FAFSA/IRS Data Retrieval - Lessons Learned...

As the financial aid applicaiton cycle moves along, we are hearing that for some families the wait time (from tax filing to when the data is available to FAFSA) is much longer than originally stated by the Dept of Education.  It seems the primary delay is because the IRS processes all tax returns that indicate a refund is owed prior to processing returns that have tax due. 

For returning students, Grinnell College will not consider applications late if the FAFSA/IRS Data Retrieval is not complete or the IRS Tax Transcript is not available by the April 1st deadline.  We ask that you:

  • submit the Institutional Verificaiton Form (IVF), copies of W-2 forms, and Schedules C & SE (if self-employed) by April 1st
  • submit the FAFSA using actual tax data from your return
  • periodically try correcting the FAFSA to utilize the IRS Data Retrieval process
  • if requesting a tax transcript, please make a note of that on the IVF.

Newly admitted students who plan to enroll at Grinnell will not be considered late with their applications if the FAFSA/IRS Data Retrieval is not complete or the IRS Tax Transcript is not available by the May 1st deadline.  We ask that you:

  • submit the Institutional Verificaiton Form (IVF), copies of W-2 forms, and Schedules C & SE (if self-employed) by April 1st
  • submit/correct the FAFSA using actual tax data from your return
  • periodically try correcting the FAFSA to utilize the IRS Data Retrieval process
  • if requesting a tax transcript, please make a note of that with the copies of W-2 and 1099 forms submitted to our office.

 

When Applying for Financial Aid

Plan ahead. Please observe these deadlines:

  • Application for Financial Aid and Scholarships
  • November 15 for Early Decision I
  • January 2 for Early Decision II
  • February 1 for Regular Decision
  • April 1 for Fall Transfer
  • November 1 for Spring Transfer
  • FAFSA
  • Februray 1 for all applicants
  • To avoid delays, be sure to list Grinnell College's Title IV school code: 001868.

Stay in touch.

Respond promptly to any correspondence you receive from the Office of Student Financial Aid, and keep a record of all correspondence.

Complete forms carefully.

Mistakes can cause delays. Make sure that all information is accurate and that your name and Social Security number appear on all application documents. Sign in all of the right places and fill in all of the blanks.

Ask questions.

Write down with whom you spoke and when.

Keep good records.

Save copies of forms, correspondence, and any other financial aid information.

Check out private sources of aid.

Look into sources such as employers, professional associations, labor unions, foundations, religious organizations, and clubs and civic groups, particularly those in which you and your family are involved. Libraries and high school guidance counselors are good resources of information and can provide publications about aid. Check out the Internet at www.finaid.org.

Check out government sources of aid.

Attend a financial aid night at a local high school and learn about government scholarships, grants, and loans. Pay particular attention to deadlines and information requirements.

Know what is included in the financial aid budget on which your award is based.

For example, does it include allowances for books, supplies, and travel?

Reapply every year.

Most financial aid awards aren't automatically renewed.

Remember the Office of Student Financial Aid is here to help.

Call at (641) 269-3250.