Important Information about Your 2014-15 FAFSA

Financial Assistance Office




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Submit your FAFSA online at www.fafsa.ed.gov  



Basic FAFSA Info


You must complete the Free Application for Federal Student Aid (FAFSA) to apply for federal student aid. It is FREE and easy to submit.

Watch the "FAFSA Overview" video from the Department of Education.


How to Fill out the FAFSA

It is easiest to complete the FAFSA online at www.fafsa.ed.gov.

Learn more about how to fill out the FAFSA.

Watch the "How to Fill Out the FAFSA" video from the Department of Education.  


Dependency Status for FAFSA Purposes

Your dependency status determines whose information you must report on the FAFSA. If you're a dependent student, you will report your and your parents' information. If you're an independent student, you will report your own information (and, if you're married, your spouse's.)

Learn more about dependency status.

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How Aid is Calculated

Your eligibility depends on your Expected Family Contribution, year in school, enrollment status, and cost of attendance.

Learn more about how aid is calculated.

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IRS Data Retrieval

What is the IRS Data Retrieval Tool?

The U.S. Department of Education recently created an enhancement to the FAFSA filing process by allowing applicants and parents to import income and tax data directly into the FAFSA form.  This process is called the IRS Data Retrieval Tool.

  • Electronically filed tax return information will be available 1-2 weeks after the return has been filed.
  • Data from paper tax returns will be available 6-8 weeks after the return has been filed.

The IRS Data Retrieval Tool is scheduled to be available online beginning February 3, 2014.


How do I use the IRS Data Retrieval Tool?
  1. Complete and file your 2013 federal tax returns for both the student and parents.*
  2. For optimal filing, submit your taxes electronically
  3. File the FAFSA electronically (www.fafsa.gov) and instead of entering the student and parent tax information manually, click on “LINK TO IRS.”  (Your FAFSA will be saved and you will be transferred to the IRS website.)
  4. On the IRS website, enter the requested information.
  5. Once the IRS has validated your identification, your IRS tax information will display. You can either transfer your information from the IRS, or choose to return to FAFSA on the Web from the IRS website. If you do not transfer your information or choose not to return from the IRS website, you will have to login to open your saved FAFSA.
  6. If you transfer your IRS tax information, questions that are populated with tax information will be marked with “Transferred from the IRS.”

*If you are not able to file tax return(s) to meet the March 1, 2014, FHSU FAFSA Priority Deadline, submit the 2014-15 Free Application for Federal Student Aid (FAFSA) using estimated tax information. Return to the FAFSA website after filing taxes and use the IRS Data Retrieval Tool to update your tax information.


Why should I file 2013 federal income tax returns(s) electronically and use the IRS Data Retrieval Tool?

Filing 2013 federal income tax returns(s) electronically and using the IRS Data Retrieval Tool will streamline and expedite the processing of your financial aid by allowing for more accurate information to be submitted on your FAFSA.  This will allow us to provide you with the most accurate financial aid package possible, and it will decrease your chances of being selected to submit additional documents to our office.

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 USING TAX TRANSCRIPTS FOR VERIFICATION PROCESS


If you are selected for verification in the process of applying for financial aid and you did not use the IRS Data Retrieval Tool when completing your FAFSA, you will need to provide the FHSU Financial Assistance Office with a federal tax transcript or return to the FAFSA website and use the IRS Data Retrieval Tool to update your tax information.  For more information, visit our verification page.

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 GRACE PERIOD INTEREST SUBSIDY TEMPORARILY
 ELIMINATED


For all Direct Loans disbursed on or after July 1, 2012, and before July 1, 2014, the interest subsidy during the 6-month grace period when students are no longer enrolled at least half-time has been temporarily eliminated.

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