Wednesday, March 27, 2013

FAFSA FAQs

Who needs to file the FAFSA? 
All students who wish to receive federal or state Financial Aid for the academic year beginning July 1, 2013 and ending June 30, 2014 MUST submit a FAFSA (Free Applications for Federal Student Aid).

When is the deadline? 
Berkeley College’s deadline to complete your FAFSA is May 1, 2013.

What do I need?
  • Your FAFSA pin from http://pin.ed.gov. If you are a dependent student, your parents will also need their FAFSA pin.
  • Your Social Security Number
  • Your Driver's License
  • If you are not a U.S. Citizen, your alien registration or permanent resident card (green card)
  • Your (and your spouse's, if you are married) 2012 Federal Tax Return. If you are a dependent student, you will also need your parents' 2012 Federal Tax Return. (Note: We highly recommend that you e-file your tax returns)
  • Your (and your spouse's, if you are married) 2012 untaxed income records. If you are a dependent student, you will also need your parents' 2012 untaxed income records.
  • Asset information which includes values of :
    • Cash savings and checking accounts
    • Properties
    • Businesses
    • Retirement accounts
How do I complete my FAFSA?
  1. Before you begin the process, make sure that you (and your parents, if you are a dependent student) have a valid FAFSA PIN. You can go online at http://pin.ed.gov to check the status of your PIN. If you have forgotten your PIN, you may request a duplicate PIN here.

  2. Once you have your PIN (and your parents' if you are a dependent student), visit http://fafsa.ed.gov and click on Start A New FAFSA.

  3. Enter the requested personal information and continue.
    • Note: If you are a continuing student, we highly recommend that you select Start a Renewal FAFSA. This will prefill most of the information on your new FAFSA based on last year's information. Please review all information for updates and/or changes.

  4. Remember to enter Berkeley College's school code in the appropriate section:
  • New Jersey: 007502
  • New York: 008556
  1. On the financial portion of the FAFSA, we highly recommend that you make use of the IRS Data Retrieval Tool. Please note that the feature is not immediately available. Please refer to the IRS Data Retrieval Timeline at the Appendix of this document. This feature will prefill some of your Financial Aid information based on your Federal Tax Return. Another benefit is that if you are selected for verification, you will no longer need to supply tax return information. This speeds up your award processing.

  2. If you are unable to use the IRS Data Retrieval Tool, you may input the information from your Federal Tax Return. However, please note that if you are selected for Federal Verification, your award processing will be put on hold until you either:
  • Log back in and use the IRS Data Retrieval Tool or
  • Request an IRS Tax Return Transcript and submit it to the Financial Aid Office
  1. Important: You will only be able to access this on the confirmation page. Once you reach the confirmation page of the FAFSA application, make sure that you click on the link to complete your State Grant application. You can find this under “Optional Feature – Start your state application” by clicking on the word here.
Need Help?
Appendix

Tuesday, March 5, 2013

IRS Data Retrieval Tool

What is it?
The Data Retrieval Tool is a feature in the FAFSA that allows you to transfer your income information directly from the IRS onto your FAFSA.


Why should I use Data Retrieval Tool?
The Data Retrieval Tool will save you time in completing your FAFSA. Not only do the figures on your tax return carry over automatically but they are also guaranteed to be accurate. If the Department of Education chooses your file for verification (a time-consuming, paperwork-heavy process), you should no longer need to send your tax return information. The Data Retrieval Tool will save you time when doing the FAFSA and even after!


What do I need to use the Data Retrieval Tool?
You will need to have filed your tax returns with the IRS in order to use Data Retrieval. It does take some time before the information is available. This amount of time varies depending on whether you filed electronically or paper and whether you had a balance due or not. Filing electronically and paying any balance due in full will allow you to use the Data Retrieval Tool sooner. Because of this, we highly recommend that you electronically file your return (for other reasons why you should e-file, check our previous blog post). Should you owe a balance, we also highly recommend that you remit full payment as soon as you can.

When would my information be available?
If you chose the fastest option of electronically filing your return and paying the balance due with it (if any), then your information will be available within 2 to 3 weeks after the IRS accepts your return. The second best option is to electronically file your return and remitting a full payment for the balance due after. Your return will be available within 3 to 4 weeks after the IRS receives your payment.


If you opt for electronic filing but will not be making a full payment of the balance due, your return will not be processed until May. Your return will be available 2 to 3 weeks after they process your return in May.

If you choose to file by paper (NOT recommended) and have no balance due, you will have to wait 8 to 11 weeks before your tax information is available for retrieval. If you paper file and had a balance due, regardless of any payments made, you will have to wait until JUNE (!) before the IRS processes your return. Your information then becomes available 2 to 3 weeks from June.

What if I do my FAFSA before my information is available?
We highly recommend you do your FAFSA as soon as you can using the Data Retrieval process. If, based on the above, you don't expect the Data Retrieval Process to be accessible in the near future, we recommend that you file the FAFSA without it and then use the Data Retrieval in FAFSA correction mode at a later date.

If you do not make a FAFSA correction, you will have to request a tax transcript. The tax transcript is available for request at the same time the Data Retrieval Tool is available (see question above 'When would my information be available?' for more details). However, requesting a tax transcript online or by phone will take 5-10 business days while requesting by mail will take up to 30 days.

Who should I contact for other questions?
Please contact your location's Financial Aid Office.