVERYONE should fill out a FAFSA because it does put you in the que for scholarships.

The more desirable the student, the more likely they are to get free money. This can increase year-to-year as students prove themselves. But not always.

I'm glad we're done with college. I just wish we were done paying off loans. Sigh.

 

[dmharris]

Does it not split the EFC equally when you have 2 in college? So for OP 9511 for one student equals 4755 each for 2. That's the way I understand it.

This makes sense. I'd have to go back and research the answer; we had two in college for one year. A blessing and a curse!

 

[SOS8260456]

Thanks everyone. My next words were going to be - what was the purpose of completing it...but you guys answered that already.

When I finishing eh FAFSA the Pheaa info came up so I did that one too. Then my husband started going on about all the "free" money that is out there, so I told him to go and find it.

Only one of her schools has way out there tuition and the other two are state schools. Tuition is still high way but not out of this world. So i guess the next step is to wait to hear from the schools.

 

[dmharris]

Pheaa is not likely to come through for you; they're having financial trouble due to some "mismanagement".

 

[Luanne]

Does it not split the EFC equally when you have 2 in college? So for OP 9511 for one student equals 4755 each for 2. That's the way I understand it.

Yes. I found this out when I did younger dd's preliminary FAFSA this year. Her older sister is graduating so I didn't do one for her. The EFC was double for younger dd what it had been the year before.

For purposes of illustration, let's say that for the past couple of years the EFC for each dd came up as 5000. This year the EFC for just the one dd was 10,000.

By the way 9511 sounds really low to me.

 

[ksqdomer]

ahhh FAFSA. Our deadline is April 25 so no need to panic but a reminder non the less. Actually filing it out wasn't too bad. I thought the CSS profile was more of a pain.
Not getting anything anyway.

And yes, cost of college is the next bubble burst.

 

[dmharris]

ahhh FAFSA. Our deadline is April 25 so no need to panic but a reminder non the less. Actually filling it out wasn't too bad. I thought the CSS profile was more of a pain.
Not getting anything anyway.

And yes, cost of college is the next bubble burst.

We only had to do the CSS for certain colleges and thankfully my girls did not attend those colleges that required it.

 

[Luanne]

I thought the CSS profile was more of a pain.
Not getting anything anyway.

I agree. Luckily I only had to do that once.

 

[squeeze]

Does it not split the EFC equally when you have 2 in college? So for OP 9511 for one student equals 4755 each for 2. That's the way I understand it.

The answer to that question is a little tricky. It gets split between them, but the EFC is the amount of contribution expected from the family (parents) and the student. So, the parent expectation is split in half but the student portion may not be exactly the same (based on earned income and assets).

 

[Stressy]

The answer to that question is a little tricky. It gets split between them, but the EFC is the amount of contribution expected from the family (parents) and the student. So, the parent expectation is split in half but the student portion may not be exactly the same (based on earned income and assets).

Good point!

 

[Miss Marty]

Once you Submit a Free Application for Federal Student Aid (FAFSA)

The colleges you listed will have access to your FAFSA information once your application is processed. What is the next step? How do you find out what your Expected Family Contribution (EFC) is worth?