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Financial Aid Renewal

Financial Aid Renewal

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Financial Aid Renewal

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  1. Financial Aid Renewal 2015-16

  2. Required Documents Due April 15th • 2015-16 FAFSA: available as of January 1, 2015 • www.fafsa.ed.gov • 2015-16 CSS Profile: available as of October 1, 2014 • http://student.collegeboard.org/css-financial-aid-profile • Copies of student 2014 Federal Tax Return • Including all schedules & Forms W-2 used to file • Copies of parent(s)’s 2014 Federal Tax Return • Including all schedules & Forms W-2 used to file If you or your parents are not required to file, please submit the Parent and/or Student Statement of Non-filing Tax Status

  3. Federal Verification • A random selection process from the DOE • Selected students may be required to submit additional documentation or will lose their Federal Financial Aid • This process is not a secondary review of your award or an “appeal”

  4. Requirements of Federal verification • 1. The following items may be required by the FA Office for students selected for verification: • Parent and Student IRS Tax Return Transcript or • FAFSA IRS Data Retrieval Tool completed • Verification Worksheet • Non-filing statement • Prior year W-2 statements • Any additional documentation requested by the FA Office • 2. FA Office Review • 3. New, corrected FAFSA submitted by FA Office • Any changes to aid if applicable

  5. IRS DATA RETRIEVAL TOOL • 2015-16 FAFSA: We encourage you to utilize the IRS Data Retrieval Tool when completing your FAFSA • This allows our office to receive IRS verified information from your/your parent(s)’s tax returns • This is a requirement for students that are selected for the Federal Verification Process • If parent or student is unable to use IRS Data Retrieval Tool, we recommend using the IRS Get Transcript Online Tool

  6. How to use the irs data retrieval tool Available once the Return has been processed by the IRS Not all students will have access to use this tool Parent must enter their PIN to Link to IRS

  7. How to use the irs data retrieval tool Once on this page, make sure to TRANSFER the tax data by clicking “Transfer Now” & return to the FAFSA Do not edit any of the fields that were transferred from the IRS – Doing so will void this process altogether

  8. IRS Tax Return TranscriptIrs“Get Transcript” function • Tax filers can request their transcripts online to print same day • Tax Filer will need to create a free account w/IRS to access their data www.irs.gov/Individuals/Get-Transcript

  9. IRS “Get transcript” Request • Select “Higher Education /Student Aid” • Request the most recent tax year’s Return Transcript (2014) • You should be able to view and print your transcript after this page

  10. Required Renewal DocumentsInternational Students • 1. 2015-16 CSS Profile or International Student Financial Aid Application (ISFAA) • Available on the Financial Aid Office website & through the College Board • 2. International Student Certification of Finances • Available on the Financial Aid Office website & through the College Board • 3. Translated copies of parent(s)’s 2014 income/tax documents

  11. Important to note for 2013-14 • 2014 W-2 Statements • Are now available through HR-Info (via student portal) • Information contained therein must be reported on your FAFSA (Student Finances) whether or not you will file a Federal Tax Return • Student Portal Update • Link to Student Portal now available on the financial aid website: https://webauth.claremont.edu • My Financial Aid “Documents” tab now includes forms/links to documents that are required for your file • Documents needed for 2015-16 will appear on the Student Portal by June 1st

  12. Important to note for 2014-15 • Outside Scholarships • Students are responsible for the renewal of their outside scholarships • Failure to renew your outside scholarship will not result in additional grant assistance to cover the difference • Loan Requests • Must be submitted to our office by June 16thin order for your loan to be processed in time for the 1st bill • Restricted/Endowed Scholarships • Financial Aid Award letters may include Restricted or Endowed Scholarships as part of your package • These are a component of your aid award – they do not provide additional aid • The Scholarship Data Sheet will be required if awarded • Office of Donor Relations will contact you regarding thank you letters in the Fall

  13. Important Dates • April 15th– Financial Aid Application due • May 30th– 2015-16 Financial Aid Packets mailed • For students that submit their completed application by the deadline • June 16th– Loan Requests due in time for 1st bill • July 10th– 1st bill for Fall 2015 mailed • August 1st– Fall Account Balance or 1st Payment due