button button button button button button button button button button button button
Side Image
Page Banner

Basics of Financial Aid

These basics will help you understand the application process for financial aid and types of financial aid available:


IRS Data Retrieval Tool & IRS Tax Return Transcript
The IRS Data Retrieval Tool (IRS DRT) is available in the "Financial Information" section of the student’s FAFSA. Go to www.FAFSA.gov and, under Returning User, select "Login." Enter the student’s name, SSN and date of birth and select "Next." Then select "Make FAFSA Corrections." You will need to enter the student’s PIN and create a new password before you can access the student’s FAFSA. Once you are logged in, "Financial Information" is the fifth tab to the right. You will have the option to use the IRS DRT as long as you report the student or parent has "Already Completed" their IRS income tax return (select "Already Completed" from the drop down box). Once you use the IRS DRT for the student and/or parent, select the "Sign & Submit" tab. The FAFSA must be signed electronically with the student’s and parent’s PINs and re-submitted for processing. If you have any trouble with this process, feel free to call MSOE’s Financial Aid Office for help.

To obtain a 2012 IRS Tax Return Transcript, go to www.IRS.gov and click on the "Order a Return or Account Transcript" link, or call (800) 908-9946. Make sure to request the "IRS Tax Return Transcript" and not the "IRS Tax Account Transcript." Use the Social Security Number and date of birth of the first person listed on the 2012 IRS income tax return, and the address on file with the IRS (normally this will be the address used on the 2012 IRS income tax return).

In most cases, for electronic filers, a 2012 IRS Tax Return Transcript may be requested from the IRS within 2-3 weeks after the 2012 IRS income tax return has been accepted by the IRS. This is the same point at which the IRS DRT can be used to transfer 2012 IRS income tax return information into the student’s FAFSA. For filers of 2012 paper IRS income tax returns, the 2012 IRS Tax Return Transcript/ IRS DRT is available 8-11 weeks after the paper income tax return has been accepted by the IRS. Note: Tax filers who owe money to the IRS will not have access to their Tax Return Transcript or the IRS DRT until full payment has been made.

Get started with your financial aid application Policies, rights and responsibilities for financial aid recipients