I would like to take this opportunity to introduce my new Assistant Director of Financial Aid. Her name is Kristina Alvarez. Kristina brings to MIAD 5 years of financial aid experience, excellent customer service and a true willingness to assist students and their families. Please feel free to contact Kristina or me if you have any financial aid questions.
Last week I sent an e-mail to all current students reminding them that it is once again time to file their FAFSA for the 2012-13 academic year. The Department of Education has made some significant changes to the 2012-13 FAFSA. I would like to share these with you to make the application process as smooth as possible.You can file a “Will File” FAFSA if you have not yet completed your 2011 Federal Tax return. Once you have completed your tax return, you must correct the FAFSA to an “Already Completed” status and submit any corrections now that you have official numbers.
1. The Department of Education and the IRS have worked together to allow FAFSA applicants to import their tax information submitted to the IRS by using the “IRS Data Retrieval Tool” on the FAFSA. MIAD strongly encourages all FAFSA applicants to use this tool. This tool is available to you two weeks after you have electronically submitted your tax return or six to eight weeks after you mailed in your paper tax return.
2. Another Department of Education change for the 2012-13 FAFSA application is the documentation MIAD will require if you are selected for “Verification.” The Department of Education randomly selects one out of every three applicants for this process. If your son or daughter is selected for verification they will be sent a letter from the MIAD Financial Aid Office asking for the following documents to be submitted:
- A Verification Worksheet (enclosed in the letter)
- A copy of the Student’s Tax Transcript (if they filed taxes)
- A copy of Parent’s Tax Transcript (if you filed taxes)
However, if you used the “IRS Data Retrieval Tool” to populate the FAFSA we do not need the Tax Transcripts submitted; the FAFSA data is sufficient. We will only need the Verification Worksheet completed.
In the past, a signed copy of the Federal tax return was acceptable documentation for verification. This is a major change. Tax Returns are no longer acceptable documentation.
4. Last but not least, Parents who rely on the Parent Plus loan to cover the outstanding balance owing MIAD or Room and Board expenses must apply for the loan each year. The Department of Education requires the application for a credit check each year. The Student’s Award Letter will identify the maximum amount of a Parent Plus loan you may be eligible for. You do not have to take the maximum; you can specify the exact amount you require on the application. The application is found online at www.studentloans.gov.
We look forward to working with you this year. Do not hesitate to contact us if you have any questions.
carolmasse@miad.edu 414-847-3270
kristinalavarez@miad.edu 414-847-3271