Financial Aid Blog

2013-2014 FAFSA Information

The 2013-2014 Free Application for Federal Student Aid (FAFSA) form will be available for completion on 1/1/2013.  In order to be eligible for student loans for the 2013-2014 academic year, you must reapply or complete this form.  Summer 2013 classes are part of the 2013/2014 academic year.  Before you can complete the FAFSA form however, you must complete and submit your 2012 IRS taxes.  The FAFSA on the Web can be completed at www.fafsa.gov.  Be sure that you select the 2013/2014 FAFSA.

 

The preferred method of providing your tax information is by allowing the FAFSA database to obtain the tax information from the IRS database through an exchange process.  This process is called the IRS Database Retrieval Process.  You will be asked a series of questions that would determine your eligibility for this process.  If you pass all edits and are asked if you would like this option, you should respond to this affirmatively, if possible.  You should be aware that:

 

  • There is a wait time for this retrieval process. 
    • If you file your taxes electronically, FAFSA will be able to retrieve the tax data two weeks after the taxes are submitted.
    • If you file your taxes by paper, FAFSA will be able to retrieve the tax data 6-8 week after the taxes are submitted.
  • This option will be available beginning on Feb. 3, 2013.  If you have completed your taxes before then and are able to complete your FAFSA form before 2/3/2013, you will need to wait to complete the FAFSA online – or - indicate no to the question.  You will then manually transfer your tax information from your taxes onto the FAFSA online form.
  • You must have submitted your taxes to the IRS so there is a tax record available to retrieve by the FAFSA processing center.  If you have completed your taxes but have not submitted them, you cannot take advantage of the retrieval process.  In this case, you would need to provide your tax information, transferring the data from your tax forms to the FAFSA manually.  Or, the option is to submit your taxes and wait (see above) to complete the FAFSA.
  • As a result of completing your taxes and you owe a payment to the IRS for federal taxes; this payment must be paid to the IRS before the IRS Database Retrieval Process will be made available to you.  In this case, to expedite completion of the FAFSA to meet our priority deadlines, you would need to provide your tax information, transferring the data from your tax forms to the FAFSA manually.  Or, the option is to submit your payment and wait (see above) to complete the FAFSA.
  • We do not take any action on a FAFSA with estimated taxes or where it indicates a taxes “Will File” status.

Keep in mind, if you have completed a FAFSA in the past, the Dept. of Education will begin sending a series of email reminders to complete your FAFSA form for the 2013-2014.  Do not be alarmed, they are simply reminders.  But keep in mind, the completion of the FAFSA initiates the financial aid file in our office.  If you are interested in receiving funds that are in short supply such as the Luther Grant, Perkins or Mourer loan, you will want to complete both your FAFSA form and the Luther Application as early as possible.

Lastly, for anyone considering student loans, the FAFSA is required.  We encourage all students to complete the form, even if not initially considering student loans.  Things change over the course of a year and if we have your completed application, we can respond very quickly, via student loans, should an emergency arise.  Further, when endowed funds or outside scholarships are made available, requirements often stipulate financial need and without your completed FAFSA on file, your application could not be considered.

 

Please contact the financial aid office at finaid@luthersem.edu or 651-641-3463 if you should have any questions.

previous main next