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CCC Financial Aid Update: Changes with the 2012-2013 Federal Aid Application Process

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Students required to submit a FAFSA with parental data, please share this information with your parents.

Due to new laws pertaining to the verification process, students and parents are strongly encouraged to complete and file their 2011 Federal Tax Return as soon as possible and then choose the IRS Data Retrieval option when completing the 2012-13 FAFSA.  The federal government has improved their IRS Data Retrieval Tool and is encouraging all financial aid applicants to use this tool when completing the Free Application for Federal Student Aid (FAFSA). In fact, using this tool will substantially decrease your chances of being selected for the federal verification process. Verification is the process by which certain required data reported on the FAFSA is reviewed for accuracy and completeness.  In the past students could submit a copy of the tax return however new regulations will not allow that.  For the 2012-2013 academic year and onward, tax returns will not be an acceptable form of documentation where verification of your eligibility is concerned.  Please read: If you are selected for Verification and choose not to use the IRS Data Retrieval Tool on the FAFSA, you will be required to obtain a Tax Return Transcript from the IRS. See the Verification Documents section below for information on how to do so.

You will need to complete your FAFSA on the web in order to participate in the IRS Data Retrieval Process. Not all applicants will be eligible to utilize the IRS Data Retrieval Process. If you check “yes” to any of the statements listed below you will not be able to utilize the IRS Data Retrieval Tool:

  • My tax filing status is “Married filing separately”.
  • My tax filing status is “Head of household”.
  • I filed an amended tax return.
  • I filed a Puerto Rico or foreign tax return.
  • I recently filed my taxes. IRS tax forms filed electronically need at least two weeks and tax forms submitted by mail need at least eight weeks for the IRS Data Retrieval to be operational.

Note: My tax filing status is “Married filing separately” and “Head of household” options are only displayed when the student or parents reported they are married.

IRS Data Retrieval Tool - It may take up to 10 days from the time your electronic federal tax filing is accepted by the IRS for you to be able to use the IRS Data Retrieval Tool on the FAFSA. It may take 6-8 weeks for a paper tax return to be available.

Using the IRS Data Retrieval Tool: If you indicate a federal tax return has already been completed, an information box will ask if certain situations apply. These situations are used to determine eligibility for use of the IRS Data Retrieval Tool.

  • If you are eligible to use the IRS Data Retrieval Tool, you will be asked for your PIN and you must click "Link to IRS".
  • The IRS will ask a series of questions to verify you are the taxpayer.
  • Once you have verified your identity and the tax information is available, you must click "Transfer Now" for the data to populate the FAFSA. If you make any changes to this data, the Student Financial Aid Office will require you to submit a Tax Return Transcript if your FAFSA is selected for verification.

What if I filed my taxes already? If you file your federal taxes after you have submitted your FAFSA, you may still update your FAFSA's federal tax information afterward. Access the IRS Data Retrieval Tool via the online "Correct your FAFSA" process at www.fafsa.gov. After you have done so, CCC  will receive an updated copy of your FAFSA reflecting the tax information you retrieved directly from the IRS.

How to Obtain a Free Tax Return Transcript from the IRS
If your FAFSA is selected for verification, and you did not use the IRS Data Retrieval option or you changed the IRS data, you will be required to request a tax transcript from IRS and submit it to the Office of Student Financial Assistance. Personal copies of tax returns can no longer be accepted.

Three ways to request your Tax Transcript: by phone, online, or by mail.

Please make sure you request a Tax Transcript. DO NOT request a Tax Account Transcript or Record of Account because they cannot be used for financial aid verification purposes.   Be sure to order a Tax Return Transcript because this is free. If you request an actual copy of the tax return, it will cost you money.

To order by phone:

  • Call the IRS at 1-800-829-1040, then select the following prompts:
  • Option 2 (Personal Income Taxes)
  • Option 1 (Tax History)
  • Option 2 (Tax Return Transcript)
  • Enter and verify Social Security number (if joint return both SSN’s required)
  • Enter and verify number of street address
  • Press 2 for Tax Transcript and indicate which year (i.e. 2011)

To order online:

  • Go to www.irs.gov, then select the following:
  • Click Order a Tax Return or Account Transcript located in the left-hand column
  • Click Order a Transcript under Step 3
  • Enter your SSN, Date of Birth, Street Address, and Zip Code
  • Click Continue
  • Select Transcript for Tax Year (i.e. 2011)
  • Click Continue

A tax return transcript can be ordered by mail:

Your transcript(s) will be mailed within 5 to 10 days from the IRS.

Deadlines and Dates to remember:

For the fall term all requested documents must be received by CCC’s financial aid office by July 1st in order for your financial aid eligibility to be reviewed prior to the start of classes.  Failure to have all requested documents submitted by this date will result in you having to make payment arrangements.  

For the summer term all requested documents must be received by May 1st in order for your aid to be reviewed to prevent having to make payment arrangements.

Any questions please email the Financial Aid Office at faquestions@coffeyville.edu.  

Respectfully,

Pam Feerer, Financial Aid Director
Robin Adamson Assistant Financial Aid Director