Loyola University Chicago

Financial Aid Office

New Verification Process for 2012-2013!

Good news!  Changes from the Department of Education allow us to simplify our verification process for many students.  To begin, if you and your parents are able to retrieve your IRS data directly from the IRS to your FAFSA, your chances of being selected for verification are greatly reduced!  And - if you are selected - we may not need additional tax information.

What do you need to do to make this happen?

  • When you complete or correct your FAFSA online and answer that you have completed your tax return, you will be given a set of questions to determine if you can use the IRS Data Retrieval Tool.
  • If you can answer “None of the above”, you will be directed to the Retrieval Tool.
  • To successfully retrieve your IRS data, wait 2 weeks after you have filed electronically or 8 weeks if you filed a paper return.
  • Do not alter the data identified as “Transferred from the IRS”.

What if you are selected for verification?

  • If you were not able to use the Retrieval Tool or changed the data that was transferred, we will need a Tax Return Transcript from the IRS. We can no longer accept tax returns from you and/or your parent(s) unless a tax return from Puerto Rico or a foreign tax return was filed. 
  • Complete, sign date and return the required Federal Verification Worksheet to our office.

New FEDERAL DIRECT STAFFORD LOAN Changes (Important Changes Beginning July 1, 2012)

Elimination of subsidized interest on Graduate Stafford loans

All Stafford Loans for graduate and professional students whose programs begins on or after July 1, 2012 will be unsubsidized.  This means the interest will begin accruing at disbursement for all graduate and professional Stafford Loans and will continue to accrue until the loan is repaid.

Elimination of the rebate on loan fees

The up-front rebate that all federal direct borrowers receive on loan fees has been eliminated.  Beginning July 1, 2012 the full 1% fee on Stafford loans and the 4% fee on the PLUS/Graduate PLUS loans will be deducted from each loan disbursement.