Student Financial Aid Office Important Announcements
The IRS Data Retrieval and other steps to be sure you have a completed FAFSA application
While completing the online FAFSA (www.fafsa.gov) many individuals may have used estimated information. If you have now completed a Federal income tax return you are asked to log back into your FAFSA application and update your information using the IRS Data Retrieval Tool. The IRS Data Retrieval Tool automatically imports official IRS tax information on your 2014-2015 FAFSA and should be available within 1-2 weeks of filing your taxes electronically or within 6-8 weeks if you filed a paper return.
Consider reviewing the following website http://louisville.edu/financialaid/how-to-apply/irs-data-retrieval.html for step by step instructions of how complete the IRS Data Retrieval.
In some cases the U.S. Department of Education requires the university to collect additional information from a student. Students may be selected for a process called “verification” or the university may need to resolve conflicting information reported on the FAFSA. In most cases, the requested documents will be available on your ULink To Do List. Complete and submit these requested forms as soon as possible so that the university can review your eligibility for financial aid.
The 2014-2015 FAFSA is now available. File as soon as possible!
Students should file their 2014-2015 FAFSA AS SOON AS POSSIBLE to be considered for limited state funding. You will need your 2013 federal tax return as well as your parents’ federal tax return. It is acceptable to submit the application using your best estimate of 2013 income information. This could mean prior year taxes or December paycheck stubs to approximate the income information questions on the 2014-2015 FAFSA. Once your taxes have been filed, you can correct any income or tax information that is different from what was initially estimated on the submitted FAFSA.
Seven Easy Steps to the FAFSA
Having trouble understanding the FAFSA and feeling overwhelmed by the application process? Be sure to check out these instructional videos that walk you through the seven easy steps to the FAFSA: http://www.finaid.ucsb.edu/fafsasimplification/
The videos can also be viewed on YouTube.
Time Limitation on Direct Subsidized Loan Eligibility for First-Time Borrowers on or after July 1, 2013
If you are a first-time borrower on or after July 1, 2013, please familiarize yourself with the new federal regulations regarding a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans. In general, you may not receive Direct Subsidized Loans for more than 150% of the published length of your program of study. For more information, please review the U.S. Department of Education’s Federal Student Aid announcement concerning this time limitation.