IMPORTANT FAFSA updates due to regulation changes
The 2015-2016 FAFSA encourages students and their parents to import tax information from the IRS. The IRS Data Retrieval saves time and reduces the probability of being selected for verification. Students who do not utilize the IRS Data Retrieval will have a higher probability of being selected for verification. Read more….
Students that do not use the IRS data retrieval and are selected for verification, will be required to provide an IRS tax transcript. Students will no longer be able to provide a copy of their tax return. Students utilizing the IRS data retrieval will not have to provide a transcript. Read more….
The Federal Student PIN was replaced with the FSA ID on May 10, 2015. An FSA ID is a username and password that you must use to log into certain U.S. Department of Education websites, such as the Free Application for Federal Student Aid (FAFSA) at fafsa.ed.gov. You, and your parent if you are a dependent student, can apply for an FSA ID at any time at www.fsaid.ed.gov/npas/index.htm. If you don't have one by the time you fill out your FAFSA, you will be prompted to apply for one. Learn how to apply for an FSA ID here http://ifap.ed.gov/eannouncements/attachments/050415FSAIDReplaceHowToCreateFSAIDGuideATTACH.pdf
As per federal reegulations, Direct Loans are issued to students in a multiple disbursements. Generally this means you will receive equal portions of your loan each semester, except if your loan is only one semester in length. If one semester, then generally the loan will be split into two disbursements in that semester. Also, as per federal regulations. the first disbursement of a student loan to a first-year, first-time borrower, must be held for at least 30 days.