Admissions & Financial Aid Future Students
Students must complete the Financial Aid Process between December 1 and February 15 each year in order to be considered for federal and state need-based financial assistance and institutional assistance for the following academic year.
Financial Aid Process
To apply for federal and state need-based financial assistance, you must:
- Create an FSA ID
- Complete the FAFSA (cost to complete = Free) Federal School Code - 001844
- Complete the Verification Process
Completion of the FAFSA results in a determination of a family’s ability to pay for their son’s education (EFC). If the EFC is lower than the student’s Cost of Attendance (COA), the student is eligible for need-based financial aid.
COA – EFC = Need-based Aid Eligibility
The amount of federal, state, and institutional need-based aid a student can receive is based on the level of the student’s need-based aid eligibility and other sources of financial assistance he may have (i.e. merit-based scholarships).
Financial Aid Checklist (Download File)
Eligibility for need-based financial aid is contingent upon continuing to demonstrate financial need, Satisfactory Academic Progress, and campus citizenship as determined by the Dean of Students. Additionally, students cannot be in default or owe a refund on any federal aid.
FAFSA instructional video - provides a brief overview of how to complete the FAFSA that should be helpful for all families to understand the application.
Financial Aid Calendar
January 15 – FAFSA due (required to determine eligibility for need-based federal and state financial aid).
December-March – Financial Aid awards mailed.
May 1 – Verification items due to financial aid office
June 1 – Fall semester tuition statements mailed.
July 15 – Fall semester tuition due.
November 1 – Spring semester tuition statements mailed.
December 15 – Spring semester tuition due.
If you are selected for verification, the Wabash College financial aid office will notify you regarding what documents are required to be submitted via letter sent to your home address. Wabash College collects families' federal tax returns and other tax and income related documents. The Department of Education encourages all applicants to utilize the IRS tax data retrieval tool when completing the 2016-17 Free Application for Federal Student Aid (FAFSA) to report your tax data. This tool is available to most tax filers who have a processed tax return on file with the IRS. Students selected for federal verification are required to utilize the tool to import student and/or parent income information directly from the IRS. If a student and/or parent is not able or unwilling to use the IRS data retrieval process, a tax transcript is required.
You and your parents are eligible to use the IRS Data Retrieval Tool if you:
* Filed your 2015 federal tax return with the IRS.
* Have a valid social security number.
* Have a Federal Student Aid ID (if you do not have an ID, you will be given the option to apply for one)
* Do not fall into one of the ineligible categories listed below.
You and your parents are not eligible to use the IRS Data Retrieval Tool if:
* Your marital status changed after December 31, 2015.
* You filed married filing separately.
* You filed an amended return.
* You filed a foreign tax return.
* You filed a tax return using a Tax ID Number (TIN).
* The home address on the FAFSA does not match the address on the tax return.
According to the IRS, this tool cannot be used until 1-2 weeks after electronically filing a tax return and 6-8 weeks after filing paper tax returns.
You must actively choose to utilize the data retrieval tool. If you choose to do so, you will be transferred to the Internal Revenue Service web site. There, the FAFSA Central Processing System (CPS) will conduct a data match with the IRS. You and your parents will need to authenticate your identity before any information is displayed. Tax data will be presented and you will have the option to "Transfer" the tax information to the FAFSA. Transferred data will have a notation -"Transferred from the IRS"
Although the following video was produced by a school in California, the information presented will be helpful to all families in understanding the process.
Obtain a Tax Transcript from the IRS
If you and/or your parents are selected for federal verification and are also not eligible (or choose not) to use the IRS Data Retrieval Tool when updating your FAFSA, the US Department of Education requires our office to collect an Official Tax Transcript processed by the IRS. Please note that parents who are married but filing separately must submit two separate IRS transcripts. Transcripts are not required for those filing a foreign or Puerto Rican tax return.
There are three ways to request your tax transcript: by phone, online, or by mail. Please make sure you request a Tax Transcript. Do not request a Tax Account Transcript or Record of Account because they cannot be used for financial aid verification purposes. Please be advised that our office cannot verify your financial aid award without a tax transcript.
Click here to obtain a tax return transcript online.
To obtain a tax return transcript by phone please follow these steps:
* Call the IRS at 1-800-908-9946 (7:00 a.m. to 10:00 p.m.).
* Tax filers must follow prompts to enter their Social Security Number and the numbers of their street address. Generally, these will be the numbers of the street address that was listed on the latest tax return filed. However, if an address change has been completed through the U.S. Postal Service, the IRS may have the updated address on file.
* Select "Option 2" to request an IRS Tax Return Transcript, and then enter "2015"
* If successfully validated, tax filers can expect to receive a paper IRS Tax Return Transcript at the address that was used in their telephone request within 5 to 10 days from the time the IRS receives the request.
* IRS Tax Return Transcripts requested by telephone cannot be sent directly to a third party by the IRS.
To obtain a tax return transcript by mail please follow these steps:
* Complete Form 4506T (Request for Transcript of Tax Return).
* Form 4506T is available online.
* Mail or fax the completed IRS Form to the appropriate address (or fax number) provided on page 2 of Form 4506T.
* Your transcript(s) will be mailed within 5 to 10 days from the IRS.