Changes coming in financial aid application process in 2012

Current and prospective students are advised to be aware of changes to the financial aid application and FAFSA application processes that will take effect after the first of the year at South Piedmont Community College.

The IRS Data Retrieval Tool that was made available last year now is a permanent part of the FAFSA filing process. FAFSA stands for Free Application for Federal Student Aid, which must be completed to be eligible for federal financial aid.

The IRS Data Retrieval Tool will be available to all FASFA filers on Feb. 1, 2012. The tool allows students and parents to automatically populate their IRS tax information into the FAFSA application. This process makes the FASFA application easier to complete and ensures that a more accurate application is completed.

It takes the IRS about three weeks to process a tax return and make the completed information available to the IRS Data Retrieval Tool on the FASFA application.

SPCC’s Office of Financial Aid and Veterans Affairs strongly encourage students to use the IRS Data Retrieval Tool when completing the FAFSA. Failure to do so will greatly increase the chances of a FAFSA being selected for verification and necessitate the submission of additional documents to establish financial aid eligibility.

The new year will also bring changes to the verification process. Starting with the 2012-2013 school year students, who are selected for verification will be required to provide the Financial Aid Office with an official IRS tax transcript. The IRS tax transcript can be sent directly from the IRS to the student or to the college. Copies of an individual’s tax returns are no longer acceptable for verification purposes.

IRS tax transcripts can be ordered and received in five to 10 days by calling the IRS Transcript Order Line at 1-800-908-9946. Orders for transcripts can be placed online by visiting IRS.gov and clicking on “Order a Transcript.” Online orders are processed in five to seven days. Students who have access to a fax machine can have an IRS tax transcript faxed to them by calling 1-800-829-1040. Requesting a faxed copy takes approximately 30 to 45 minutes of phone time. An IRS tax transcript can also be obtained by completing and mailing the IRS Form 4506-T Request for Transcript of Tax Return. The form can be obtained at http://www.irs.gov/pub/irs-pdf/f4506t.pdf. Forms are also available in the SPCC Office of Financial Aid and Veterans Affairs.

SPCC will host a FAFSA Day on Feb. 18 from 9 a.m. to noon in the Carpenter Library on the Old Charlotte Highway Campus in Monroe and in the SPCC Career Cruiser, which will be parked in the Walmart parking lot in Wadesboro. Financial aid staff will be available at both locations to assist current and former students with the FAFSA application process.

For information, contact the SPCC Office of Financial Aid and Veterans Affairs at 704-272-5391 or finaid@spcc.edu.