Applying for Student Aid Is Harder Than Ever
Like many other systems , the FAFSA ( Free Federal Student Aid App ) process is in the air right now and it’s frustrating. If you are planning or planning to apply for student aid soon, here’s what you should know.
That’s not news. College tuition fees are ridiculously high and only rising . For many prospective students, financial aid is critical to earning a degree. (And statistics show that a college degree pays off anyway ).
That’s where the FAFSA comes in. Students complete it to qualify for Pell grants, student loans, and other forms of assistance. The problem is that the FAFSA form is extremely complex and for a while applicants had to enter information manually. To simplify the process, the IRS released a tool that automatically filled in FAFSA data. Problem? This tool is currently on hold due to security concerns . Here’s what the National Association of Student Financial Aid Administrators should know :
… it is important that they know that they can still complete the FAFSA without an IRS DRT. College financial aid offices can help students who do not understand or have difficulty completing the free federal application. No student should refuse to complete the FAFSA despite the loss of the IRS DRT.
The key word is there? Should . You don’t have to be afraid, but you will have to go back to entering information manually, which is a huge pain, not to mention time-consuming, especially as the deadline for applications approaches. Unfortunately, this is all you can do other than checking with your school’s financial aid department for renewals or advice.
When you enter these data manually, you also want to be extremely careful. Mistakes can interfere with your long-term review application, which may conflict with college assistance deadlines. Manual entry also requires a copy of your 2015 tax return. You can request a transcript of your 2015 report by mail, but this can take up to 10 business days. Otherwise, you also can request one online , but, according to the IRS, you need the following:
- your SSN , date of birth, filing status and mailing address from your most recent tax return,
- access to your email account,
- your personal account number of a credit card, mortgage loan, mortgage loan, line of credit or car loan, and
- mobile phone with your name in the account.
It sucks that the system doesn’t work, which makes it harder for people in need of financial assistance. Ultimately, you just want to be prepared for the extra time and effort it takes, but you can also ask your institution’s financial aid department what they recommend and then get a copy of your IRS transcript here.