UNIVERSITY OF MASSACHUSETTS MEDICAL SCHOOL
OFFICE OF FINANCIAL AID
IMPORTANT NEW FINANCIAL AID INFORMATION
Changes to FEDERAL DIRECT STAFFORD LOAN Program:
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The Federal government has eliminated all Federal Direct Subsidized Stafford Loans for graduate
students effective 7/01/2012. Interest on the first $8,500 will NO LONGER be subsidized by the Federal
government. The entire amount of Federal Direct Unsubsidized Stafford loan funds disbursed will
begin accruing interest upon disbursement.
There is an origination fee of 1.0% which is reduced from the total amount of loan upon disbursement.
For further information regarding the changes to Federal Direct Unsubsidized Stafford loans, please
see the Federal Direct Unsubsidized Stafford Loan Fact Sheet- Medical School or Federal Direct
Unsubsidized Stafford Loan Fact Sheet- GSN/GSBS found on the UMMS financial aid website at
www.umassmed.edu/financialaid
Changes to the Verification process
In past years the Office of Financial Aid requested Federal tax returns and a verification worksheet from every
applicant to verify the information reported on the FAFSA. Beginning January 1, 2012, the Office of Financial
Aid will only verify applicants who have been selected for verification.
Verification is the process required by the U.S. Department of Education to confirm the information you
provided on the FAFSA (Free Application for Federal Student Aid). The U.S. Department of Education selects
students for verification. Selection for verification can be random or may be required if your FAFSA data was
incomplete, estimated or inconsistent.
If you are selected for verification, the UMMS Financial Aid office will ask you to provide documentation to
confirm the information on your FAFSA. This will include a verification worksheet and may include a copy of
your 2012 IRS Tax Return Transcript. Other information, such as default clearance letters, citizenship
documentation or social security card, may also be requested.
Failure to submit the requested documentation will result in your application not being processed and you
may lose eligibility for certain forms of financial aid. If the data reported on your FAFSA is confirmed, the
financial aid office will continue processing your application. If there are differences between the data
reported on your FAFSA and the information submitted, you will be notified and instructed on how to make
the necessary corrections.
FAO New Things That You Need to Know AY 2013-2014
Changes to FAFSA Process
Beginning with the 2012-13 academic year, financial aid offices will no longer be able to accept signed copies
of Federal tax returns from students for FAFSA verification purposes. There’s an easier, faster way to provide
tax information for the Free Application for Federal Student Aid (FAFSA). When completing the FAFSA you will
be prompted to enter your PIN and link to the IRS web site. The retrieval process will display your tax
information and allow you to transfer it to your FAFSA.
Our office encourages everyone to retrieve their tax data if you have filed your 2012 tax return(s) prior to
completing the FAFSA. If you do not use the IRS Data Retrieval process, you may be required to submit an IRS
tax transcript directly from the IRS to complete the Federal verification process. Our recommendation is for
you to file Federal income taxes electronically prior to filing the FAFSA as well as participating in the IRS
retrieval process. If you file your Federal tax return electronically, the data will be available to import into the
FAFSA application within approximately 2 weeks of the IRS accepting your return. If you file your Federal tax
return by paper, it will take eight weeks before your information will be available for the IRS data retrieval
process. If you did not file a Federal IRS tax return, you cannot use the IRS Data Retrieval Tool because there
is no information on file with the IRS for you to view and transfer.
For further information regarding the IRS Data Retrieval Tool process, please see either the FINANCIAL AID
APPLICATION INSTRUCTIONS FOR FEDERAL UNSUBSIDIZED LOANS or the FINANCIAL AID APPLICATION
INSTRUCTIONS FOR INSTITUTIONAL FINANCIAL AID (NEED BASED AID) on the UMMS financial aid website at
www.umassmed.edu/financialaid
IRS Tax Return Transcript
We are no longer allowed to accept a student’s signed copy of an IRS 1040 tax return that has been filed with
the IRS. You must submit an official IRS Tax Return Transcript obtainable from the IRS after your 2012 IRS tax
return has been filed.
You will not be required to submit an IRS Tax Return Transcript unless you have been selected for
verification. DO NOT submit the IRS Tax Return Transcript or your federal tax return unless you have been
instructed to do so by the financial aid office. As always, please do not submit your STATE tax return.
Tax filers can request an official transcript, free of charge, 3 ways:
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online at http://www.irs.gov/individuals/article/0,,id=232168,00.html?portlet=105
telephone by calling 1-800-908-9946
Submit IRS Form 4506-T available for download at http://www.irs.gov/pub/irs-pdf/f4506tez.pdf
Please note, IRS Tax Return Transcripts requested online or by telephone cannot be sent directly to a
third party by the IRS. Transcripts requested using IRS Form 4506-T do have the option to have the
transcript mailed directly to a third party by the IRS.
For further information regarding requesting an IRS Tax Return Transcript, please see the IRS Tax Return
Transcript Request Process Fact Sheet found on the UMMS financial aid website at
www.umassmed.edu/financialaid
FAO New Things That You Need to Know AY 2013-2014