Duke FinAid: May Highlights

This monthly newsletter provides relevant information, helpful tips, and upcoming deadlines regarding financial aid for undergraduate students.  For each headline, you can click the available link to be redirected to the relevant page on our website, or you can scroll down for additional info. 

•  FAFSA and the IRS Data Retrieval Tool

•  Financial Aid Verification

•  Summer Earnings Grant Replacement

•  Summer Work Study at Duke

•  Personal Finance@Duke

•  Upcoming Deadlines/Reminders

 

FAFASA and the IRS Data Retrieval Tool

Duke is requesting that all students submitting the Free Application for Federal Student Aid (FAFSA) utilize the IRS Data Retrieval Tool to transfer the household's 2012 tax return documentation directly from the IRS.  If a student has already completed the FAFSA application, he/she will need to log back in at www.fafsa.gov and submit a FAFSA correction.  Once logged-in, the student will then be provided with the option to import the household's 2012 tax return information from the IRS database and resubmit his/her FAFSA to Duke. If a student is having trouble completing this step, FAFSA has provided instructions located in the Frequently Asked Questions section of their website.

If a student is unable to use the IRS Data Retrieval Tool after logging into www.fafsa.gov, the information may be submitted to our office via an IRS tax return transcript.  A tax filer may request a free copy of his/her household's 2012 IRS tax return transcript by ordering a transcript online, calling 1-800-908-9946, or by mailing the IRS Form 4506.  Please request that the IRS send the tax return transcript directly to the tax filer first. The student may then write his/her name and student ID number at the top of the transcript and submit a copy directly to our office.

Financial Aid Verification

A student whose FAFSA has been selected for verification by the federal government will be notified by the financial aid office via email. Notification will also appear on the ACES To-Do list.  The notification email will contain instructions on the requirements a student is required to complete in order to receive financial aid.  The notification and ACES To-Do items will be issued automatically; students do not need to contact the financial aid office to initiate this process. 

Summer Earnings Grant Replacement

If a student participates in summer activities that are part of his/her Duke curriculum (including Duke Engage, Summer Session at Duke, and Duke Global Education programs), and the student qualifies for need-based aid during the 2013-2014 academic year, part or all of the student contribution may be reduced and replaced with additional grant funds.  The amount of summer earnings grant replacement awarded depends on the length of the student's summer enrollment as well as the his/her eligibility for need-based aid. This will be awarded automatically to all those who are eligible; no application or notice is required. Find out more.

Summer Work Study at Duke

If a student is enrolled in classes on Duke's campus for Summer Session, and qualifies for need-based aid for the summer session, his/her initial need-based financial aid package will include a work study award. Work study for summer works the same way as it does for the academic year, except the award amount is smaller because the summer term earning period is shorter.

Please Note: Due to federal budgetary shifts, work study will not be available for non-enrolled students or for students who do not qualify for need-based aid during the summer terms.

Personal Finance@Duke

Personal Finance Tip of the Month:

The academic year is over, but that doesn't mean that students should not begin planning for next year. As students are working over the summer to save for next year's expenses, it is a good idea if they use some of the tools available on the Personal Finance@Duke website. One helpful resource is the Budgeting 101 section. The student is guided step-by-step to develop and use a budget. Not a bad use of some down time in the summer. Use of this resource could even help put current spending habits into perspective, and save the student money next year. Check it out on our website.

Upcoming Deadlines/Reminders   

Renewal financial aid applications
Renewal financial aid applications were due May 1, 2013. If a student missed the deadline his/her eligibility won't change, but the financial aid might not show up on the first Bursar bill. Students can find out what needs to be completed by checking the To-Do List in ACES, and may want to learn more about our policies for late applications.

Summer Financial Aid
The Financial Aid Office will continue processing preliminary summer financial aid awards through May and June. These awards will be finalized at the end of the drop/add period each summer term, and students will receive notification of any changes made to the award.  Click here for more information about the determination of summer financial aid awards.

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