Visit www.fafsa.gov to complete your application today! MSOE’s priority deadline is March 15th.
What is the FAFSA?
The Free Application for Federal Student Aid (FAFSA) is the only form needed to apply for financial aid. The FAFSA requires students, and parents of dependent students (students under the age of 24), to report income and asset information from the previous calendar year. Once completed, the FAFSA will calculate a student’s EFC (“Expected Family Contribution”). The EFC is an index used by schools to determine a student’s financial need and award financial aid, it is not the actual out of pocket that a family is required to pay.
What will you need to complete the 2013-2014 FAFSA?
Federal PIN: Both the student and one parent are required to have a PIN in order to electronically sign the FAFSA. If this is your first year completing a FAFSA and you have never applied for a PIN before, go to the PIN website www.pin.ed.gov to Apply for a PIN. If you already have a PIN but do not remember it, go to the PIN website to Request a Duplicate PIN.
2012 Federal Tax Return & 2012 W-2s: The FAFSA requires applicants to report income and asset information from the previous calendar year. When completing the 2013-2014 FAFSA, tax and other financial information from 2012 will be used. If you are completing the FAFSA before your federal taxes are filed you can report on the FAFSA that you “Will File” and then use either your 2011 income figures (if it’s similar to your 2012 income) or use the Income Estimator option on the FAFSA. The more accurate income figures you report the less your financial aid could change when you eventually file taxes and update your FAFSA.
If you are completing the FAFSA after filing your federal taxes you can use a copy of your 1040, 1040A or 1040EZ to manually report the tax information requested. However, it is HIGHLY RECOMMENDED that you utilize the IRS Data Retrieval Tool (IRS DRT) on the FAFSA to transfer your tax information directly from the IRS. This option is available 3-8 weeks after filing your taxes (3 if filed electronically, up to 8 if filed by mail)*. Using the IRS DRT ensures that your tax information is reported accurately and may lower your chances of being selected for Verification.
*Announcement Regarding IRS Data Retrieval Tool for the 2013-2014 FAFSA
The Internal Revenue Service (IRS) announced on Tuesday, January 8 that it won’t begin accepting 2012 tax returns until January 30, which will delay the availability of data through the Department of Education’s IRS Data Retrieval Tool for the 2013-2014 FAFSA. The January 30 start-up date is eight days later than originally planned due to the January 2 enactment of tax law changes made to resolve the “fiscal cliff.” Since tax data is generally not available for retrieval for at least three weeks after a tax return is electronically filed, the earliest the IRS DRT on the FAFSA will have 2012 tax information available for retrieval will be late February.
MSOE encourages students to file the FAFSA by our priority deadline of March 15, so students may not want to wait until the IRS Data Retrieval Tool is available to file their FAFSA. One major drawback in not using the IRS Data Retrieval Tool is that there may be a higher risk of students being selected for Verification by the Department of Education. If this happens, MSOE’s Financial Aid Office will contact those students to request documents to verify items on their FAFSA.
2012 Work Study Earnings
Were you a Work Study student at MSOE (or another institution) between January 1, 2012 and December 31, 2012? If so, you need to report those earnings on your 2013-2014 FAFSA. When completing the “Student Financial Information” section of your FAFSA there will be a section titled “Additional Financial Information.” Please check the box next to “Taxable Earnings from Work-Study, Assistantships or Fellowships” and record the amount of your 2012 Work Study earnings in the box provided.
By the end of January you will receive a letter from MSOE’s Financial Aid Office regarding the amount of Work Study you earned from MSOE during 2012. Use the amount provided from our office to report your Work Study earnings on the FAFSA.
MSOE sets a priority deadline of March 15th to encourage students and families to apply for financial aid EARLY! Completing the FAFSA by the priority deadline ensures that a student will receive as much financial aid as possible. Certain funds are “first-come, first-served” and the Financial Aid Office will run out of these funds even for eligible students with financial need.
Not interested in receiving financial aid? If you only wish to receive your meritbased, MSOE Academic Scholarship then you are not required to file a FAFSA. To ensure you are awarded your scholarship only and to avoid a lot of emails from our office, contact us in writing (a quick email to firstname.lastname@example.org is sufficient) and state that you would like to waive the 2013-2014 FAFSA and be awarded your scholarship only. This email should come from the student directly. Students are also welcome to stop by the Financial Aid Office to make this request in person.
MSOE’s Federal School Code is 003868. This number can be entered when completing the FAFSA so that MSOE receives your financial aid application once submitted.