Much of this information will be available from the family’s tax returns. The Internal Revenue Service (IRS) Data Retrieval Tool (DRT) makes it possible to download that data directly to the FAFSA in many cases.6 To answer the other financial questions, it will be helpful to have bank, ...
4. Familiarize Yourself With Key Tax Information: Take the time to review and familiarize yourself with the tax information that will be transferred from your tax return to the FAFSA. This includes details such as adjusted gross income (AGI), total income earned, taxes paid, and untaxed income...
Having your tax preparer help with these forms on-line is the option we chose. In choosing this option, I believe that this was the best for us as our tax person gave us much advice, advice that I would have gotten incorrect on the application. With this said, I was able to get a...
Remember, federal loans are not the only aid offered to students. ThePell Grantis a common federal grant for undergraduates and is usually awarded to students that meet exceptional financial needs. More importantly, the Pell Grant doesn’t need to be paid back. Students must fill out the FAFS...
Neither high schools, colleges nor the federal student aid telephone help desk has enough trained experts available to assist all college-bound and college students with their financial aid needs. No service is free as the federal help desk and high school counselors are paid with your tax dollar...
Financial aid based on need; does not have to be paid back. Loan Forgiveness The ability for all or part of your loan to be written off if you participate in certain jobs, non-profit or volunteer work. Scholarships Funds offered based on academic merit or traits; they do not need...
that the amount shown on Form 1098-T is different than the amount you actually paid. That’s because some of your related costs, such as textbooks, may not appear on the form for the given tax year. However, you still may be able to claim the costs as part of the education tax ...
Pell Grants are government grants are awarded to students who need a great deal of financial aid. They do not need to be repaid. Unsubsidized Stafford Loans Unsubsidized Stafford Loans are loans that do not require demonstration of need, and for which interest must be paid while the student ...
Simpler upload process.It will be easier to incorporate adjusted gross income and other data from your tax return into the FAFSA. Two barriers to financial aid removed.Before the 2024–25 changes, the FAFSA required the disclosure of certain drug-related convictions that would preclude eligibility ...