Parents should be able to file the 2015-2016 Free Application for Federal Student Aid (FAFSA) now that 2014 U.S. income taxes have been filed with the IRS. The priority date for returning students to file the FAFSA is May 15.
The reason for the later date is that grades for the spring semester are reported and several committees meet before any financial aid may be awarded to returning students.
The website to use to file is www.fafsa.gov. PIN numbers for both a parent and your daughter are needed. The process will be easier for 2015-2016 because the fixed items will already be populated on your FAFSA. Please use the IRS Data Retrieval process when you are given the option to do so. If this is successful, you do not need to send any tax documents to us. If you are unable to use the IRS Data Retrieval, you need to send signed 2014 tax return transcripts, not your 1040, to the financial aid office.
There are two ways you may request a tax return transcript from the IRS:
- Online: www.irs.gov
Click “Order a Return or Account Transcript” on the homepage;
Then, click “Order a Transcript”;
Enter tax filer’s social security number, date of birth, address;
Select “Return Transcript” and enter 2014 in tax year field; and
A paper IRS Tax Return Transcript should arrive in 5 to 10 days of request.
- Telephone Request
Follow prompts to enter social security number and address;
Select “Option 2” to request an IRS Tax Return Transcript and enter “2014”; and
Your IRS Tax Return Transcript should arrive in 5 to 10 days of request.
2014 IRS Form1040 is no longer acceptable documentation for financial aid purposes. If you send your Form 1040, it will be shredded. We can accept only tax return transcripts from the IRS.
If we receive your FAFSA information and your 2014 tax return transcript before May 15, and everything is complete, we send a “Notification of Financial Assistance” packet in early June.
We encourage you to call us at (800) 381-6156 if you have questions about any of these matters.
Please watch this quick tutorial on how to file your Free Application for Federal Student Aid: