Important Announcements   


Financial Aid Handbook
Download it here
Application process changes for 2012–2013

The financial aid application process for the 2012–2013 school year has changed. All new and returning undergraduate students who are U.S. citizens or eligible non-citizens must complete the following:
* Please select the IRS Data Retrieval option. This will allow the IRS to upload you and/or your parent's submitted tax return (after February 1, 2012) directly into your FAFSA. If you do not choose this option and are selected by the Department of Education (DOE) for verification, you will be required to send SMFA an IRS Transcript, which can take 6–8 weeks.

Note: We can no longer accept copies of federal tax returns and W-2s as verification of income.

International students must complete:
  • 2012–2013 International Student Financial Aid Form*
*We require supporting documentation such as a letter from an employer, tax return or bank statements to verify income.

Financial aid will be awarded on a rolling basis. We advise beginning the process as early as January 2. Please keep in mind some funds are limited. It is in your best interest to complete the process in a timely manner.

Plus/Alternative Loan
A FAFSA is required for the PLUS or Alternative loan, even if you are not applying for financial aid. This requirement was new for the 2011–2012 school year and will continue through 2012–2013.

Verification Form FAQs

What is Verification?
Approximately 1/3 of all financial aid applicants are selected by either the U.S. Department of Education or SMFA's Office of Financial Aid to verify the accuracy of information provided on the FAFSA. You will be notified by email if you have been selected. If you are a new student your offer of assistance may be tentative pending the completion of the verification process. If you are a returning student, you will not receive a financial aid award letter until the verification process is complete.

What are the required documents for verification?
  • Verification Worksheet- please do not leave any questions unanswered. If ZERO, write in "0." If any section is incomplete, your verification worksheet will be returned to you.
  • Processed FAFSA using the IRS Data Retrieval Process for both student and parent
    or
  • 2012 Federal Tax Return Transcript(s) for student, parent or spouse (if applicable)
  • W-2 forms if you, your parent or your spouse did not, and are not required to, file taxes in 2012
What is the IRS Data Retrieval Process?
The IRS Data Retrieval Process allows financial aid applicants and their parents to retrieve, directly from the IRS, certain income and other information from their federal income tax returns when completing the Free Application for Federal Student Aid (FAFSA). The IRS Data Retrieval Tool populates the information into the FAFSA on the Web application. Because the information comes directly from the IRS using the IRS Data Retrieval Process is the preferred way to file your FAFSA for the 2013-2014 academic year.

What if I already filed my FAFSA and did no use IRS Data Retrieval Process?
If you already filed your FAFSA for 2013-2014 academic years and did not use the IRS Data Retrieval Process, and subsequently have filed your federal tax returns, you can go back and submit a correction to FAFSA on the web. You may use the Data Retrieval Tool at that point.

What is different this year?
New for 2013-2014: SMFA may be required to verify high school completion, student identity and educational plans. More information will be provided as federal regulations and our procedures become final.

Similar to last year, per the Department of Education, signed copies of federal tax returns are no longer acceptable forms of documentation for federal verification purposes.

There are two options to provide tax filing date for verification. SMFA strongly encourages students and parents to use Option 1 the IRS Data Retrieval Process when initially completing the FAFSA or when making a correction after the required tax returns have been filed.

Option 1: Use the IRS Data Retrieval Process when completing the FAFSA or submitting a correction online through FAFSA on the Web www.fafsa.ed.gov
  • Instructions to use the IRS Data Retrieval Process are provided while completing the FAFSA or filing a correction online.
  • Log in to the 2013-2014 FAFSA using your PIN number
  • Go to the Financial Information Section
  • Select IRS Data Retrieval
  • Follow instructions online
  • Be sure to complete the entire process
In order to use the IRS Data Retrieval Process you must have:
  • Filed a federal tax return at least 2 weeks (if filing electronically) and 6-8 weeks (if filing a paper return) before using the IRS Data Retrieval Process to allow time for the IRS to process the return
  • You must have a valid social security number
  • You must have a Federal Aid Personal Identification Number (PIN)
You will NOT be able to use the IRS Data Retrieval Process if:
  • Your marital status changes after December 31 of the same tax year
  • You filed married filing separately
  • You filed an amended return
  • You filed a foreign tax return
Option 2: IRS Federal Tax Return Transcript

An official tax transcript will be required for tax filers who are not able to use the IRS Data Retrieval process or make changes to FAFSA data after using this process.
  • To request an IRS tax return transcript by phone contact the IRS at 800-908-9946
    • Tax filers must follow prompts to enter their SSN and the numbers in their street address
    • Generally this will be the address listed on the latest tax return filed
    • Select Option 2 to request an IRS tax return Transcript and then enter 2012
    • If successfully validated, tax filers can expect to receive a paper IRS tax Return Transcript within 5 to 10 days
  • To request an IRS tax return transcript online:
    • Go to the IRS website at www.irs.gov
    • In the Online Services section click "order a tax return or account transcript"
    • Click "order a transcript"
    • Enter the tax filer's SSN, date of birth, street address, and zip code.
    • Click "continue"
    • In the type of transcript field, select "return transcript' and in the tax year field, select "2012"
    • If successfully validated, tax filers can expect to receive a paper IRS tax return transcript within 5 to 10 days.
What happens if I filed a tax extension?
For an individual who is required to file a U.S. income tax return and has been granted a filing extension by the IRS to complete your review for federal funding you must submit the following:
  • A copy of IRS Form 4868, "Application for Automatic Extension of Time to File US Individual Income Tax Return" to file with the IRS for tax year 2012, or a copy of the IRS's approval of an extension beyond the automatic six month extension if the individual requested an additional extension of the filing time for tax year 2012
  • A copy of IRS Form W-2 for each source of employment income received for tax year 2012 by an individual that has been granted a filing extension by the IRS for tax year 2012.
For all incoming students, the tax filer who was granted the extension will be required to provide a copy of their tax transcript information before any funds can be applied to the student's tuition account. If a copy of the tax transcript is not provided then the student will NOT receive the tentative funds award for that academic year

All verification materials are to be mailed:
SMFA, Financial Aid Office
230 The Fenway
Boston, MA 02115
Emailed: finaid@smfa.edu
Faxed: 617-36-3041