Loyola University Maryland

Office of Financial Aid

Federal Verification

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IRS Data Retrieval Tool

The IRS Data Retrieval Tool (IRS DRT) allows you and your parent(s) to upload data from your federal tax returns into your FAFSA. It may be used during the initial filing or when subsequent corrections are made to your 2017-18 FAFSA. This option will streamline and expedite the processing of your financial aid.

The IRS DRT will be available beginning October 1, 2016. Your taxes must be submitted to the IRS at least 2 weeks prior to using the tool.

You will not be able to use the IRS Data Retrieval Tool (DRT) if any of the following are true:

  • Filed "Married Filing Separately"
  • Filed an amended return
  • Filed a foreign tax return
  • 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

Tips for using the IRS Data Retrieval Tool (IRS DRT) after you filed your FAFSA:

  1. Go to www.fafsa.gov, click "LOG IN"
  2. Enter your FSA ID and Password and click "Next"
  3. Click "Make FAFSA Corrections"
  4. Click "Financial Information"
  5. For the question "have your parents completed their IRS income tax return" choose "already completed"
  6. Choose the correct answer to the questions in the pop-up box. If "none of the above" you are eligible to use the IRS Data Retrieval Tool.
  7. Enter information requested (name, address, etc.) and click "submit" (all information must match IRS records. Note, periods after middle initials, "St" versus "Street", etc.)
  8. Check "Transfer my tax information into the FAFSA" and click "Transfer Now,", click "OK""
  9. On FAFSA webpage, click "Sign and Submit" and follow instructions to submit the changes

** Independent students will not need to submit parent information, but will follow the same steps for entering their own tax information.

** Do not make any adjustments to the tax information once it has been transferred to the FAFSA. If any information is incorrect, please contact the office of financial aid.

Federal Verification

Verification is a federal review process required by the US Department of Education. It requires the financial aid office to confirm the accuracy of the information reported on your FAFSA. The Department of Education determines which student FAFSAs must be verified.

If your FAFSA is selected for verification, a message will be included in your FAFSA confirmation Report (Student Aid Report or SAR). We will also notify you at your Loyola email account, along with a request for required documents. Verification can be a lengthy process. Students and families are encouraged to submit necessary documents as soon as possbile.

Students selected to verify income must either correct their FAFSA using the IRS Data Retrieval Tool (IRS DRT) or submit a 2015 IRS Tax Return Transcript to the Loyola office of financial aid. If eligible, we strongly recommend selecting the IRS DRT. Requesting a Tax Return Transcript from the IRS takes time and will delay processing your financial aid.

The federal verification process may require us to make corrections to your FAFSA, in which case you will be notified by the Department of Education.  Corrections will be denoted by an asterisk on your online FAFSA.

IRS Tax Return Transcript

For families that cannot use the online IRS Data Retrieval Tool, a paper tax transcript may be requested directly from the IRS by the family.

To request a 2015 IRS Tax Return Transcript,

  1. Go to http://irs.gov and click on "Get a tax transcript" in the TOOLS section. For "Transcript Types", request a "Tax Return Transcript" for calendar year 2015; or
  2. Call the IRS Transcript order line at 1-800-908-9946.