Financial Aid Advice: Prepare Yourself Now and Avoid Delays

Hi students,

The Department of Education (DOE) has made some changes to the way we verify financial aid for the 2012-2013 financial aid year that go into effect this month. All of us here at Ivy Bridge and the financial aid department wanted to take some time and explain how the change will affect you so that you have all the information you need to receive your aid on time.

If you have any questions about the new process or your account, please contact your financial aid representative if you're a new student and your financial aid advisor if you're a current student. He or she will be happy to answer any questions you have about your personal account. If you don’t know your representative call the main line at 866-944-4228, and we’ll make sure to put you in touch with the right person.

What’s the biggest change and how will it affect you?
The biggest change that’s taking place is that the financial aid office can no longer accept copies of your federal tax return to verify the information entered into your FAFSA application. Unless you use the IRS Tax Data Retrieval Tool, you will need to request a Tax Return Transcript directly from the IRS.

It’s important to request your free Tax Return Transcript from the IRS as soon as you can because it can take a couple of weeks to receive it back from the IRS and you definitely don’t want your aid to be delayed.

Financial aid can only be released once your enrollment file is complete and ALL your financial aid documents are completed and approved. In the past, the verification from the IRS is the document that holds up the process more than others. This happens because sometimes the IRS requests that you fill out a verification worksheet that often needs to be corrected, even after it has been returned. Not every student is chosen to fill out this verification worksheet, but in case you are, here are a few tips on how you can prepare now that can make your life easier later.

1. Use the data retrieval tool in the FAFSA application to link your tax and income information directly from the IRS into your FAFSA. If you are able to use this feature, you will NOT need to request or submit a 2011 IRS Tax Return Transcript .

2. If you’re unable to use the automatic data retrieval tool, the same day you complete your FAFSA application, call the IRS at 1-800-829-1040, and request your 2011 Tax Return Transcript now.

This way if you’re chosen for verification, you will have already requested your Tax Return Transcript and it will be on its way. After you receive your Tax Return Transcript , all you will need to do is fill out the verification worksheet and mail it back with the Tax Return Transcript .

3. All Tax Return Transcript need to be SIGNED, by you and your parents, if necessary. Make sure when you receive your Tax Return Transcript in the mail that you sign it same day so you do not forget. Also, if you are mailing the Tax Return Transcript , please make a copy in case something happens to it in the mail.

4. Have all the information you need to fill out the verification worksheet ready ahead of time. If you received or paid child support in 2011, know how much for the year. If you, or your parents, received workers compensation or disability in 2011, know how much for the year.

5. Before doing in the verification worksheet, read it over and make sure you are filling it out correctly. When listing household family information, please include all necessary members. Please make sure you sign the verification worksheet.

What should you do now?
In order to be prepared you should go check and make sure you’ve used the data retrieval tool in the FAFSA application to link your tax and income information. If you’re unable to use this tool, call the IRS at 1-800-829-1040, and request your 2011 Tax Return Transcript now.

These tips could prove to make your life a lot easier, because the last thing you want in your first few weeks in college is to be distracted with financial aid documents.

That being said, turning in your financial aid documents is very important. If you are aware and prepared, you can avoid delays in your aid and focus on what is most important to you—your academics.

And remember, if you have any questions contact your financial aid representative if you're a new student and financial aid advisor if you're currently in classes. We’ll be happy to help out any way we can!

Alexis is a financial aid representative with Ivy Bridge College