With a new year comes a new set of financial responsibilities for students and their families. The Financial Aid Office is here to help answer questions you may have and provide assistance. Take a look at the timeline below for a month by month guide and some helpful tips for the upcoming academic year.
(January - June 2015)
January - File your 2015-2016 Free Application for Federal Student Aid (FAFSA)
- Use estimated 2014 income tax figures to complete your FAFSA on time.
- After filing your 2014 tax returns go back to the FAFSA website and use the IRS Data Retrieval Tool to update you income information.
February – Tell your student to start checking their SPIRE “To Do List”
- Visit the Financial Aid Services website for 2015-2016 forms and information.
March - Submit requested documents
- March 1st is the priority FAFSA filing date for need-based aid consideration.
- Summer financial aid information is available at umass.edu/umfa.
April - Income taxes filed
- Use the IRS Data Retrieval Tool to update income information on your FAFSA.
Is your student a first time Direct Loan borrower?
- Tell them to complete their Direct Loan Master Promissory Note (MPN) and
- Direct Loan Entrance Counseling at studentloans.gov.
May - Research financing options
- Start the application process for the Parent PLUS and Alternative Private Loans.
- Have your student complete any outstanding “To Do List Items” to ensure a timely financial aid award.
- Satisfactory Academic Progress review for financial aid after Spring 2015 grades are final.
June - Award letters for continuing students
- Have your student continue checking their SPIRE “To Do List”.
Did you know the 1040 Income Tax Return forms are not acceptable to verify your file?
- The required document is the IRS Tax Return Transcript or IRS Data Retrieval Tool.
Questions? Visit the Financial Aid Services website for more detailed information and short videos. Financial Aid Services is located on campus in room 243 of the Whitmore Administration Building. To speak to a staff member, call 413.545.0801.