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IMPORTANT FINANCIAL AID CHANGES FOR 2012/2013

Attention All Students

IRS Data Retrieval Process

Overview

Officials in the office of Federal Student Aid and the Internal Revenue Service have worked together to develop a process to simplify the steps that families must complete each year to submit the Free Application for Federal Student Aid - "FAFSA".

Utilizing the IRS Data Retrieval system will simplify and expedite the submission and verification process. By completing this process students who are selected for verification will no longer be required to submit signed copies of federal tax returns to our office before we determine your financial aid eligibility.

How Will This Work?

The "IRS Data Retrieval" process for the 2012-2013 academic year is estimated to be available beginning February 1, 2012.

  • Electronically filed tax returns will be available to use with the IRS Data Retrieval 1-2 weeks after your return has been filed and accepted by the IRS.
  • If you file paper forms, your return will be available to use with the IRS Data Retrieval in 6-8 weeks.

If you complete your FAFSA before you submit your taxes, you are eligible to go back into your FAFSA, once the IRS DATA Retrieval is available, make a correction and select the IRS Data Retrieval option.

If you choose not to use the IRS Data Retrieval, and you are selected for verification, you must obtain a tax transcript directly from the IRS. (Download PDF Instructions)

To utilize the IRS Data Retrieval tool, you must choose the option within the FAFSA. Once you have selected IRS Data Retrieval tool you will see the screen below:

After selecting OK, you will be redirected to the IRS site:

Completing the information above will provide the authentication necessary to retrieve your information:

Selecting the option above to transfer your information will result in a confirmation message of "Transferred to the IRS"

FAFSA Corrections

We realize that many families will not have their federal tax returns completed by the priority application deadline for specific scholarships. If you are in this situation, you can use "estimated income" information on your initial submission of the FAFSA. Once your taxes are completed, the "estimated income" is not an option.

Federal Student Aid will begin sending reminders around April 1, 2012, to families who submitted their FAFSA prior to submitting their taxes, providing them with the information to go back online and update the FAFSA using the FAFSA-IRS Data Retrieval process. If you completed your 2011 taxes after filing your FAFSA, don’t forget to log back into your FAFSA and transfer your tax information using the Data Retrieval Tool. Reminder messages will be sent throughout the processing cycle.

Families that will not be eligible to use the FAFSA-IRS Data Retrieval process are:

  • A married independent applicant and spouse who filed separate tax returns;
  • Parents of a dependent student, who filed separate tax returns.
  • An applicant or applicant's parent who have had a change in marital status after the end of the tax year on December 31, 2011
  • The applicant, or parent or spouse, who has filed an amended tax return.


Attention All Students

Since the start of the Direct Lending program in 2010, the government has been giving an up-front interest rate rebate for all direct loans. This interest rate rebate was called a loan repayment incentive.

When a Stafford loan was originated, the student was charged a 1% origination fee by the government, but received an immediate .5% rebate, so the origination fee actually became .5%.

When a Plus loan (Parent or Graduate) was originated, the student or parent was charged a 4% origination fee but received an immediate 1.5% rebate, so the origination fee actually became 2.5%.

One of the provisions arising from the Budget Control Act of 2011 is the elimination of all loan repayment incentives effective 1 July, 2012.

Attention Graduate and Professional Students

In general, most graduate students have been eligible for $20,500 in Stafford Loans each academic year; $8,500 of which could be subsidized. On a subsidized Stafford Loan, the government paid the interest during periods the loan was in deferment, grace or forbearance.

One of the provisions arising from the Budget Control Act of 2011 is the elimination of the subsidized Stafford loan for Graduate Students effective 1 July, 2012.

Stafford Loans will continue to be offered; however, there will be no amount subsidized.

We are continuing to research these issues to see how they will affect our financial aid for the 2011/2012 academic year. We will keep you informed as we continue to receive guidance from the US Department of Education.

Chesapeake Scholarship Opportunity
 





 

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