Most financial aid at the University of Rhode Island is awarded to students on the basis of demonstrated financial need. To determine financial need, the University employs the Free Application for Federal Student Aid (FAFSA): www.fafsa.ed.gov, which calculates the expected family contribution (EFC).
At the time your financial aid application was reviewed, you were considered for all types of financial assistance: grants, loans, and employment. The composition of your financial aid package was determined by taking into consideration the total number of financial aid applications, the available funds, your financial need, the date of your application, your preference for specific types of aid and, for entering students, your date of admission. Note that we expect your family to bear primary responsibility for financing your college education.
Your first step is to fill out the Free Application for Federal Student Aid (FAFSA), regardless of your family's financial status. You must fill out a FAFSA each year after January 1 for the upcoming academic year. Your FAFSA information determines your eligibility for a broad range of financial aid. Even if you do not have financial need according to your FAFSA results, everyone qualifies for some form of financial aid. To assist you in filing your FAFSA for 2014-15, please view this tutorial: 7 Easy Steps to Filing the FAFSA 2014-15
IRS Data Retrieval Option for 2014-15 FAFSA
Beginning in early February 2014, students and parents who have completed their 2013 IRS tax return may be able to use FAFSA on the Web to electronically view their tax information. With just a few simple steps, the tax information can also be securely transferred into FAFSA on the Web. We strongly recommend that parents and students select this option during the initial filing or when subsequent corrections are made to a 2014-15 FAFSA application. This option will streamline and expedite the processing of your financial aid application.
In order to successfully use the IRS Data Retrieval option, you must have:
Federal PIN: For parents or students without a Federal Aid PIN, you will be prompted to apply for one during the FAFSA application process: www.pin.ed.gov The PIN will also help you (student or parent) electronically sign the FAFSA.
FAFSA Corrections Important Note: We know that many parents of our undergraduate students will not have their federal tax returns completed by the priority application deadline of March 1. They may use "estimated income" information on the initial FAFSA. These families will be able to use the IRS Data Retrieval process once their tax returns are completed. If on the FAFSA you listed your tax filing status as “Will File” because you had not yet filed a tax return, please remember to use the FAFSA Corrections process at: www.fafsa.ed.gov and change this status to “Already Completed,” update all relevant income fields to your FAFSA, and select the IRS Data Retrieval option once you have actually submitted a federal tax return to the IRS. Then you should resubmit your FAFSA. Remember-using accurate FAFSA information will result in a more accurate Financial Aid Award!
According to the IRS:
Unfortunately, the Data Retrieval Process cannot be used in the following circumstances and the applicant will have to submit a Tax Return Transcript (How to order a Tax Transcript) if selected for verification:
If you submit your FAFSA by the priority deadline of March 1, you increase the likelihood that you will receive grants and/or scholarships that do not have to be repaid. While gift aid is the most desirable type of aid, some funds may be limited. Once funds allocated for the year have been exhausted, no more awards can be made, even though you may be eligible. You may apply for other sources of financial aid, such as the Federal Pell Grant and direct subsidized and unsubsidized loans, throughout the academic year.
Be sure your completed FAFSA includes the University of Rhode Island Federal School Code 003414. The federal processor uses the code to send the University your FAFSA results, on which your financial aid eligibility is determined.
How to process IRA and/or Pension Rollovers when using the IRS Data Retrieval when filing the 2014-15 FAFSA
The data retrieval tool does not identify and exclude tax return IRA and/or Pension distributions that have been rolled over into another account. If you have an IRA and/or Pension Rollover on your 2013 tax return, review this chart to learn what happens and how to correct the FAFSA information.
Tax Return IRA and Pension Rollovers and IRS Data Retrieval
What Happens With Your 2013 IRA and/or Pension Rollover?
The Data Retrieval Tool (DRT) does not exclude tax return IRA and/or Pension Distribution Rollovers from untaxed Income.
The DRT will include an IRA and/or Pension Distribution Rollover in your untaxed income on the FAFSA.
This may result in a higher Expected Family Contribution (EFC) and decrease in your financial need.
What Should You Do If You Have a 2013 IRA or Pension Rollover?
Do not attempt to correct the information yourself.
By changing any of the tax data, you compromise the data transferred from the IRS.
Provide the following to URI Enrollment Services:
1.A signed, written notice/request for correction to your FAFSA Untaxed IRA and/or Pension Rollover;
2.A copy of Page 1 of your Federal 2013 IRS Income Tax Return;
3.A copy of IRS Form 1099-R from the organization the IRA or Pension was rolled into.
Once your documentation is received, it will be reviewed and processed.
Financial aid is awarded annually, and you must reapply each year. The amount you receive each year can vary according to your financial need, the number of needy students, and the availability of funds. The recommended filing date is each January/ February.
*Awards Are Subject to Change.
Offers of aid are extended on the assumption that the programs will be continued and that sufficient funds will be appropriated by the U.S. Congress. If, for some reason, one or both of these conditions are not met, it might become necessary to withdraw or alter the aid offer. If this should become necessary, you will be notified.
**You will be required to repay any amount you are over awarded
An over award occurs when your total resources exceed your financial need. You should understand that the University reserves the right to adjust, both in type and amount, any financial aid award for which it is responsible.
Attention: Please update your URIEmergencyALERT information here.
Attention: Please be sure your completed FAFSA includes the University of Rhode Island Federal School Code 003414.
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