Monday, May 1, 2017

IRS offers help to students, families to get tax information for student financial aid applications

You must have information from your tax return in order to file a Free Application for Federal Student Aid (FAFSA®) or apply for an income-driven repayment (IDR) plan.

The IRS Data Retrieval Tool (DRT) on fafsa.gov and StudentLoans.gov is currently unavailable. The DRT provides tax data that automatically fills in information for part of the FAFSA and IDR plan. The IRS and the U.S. Department of Education Office of Federal Student Aid issued a joint statement advising students, parents and borrowers to use other options to provide financial data on your applications.

This does not limit your ability to apply for financial aid. Applicants filling out the FAFSA and applying for an IDR plan can manually provide the requested financial information from copies of your 2015 tax returns. The online FAFSA and IDR application remain operational, and you can continue filing the FAFSA or applying for an IDR plan as you normally would.

Students and parents completing a 2016-17 and 2017-18 FAFSA should manually enter 2015 tax information (not 2016). Borrowers applying for an IDR plan should submit alternative documentation of income to your federal loan servicers after you complete and submit the online IDR application.

The IRS has online resources that can help you get tax information for financial aid applications. Read the joint IRS and U.S. Department of Education Office of Federal Student Aid statement and related questions and answers for more information about the IRS Data Retrieval Tool.

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