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The Solution Center

Learn how to apply for financial aid at UMass Lowell, including required forms, deadlines, and the FAFSA application process. Get valuable information and tips from TSC staff.

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The Solution Center

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Presentation Transcript

  1. The Solution Center The Financial Aid Application Process

  2. Objective What you will you learn? • TSC staff will be able to inform students how to apply for financial aid at UMass Lowell • Know which forms are required • Know when & how to complete required forms

  3. The FAFSA • UMass Lowell requires the Free Application For Federal Student Aid (FAFSA) which may be completed online at www.fafsa.gov • Note: Other institutions may require the CSS Profile and/or an Institutional application YouTube Video by the US Department of Education: FAFSA: How to Fill out the FAFSA

  4. The Federal PIN • The student and parent must obtain a federal PIN before completing the FAFSA • www.pin.ed.gov • The federal PIN is used to electronically sign: • FAFSA • Student/parent loan promissory notes, and • Access federal loan data • The federal PIN is a number that stays with a student/parent forever

  5. What is Asked on the FAFSA • Bio demo data • Household size • Prior year tax information • Various asset information The FAFSA Requests :

  6. Dependency Status Dependent or Independent • Generally the student is dependent until the age of 24 unless they: • Are married • Have dependents which they provide more than 50% of their support • Are a veteran • Are a graduate student • Are a ward of the court • Under legal guardianship • YouTube Video by the US Department of Education: • FAFSA:Determining Your Dependency Status

  7. IRS Data Retrieval • The IRS Data Retrieval Tool (DRT) allows applicants to prefill the federal tax information on the FAFSA by transferring data from their federal income tax returns • DRT saves the family time in completing the FAFSA, and may also reduce the likelihood that the FAFSA will be selected for verification • REF: FA_17_Verification_Process_and_Requirements

  8. Who CAN use the Data Retrieval Tool • Applicant must have a valid Social Security Number and FAFSA PIN to use the IRS Data Retrieval Tool (DRT) • Applicant will need to authenticate him/herself to the IRS in order to use the IRS Data Retrieval Tool • Students and parents must use the tool separately for their respective income tax returns

  9. Who CANNOT use the Data Retrieval Tool • Independent applicant who is married and files separately • Dependent applicant's parents are married and file separately • (i.e., married filing separately or head of household) • Change in the marital status of the applicant or parent (if the applicant is a dependent student) after the end of the tax year • Student/parent filed amended tax return • Student/parent filed foreign income tax return • Taxpayers who file with Tax ID Number and not SSN • Home address on FAFSA does not match tax return

  10. Deadlines • UML priority deadline is March 1st • Note: Those who have not completed taxes are encouraged to still complete FAFSA with estimated tax information to meet the priority deadline. Student/parent may log back into application and make necessary corrections once taxes are filed

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