What's New 2012-2013

Federal Pell Grant Duration of Eligibility

The duration of a student's eligibility to receive Federal Pell Grant has been reduced from 18 semesters to 12 semesters.

Grace Period Interest Subsidy

Interest subsidies provided on Direct Subsidized Loans during the six month grace period will be temporarily eliminated for Direct Stafford Loans whose first disbursement if made on or after July 1, 2012 and before July 1, 2014.

IRS Data Retrieval Tool

Copies of Tax Returns will not be accepted beginning 2012-2013 Year. The Department of Education (DOE) and the Internal Revenue Service (IRS) collaborated to develop a solution that simplifies FAFSA completion.

In order to complete a Free Application for Federal Student Aid (FAFSA), you may need information from your IRS tax return. You can now view and transfer your IRS tax information into your FAFSA.

What Is It?
This is an optional tool that allows you to view the IRS tax information you need to complete your FAFSA.

Why Should I Use It?
This tool will save you time and increase the accuracy of your FAFSA information.

Who Can Use It?
Students or parents who meet the following criteria will be presented the option to view their IRS information:

• You filed a 2011 tax return
• You have a valid Social Security Number (SSN).
• You have a Federal Student Aid PIN. If you do not have a PIN, you will be given the option to apply for one at www.pin.ed.gov.
• Your marital status has not changed since December 31, 2011.

Who Should Not Use It?
We recommend that students or parents who meet the following criteria not use this tool:

• You filed an amended Federal tax return for 2011.
• You did not file a Federal IRS tax return for 2011.
• Your 2011 IRS tax filing status is married filing separately.

In these instances, the IRS tax information may not completely reflect what you need to report on your FAFSA.

When Will Data Be Available?

• Electronic Tax Filers - Data will be available within 2 - 4 weeks of filing
• Paper Tax Filers - Data will be available within 6 - 8 weeks of filing

IRS Data Retrieval Tool for the 2011 tax year will be available in the FAFSA application beginning February 1st, 2012.

Students who DO NOT use the IRS Data Retrieval will be required to provide the Office of Student Financial Aid an IRS Transcript or make corrections to their FAFSA and use the IRS Data Retrieval Tool.

IRS transcripts can be ordered online at www.irs.gov under Tools.