How to File/Correct your 2014-2015 FAFSA

The 2014-2015 Free Application for Federal Student Aid (FAFSA) opened on January 1, 2014. In order to streamline the FAFSA process, we recommend you take the following steps:

1. Complete your 2013 Federal tax returns as soon as possible and submit them electronically to the IRS. Once you have submitted your 2013 federal tax returns, you can now begin the FAFSA.

2. Start the FAFSA at www.fafsa.ed.gov

3. Utilize the IRS Data Retrieval Process.

4. Enter Rollins school code of 001515.

5. Electronically sign the FAFSA with your PIN.

How to file your FAFSA :

 


How to update/correct your FAFSA with the IRS Data Retrieval Tool:

Important Dates to Remember:

  • January 1, 2014 - students may begin to submit their FAFSA application for 2014-2015
  • February 1, 2014 - access to the FAFSA IRS Data Retrieval Tool expected to be available
  • March 1 - priority filing deadline for new students
  • April 15 - priority filing deadline for returning students

     

 


Frequently Asked Questions

General Informationn about filing the FAFSA:

1. Why file a FAFSA?

2. What is a PIN and why do I need it?

General Informationn about filing the Verification:

3. What is verification?

4. How will I know if I am selected for verification?

5. Why have I been selected for verification?

6. If I am selected for verification, do I have to complete it?

7. Can I make changes to my FAFSA after I have completed verification?

8. Why do I have to prove that I received food stamps in either of the two previous tax years? What documentation is acceptable?

IRS Data Retrieval Tool:

9. What is an IRS Data Retrieval Tool and should I use it when completing the FAFSA?

10. Why am I unable to choose the IRS Data Retrieval?

11. My, or my parent's, IRA Distribution was a rollover, but it is showing on my FAFSA. What should I do?

12. I completed the IRS Data Retrieval, but I feel the information on my FAFSA is incorrect. Is there anything I can do?

Submitting Tax Information:

13. Why complete my federal tax returns first?

14. What if I cannot complete my tax returns before the priority filing deadline?

15. What is a tax transcript and why do I need one?

16. What is a tax account transcript?

17. I have a tax return summary. Is that the same as a tax transcript?

18. I filed for a tax extension. What documents does the financial aid office need?

19. I will not file a federal tax return. Am I required to go through the verification process?

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1. Why file a FAFSA?

The FAFSA is the main financial aid form for federal, state, and Rollins funding. You could qualify for grants, loans, and/or work-study depending upon your family's situation. Many families underestimate their financial aid eligibility, so we highly encourage families to complete this free application for financial aid.

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2. What is a Personal Identification Number (PIN) and why do I need it?

The PIN is a four digit number that serves as your electronic signature. Your PIN can be used each year to electronically apply for federal student aid and to access your Federal Student Aid records online.

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General Informationn about Verification:

3. What is verification?

The U.S. Department of Education randomly selects FAFSA applications for verification as they are submitted. This process is to confirm the data on the FAFSA matches information submitted to the IRS as well as household information. Rollins is required to request copies of tax transcripts (if the family has not utilized the IRS Data Retrieval Tool) and other information to verify that the data reported on the FAFSA is accurate. Errors must be corrected and sent to the Federal Processor. Eligibility for financial aid may change due to verification, so we highly encourage families to utilize the IRS Data Retrieval Tool in order to provide accurate information.

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4. How will I know if I am selected for verification?

There will be a notification on your Student Aid Report (SAR), which you automatically receive after submitting the FAFSA. You will also receive a notification from Rollins as well as a missing item on your "To Do" list in Foxlink.

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5. Why have I been selected for verification?

Students can be randomly selected for verification by the Federal Processor when the FAFSA is submitted or when any subsequent changes are made. Rollins is also required to select students for verification if there is conflicting information on the FAFSA.

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6. If I am selected for verification, do I have to complete it?

Yes. You cannot receive need-based financial aid if you do not complete the verification process.

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7. Can I make changes to my FAFSA after I have completed verfication?

The FAFSA application will allow you to make changes after you have completed verification. However, Rollins cannot utilize those changes once verification is complete. If you have extenuating circumstances, please review contact our office.

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8. Why do I have to prove that I received food stamps in either of the two previous tax years? What documentation is acceptable?

The U.S. Department of Education has chosen food stamp benefits to be one of several items that must be verified. If you received SNAP or food stamp benefits at any time during the previous two tax years and indicated this on the FAFSA, you must submit to the Rollins Financial Aid Office a copy of the benefit letter detailing your eligibility.

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IRS Data Retrieval Tool:

9. What is an IRS Data Retrieval Tool and should I use it when completing the FAFSA?

The U.S. Department of Education has partnered with the IRS to allow applicants to utilize the IRS Data Retrieval Tool (DRT) to import your tax return information directly from the IRS onto your FAFSA. The DRT makes completing the FAFSA easier and more accurate, and it also allows selected students to complete the verification process more quickly. You will be prompted to select this option when completing the FAFSA if you are eligible. You can utilize the DRT when originally completing the FAFSA or by making a change to the FAFSA. The IRS Data Retrieval Tool is expected to be available beginning February 1, 2013, for the 2013-2014 FAFSA. For more detailed information on the DRT process, please view our tutorial at: www.rollins.edu/finaid/irs-drt.

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10. Why am I unable to choose the IRS Data Retrieval?

In certain circumstances, families may not be eligible for the IRS Data Retrieval Tool (DRT). Examples include:

    • If the student or student's parents filed as "married filing jointly" and are now separated/divorced, widowed, or married to a different person.
    • If the filing status of "married filing separately" was used.
    • If you have not filed your federal tax return.

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11. My, or my parent's, IRA Distribution was a rollover, but it is showing on my FAFSA. What should I do?

Rollover IRA Distributions should not be counted as untaxed income, however the IRS Data Retrieval Tool is unable to distinguish these from non-rollover distributions. You should submit a signed copy of your 1040 tax return, along with a signed statement explaining the amount, to the Rollins Financial Aid Office. Do not make the correction to your FAFSA.

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12. I completed the IRS Data Retrieval, but I feel the information on my FAFSA is incorrect. Is there anything I can do?

Yes. You should contact the Rollins Financial Aid Office and we will provide options based on your specific situation.

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Submitting Tax Information:

13. Why complete my federal tax returns first?

You will be able to utilize the IRS Data Retrieval Tool which will enable you to complete the FAFSA more easily and accurately.

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14. What if I cannot complete my tax returns before the priority filing deadline?

You may still file an estimated FAFSA. However, once your federal tax returns are submitted, access your FAFSA and then utilize the IRS Data Retrieval Tool to ensure your information is correct.

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15. What is a tax return transcript and why do I need one?

A tax return transcript comes directly from the IRS and contains most of the line items from your federal tax return. Beginning with the 2012-2013 academic year, the U.S. Department of Education will only accept official tax return transcripts from the IRS to verify financial information on the FAFSA. The tax return transcript is free and can be ordered by calling 1-800-908-9946 or visiting www.irs.gov. The tax return transcript may take 2-3 weeks to receive. Once you have received it, please send to the Rollins Financial Aid Office. To avoid this additional delay, we highly encourage you to utilize the IRS Data Retrieval Tool.

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16. What is a tax account transcript?

A tax account transcript provides some of the information from the tax transcript described above. However, this document does not satisfy the requirement. Only submit this document if you filed an amended tax return. This document is also free and can be ordered by calling 1-800-908-9946 or visiting www.irs.gov.

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17. I have a tax return summary. Is that the same as a tax transcript?

No. A tax summary does not include all of the information required. You will need to submit a tax transcript.

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18. I filed for a tax extension. What documents does the financial aid office need?

You should estimate your income information on the FAFSA. Once you have completed your tax returns, either use the IRS Data Retrieval Tool or submit your tax transcript.

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19. I will not file a federal tax return. Am I required to go through the verification process?

Yes. You will indicate that you didn't file on the Verficiation Worksheet (will be available in mid-January) and complete the income information. The Verification Worksheet will need to be signed and returned to the Rollins Financial Aid Office.

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