Buzz
Currently, the FAFSA (Free Application for Federal Student Aid) system is in disarray, and it’s causing a lot of frustration. If you’re planning to apply for aid soon, or have already started, here’s what you need to keep in mind.
This isn’t new. College tuition costs are outrageously high, and they continue to rise. For many potential students, securing financial aid is crucial for earning a degree. (And the statistics confirm, a college degree still offers significant financial benefits).
Enter the FAFSA. It’s the form students complete to qualify for Pell grants, student loans, and other forms of assistance. The problem? FAFSA is notoriously difficult to navigate, and at one point, applicants had to enter all the information manually. To make it easier, the IRS launched a tool to auto-fill FAFSA data. However, this tool has been suspended due to security issues. Here’s what the National Association of Student Financial Aid Administrators advises students to know:
...it’s crucial for students to understand that they can still complete the FAFSA without the IRS DRT. College financial aid offices are available to assist students who are confused or need help completing the application. No student should be discouraged from submitting a FAFSA just because the IRS DRT is unavailable.
The important word here? Should. You shouldn’t let it stop you, but it does mean you’ll have to manually input your details again, which is frustrating and time-consuming, especially with deadlines looming. Unfortunately, aside from checking with your school’s financial aid office for any extensions or guidance, there’s not much else you can do.
When manually entering your information, it’s crucial to be meticulous. Mistakes could trigger a long verification process, which may interfere with financial aid deadlines. Additionally, entering data manually requires a copy of your 2015 tax return. You can request a transcript by mail, but it could take up to 10 business days. Alternatively, you can request it online, but you’ll need the following details, according to the IRS:
your
SSN
, date of birth, filing status, and the mailing address from your latest tax return,
access to your email account,
your personal account number from a credit card, mortgage, home equity loan, home equity line of credit, or car loan, and
the mobile phone account should be in your name.
It’s frustrating that the system is down, making the process harder for those who really need financial assistance. Ultimately, just be prepared for the extra time and effort this will require. You can also reach out to your school’s financial aid office for advice, and don’t forget to grab a copy of your IRS transcript here.
