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The 2018-2019 FAFSA and CSS Profile are now available! That means you can start completing your financial aid application. We've attached a checklist that lays out all the steps you need to take to apply for need-based aid at the University of Denver. But read on, as this email includes tips and how-to's to make the application process easier.
Tips for Applying for Financial Aid at DU
Complete both the FAFSA and CSS Profile by the priority deadline.
To be considered for both federal and institutional aid, you must complete the FAFSA and CSS Profile applications. And if they're submitted by the priority deadline, you can expect to receive your student's financial aid award letter around the same time as the admission decision. The priority deadline is November 15th for Early Action and Early Decision I applicants, and February 1st for Regular Decision and Early Decision II applicants. Learn more about DU admission decision options on our website.
Use your 2016 tax information.
The 2018-2019 FAFSA and CSS Profile ask you to enter tax information from 2016. Although families ask if they can enter 2017 information instead, both applications require 2016 data.
Use the same information on both applications.
Carefully read the instructions, and use the actual information from your tax return and other financial documents. Doing so may prevent you from having to submit further documentation to our office.
Correctly report the number of family members in college.
Do not include parents in college or any siblings in high school who are taking college classes. When we calculate your student's financial aid eligibility, consideration is given to each sibling enrolled at least half time in a degree-seeking program.
Report tax-deferred contributions to your pension and retirement savings.
Payments to tax-deferred pension and retirement savings plans (paid directly or withheld from earnings) include amounts reported on your W-2 form in box 12a through 12d (codes D, E, F, G, H and S). Those amounts must be reported on your FAFSA and CSS Profile as untaxed income.
Report the value of your family-owned business.
The value of any family-owned business should always be reported on the CSS Profile. However, on the FAFSA, do not report the value of a family-owned business if your family owns more than 50% AND the business has 100 or fewer full-time employees. If the business is a pass-through entity (e.g., sole proprietorship, partnership, S-corporation or LLC), the business income attributable to the taxpayer (e.g., through IRS Schedule C or IRS Schedule K-1) must still be reported on both the Profile and the FAFSA.
Don't leave fields blank.
If a question does not pertain to you, enter a '0' instead of leaving it blank. Too many blanks can cause miscalculations and a rejected application.
Use the IRS Data Retrieval Tool, if you can.
Most students and parents can use the IRS Data Retrieval Tool to import tax data directly into the FAFSA. If you and/or your student filed a 2016 tax return, we strongly encourage you to use this tool (More information on this below).
Be sure to sign your FAFSA!
To complete your FAFSA, both you and your student must sign it. Submitting the FAFSA without signatures will delay the processing of your financial aid application.
Do not update your FAFSA unnecessarily.
Once the FAFSA has been submitted, you shouldn't make any changes unless you have been specifically instructed to. The information you report is supposed to be a "snapshot" in time, so there's no need to update elements that have changed after you initially completed the application (such as the amount in your checking account).
Pay attention to emails from our office.
We can't stress this one enough. Our primary method of communication to students and parents is email. We may need additional documentation before we can process your financial aid application, and certain emails we can only send to the student—not the parent. So be sure to communicate with your student frequently about the financial aid process.
Want more?
We have additional tips and information about the application process on our website. You can also find pointers for completing the CSS Profile on the College Board's website.
Using the IRS Data Retrieval Tool
What is the IRS Data Retrieval Tool?
The IRS Data Retrieval Tool allows students and parents to import their 2016 tax return information directly into their FAFSA from the IRS website.
Who can use it?
Most students and parents who filed their 2016 tax returns as Single or Married Filing Jointly will be eligible to use this tool. Those who filed as Married Filing Separately or Married Filing as Head of Household, or who filed a Puerto Rican or foreign tax return, will not be eligible to use data retrieval and must enter their tax information manually.
Why should I use it?
It's easy, it's fast, and it will correctly fill in your data fields for you. Plus, if the IRS Data Retrieval Tool is used for parent information, you won't have to submit a 2016 tax return transcript to our office.
How do I use it?
We've attached a Guide to Using the IRS Data Retrieval Tool to this email, which will take you through the process step-by-step.
What if I'm not eligible to use it?
If you are unable to use data retrieval, we'll need a copy of your 2016 tax return transcript obtained directly from the IRS (students do not need to submit a tax transcript unless it's been requested by our office). Tax transcripts can be downloaded directly from the IRS website. Learn more with our how-to guide.
Get Help Completing the CSS Profile
Would you like help completing the CSS Profile application? Attend our upcoming workshop!
Date: Saturday, October 21st
Time: 9:00am - 1:00pm
Location: University of Denver campus
To learn more about the workshop and to register, visit our website.
That's it for this week! Want to review past Financial Aid 101 emails? Check out the archives!
In two weeks: Types of Aid Available
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