FAFSA Recommendations

Some additional recommendations for completing the 2012-2013 FAFSA.

The web address is www.fafsa.gov.  Our Federal School Code is 001706. 

 

  • Print this checklist and FAFSA Worksheet to prepare for the full online application.
  • Including our Federal School Code (001706) allows us to receive the results of your application.
  • If you will begin your enrollment in August of 2012 complete the 2012-2013  application.
  • For fastest processing, you and your parent should each apply for a PIN to “e-sign” the FAFSA.
  • See if your high school offers a “FAFSA Completion Night.”  Illinois students, view a list of events.
  • Questions phrased with “you” or “your” always refer to the student applying for financial aid.
  • Do not leave any financial question blank. If you have nothing to report, enter $0.    
  • Use the best information available. It is better to meet deadlines and be close, than to be late and exact.
  • When answering questions related to the tax return, use to the line references provided.
  • If you have filed your 2011 tax return  we urge you to use the IRS Data Retrieval Tool (see below).
  • If you have not filed, complete the FAFSA by March 1 (new student priority deadline) using your best estimate of 2011 income and tax figures. Begin with your 2010 tax return, and make adjustments for what you know to be different in 2011 (pay raises, investment income, business/rental income, etc.)
  • If you estimate tax information now and file your tax return later, you should use the IRS Data Retrieval Tool to update your original FAFSA with “final answers” from your tax return.
  • Be sure to sign the FAFSA with the PINs that you and your parent received (see fourth bullet above).
  • Do not send your tax return to our office.  If required, we will ask you for an IRS Transcript, available online, by submitting Form 4506T-EZ, or by calling the IRS to request a transcript (800-908-9946). If you use the IRS Data Retrieval Tool (see below) you will not need to provide this transcript!
  • Create a file folder in which to keep a copy of all financial aid documents, such as your ID #s and PINs, the completed FAFSA, the LFAFA, confirmation pages, the Student Aid Report (SAR), etc.

 

The IRS Data Retrieval Tool

 For more detailed information than below, please view this information sheet.

The Data Retrieval Tool (DRT) is the easiest - and best - way to provide accurate tax information on the FAFSA.  If you use the DRT you can eliminate the need to provide an IRS Transcript, if your application is selected for “verification” - - a process which can delay an official statement of aid offer by two weeks or more.

If eligible, you can use the DRT 10-14 days after e-filing your federal income tax return. 

If you have filed your 2011 tax return  you can use this tool unless you:

  • are married filing separately
  • filed an amended tax return
  • filed a foreign tax return  

In just a few steps, you can view information from your tax return and transfer that data to your FAFSA. 

Here is how the IRS DRT works:
  • While in the “Financial Information” section of the FAFSA, there will be questions about parent’s income and student’s income. 
  • When prompted to do so, click the link to enter the IRS site, then authenticate your identity.
  • Your tax information will be displayed.
  • You choose to transfer your IRS information to the FAFSA.
  • FAFSA questions that are populated with tax information will be marked with “Transferred from the IRS.”
  • If you do not transfer your information, your application will be more likely to be selected for “verification,” which will delay the determination of your official eligibility for financial aid.