IRS Retrieval Tool
When completing the FAFSA, students and parents of dependents students, who have filed their federal income tax returns, are now able to retrieve, directly from the IRS, certain income information that they reported on their tax returns by utilizing the IRS Data Retrieval Tool. Utilizing this tool can reduce the time it takes to complete the FAFSA. However, the Financial Aid Office will still be required to request additional income documents and information from you.
Federal Tax Returns and W-2 Forms
Financial Aid Offices can no longer accept copies of federal tax returns. If a student, and parents of dependent students, completed the FAFSA for the next academic year, before February 15th OR if you were unable to use the IRS Data Retrieval Tool when you completed the FAFSA, you must:
1. You must request an ‘Income Tax Transcript’ online at http://www.irs.gov .
2. The Financial Aid Office cannot accept an Income Tax Summary because it does not have all of the information that is needed to process your application.
3. In addition, the Financial Aid Office will also need copies of W-2 forms from all of the student, and parents of dependent students, employers.
4. Please do not wait until the last minute to contact the IRS to request the Income Tax Transcript. You will need to request the document through an automatic system and it can take up to 10-15 days for you to receive the document. The Financial aid Office will not be able to award you any financial aid until you submit these documents.
If the IRS Data Retrieval Tool was not available when you completed the FAFSA, you can log into your FAFSA and attempt to download your tax information from the IRS.
FAFSA Applicants Not Eligible to Use the IRS Data Retrieval Tool
The following applicants are not eligible to use the IRS Data Retrieval Tool and instead must use the income information from their completed federal income tax return on the FAFSA.
1. Parents of dependent students filing separate federal tax returns (this includes filing as head of household).
2. Students or parents of dependent students, who had a change in their marital status after the end of the applicable tax year reported on the FAFSA.
3. Students, spouses and parents of dependent students filing an amended tax return.
4. Students and spouses who filed separate tax returns (this includes filing as head of household).
5. The information that you entered on the FAFSA to download the tax data does not match the information that was reported on the tax return.
The U.S. Department of Education selects a certain percentage of all students who file a FAFSA for ‘Verification’. The Verification process is to confirm the accuracy of information that the student, and parents of dependent students, provided on the FAFSA. The federal regulation requires that the college the student is enrolled in perform the the Verification process on behalf of the U.S. Department of Education. Colleges also are given the authority to select students for verification if the information that was reported on the FAFSA does not make sense.
Federal regulations require that students, who are selected for Verification, complete the process within 120 days after their last day of attendance at BCCC. Students who fail to complete the process within this timeframe cannot be awarded financial aid for the year in question.
In addition, a student must apply for, and the Financial Aid Office must receive, a valid Student Aid Report by June 30th of any award year.
Student Aid Report
BCCC students selected for Verification cannot be awarded any federal or state aid until they complete the process and the BCCC Financial Aid Office has transmitted to and received any necessary FAFSA corrections from the U.S. Department of Education.
When applying for financial aid, students will receive a Student Aid Report sent to the email address that they put on the FAFSA within 3 days of submitting the FAFSA. It is very important that students read the comments on the Student Aid Report to determine if they have been selected for Verification or if there are other problems with their application.
Special Note: The Confirmation Page that students receive when they submit their FAFSA is not an award letter! The form clearly states that page only confirms that the FAFSA has been successfully submitted and that the FAFSA will be processed in 3- 5 days. Students are awarded financial aid by the college’s Financial Aid Office, not FAFSA. Also, any dollar amounts listed on the Confirmation Page is only estimate, not an award.
Financial Aid Policies and Procedures
To ensure that you are familiar with all of the policies and procedures concerning the awarding, disbursement and refunds, please click the link for Financial Aid Policies and Procedures which is located in the Financial Aid section of the BCCC web page.
Payment of Tuition and Fees
If the Financial Aid Office at BCCC has not awarded you financial aid the fee payment deadline, the student must set up a ‘Deferment Plan’ with the Student Accounting Office or the classes will be dropped for non-payment. Just because you have applied for financial aid will not hold your classes.
THE FEE PAYMENT DEADLINES ARE LISTED IN THE COURSE SCHEDULE FOR EACH SEMESTER.
Many students make the mistake of obtaining financial aid information, such as the impact of withdrawing from class, from other people. Please make sure that you obtain all information concerning financial aid from the Financial Aid Office at BCCC. The office is located in room 24 in the Main Building on the Liberty Heights campus.