It is hard to believe that it is tax filing time and 2013-14 FAFSA applying time already. Seems like a few short months ago I introduced Kristina Alvarez to you as the new Assistant Financial Aid Director. Kristina and I both look forward to assisting you through the 2013-14 financial aid process this year.
Right now, the campus is abuzz as Milwaukee has been designated one of America’s Top Twelve ArtPlaces, communities that have most successfully combined art, artists and venues for creativity and expression. Tomorrow, Monday, a national press conference is being held at MIAD to kick off the event. Milwaukee – the only city in the Midwest on the list – provides many personal and professional opportunities to our students, and we always knew it was one of the top places on the creative map.
So amid this excitement, this week, I will be sending an email to all our current students reminding them that it is once again time to file their FAFSA for the 2013-14 academic year. The 2013-14 FAFSA application is very similar to the FAFSA 2012-13 application. Let’s review:
- You file a 2013-14 FAFSA for financial aid for the 2013-14 academic year using your 2012 IRS tax return. You can file a “Will File” FAFSA if you have not yet completed your 2012 Federal Tax return. Once you have completed your tax return, you must correct the FAFSA to an “Already Completed” status and submit any corrections with the official numbers.
- The Department of Education continues to work with the IRS to allow FAFSA filers to import the tax information submitted to the IRS on the FAFSA using the “IRS Data Retrieval 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. MIAD strongly encourages all FAFSA applicants to use this tool.
- There is one significant change to the Verification process for 2013-14. The Department of Education randomly selects one out of every three applicants for this process and has added additional requirements for those selected. If your son or daughter is selected for verification they will be sent a letter from the MIAD Financial Aid Office asking for the specific documentation required to complete the verification. Using the IRS Data Retrieval Tool on the FAFSA to import your 2012 Federal Tax information will simplify the verification process for you.
- Last but not least, parents who rely on the Parent Plus loan to cover the outstanding balance for 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. Please do not hesitate to contact us if you have any questions.
Carol Masse, Executive Director of Financial Aid, carolmasse@miad.edu, 414-847-3270
Kristina Alvarez, Assistant Director of Financial Aid, kristinaalvarez@miad.edu, 414-847-3271