Financial Aid

Determining Financial Need

Demonstrated financial need is the difference between the cost of attendance and the expected family contribution. The cost of attendance (COA) includes direct expenses such as tuition and fees, and also includes indirect such as room, board, books and transportation. The expected family contribution (EFC) is determined by the federal needs analysis formula and is calculated by completing a Free Application for Federal Student Aid (FAFSA).

Apply for Financial Aid

How to Apply - FAFSA Instructions
The University requires students to file a Free Application for Federal Student Aid (FAFSA). It is recommended that students and parents save time by requesting personal identification numbers called Federal Student Aid PINs before the student applies for aid. The PIN can be used to electronically sign the FAFSA, electronically sign certain loan contracts, and access online information about federal student aid the student has received. To request a PIN, go to Federal Student Aid PIN.

IRS Data Retrieval via FAFSA
The Department of Education has worked with the IRS to make filing the FAFSA quicker and easier for financial aid applicants.  Beginning February 1st, students and parents who have submitted their most recent IRS federal tax return will be able to select the IRS Data Retrieval option on the Free Application for Federal Student Aid (FAFSA) to transfer the required tax data from the IRS directly to the FAFSA.
 
We strongly encourage you to file your taxes early so you may select this option when filing your FAFSA. This option will streamline and expedite the processing of your financial aid application.  To successfully use this option you must have the appropriate year’s federal tax return filed with the IRS.

There are some families based on their tax filing status who will, unfortunately, not be able to use this option.  Follow the prompts when completing the FAFSA and it will determine if you are eligible to complete the IRS data retrieval.
 
When you complete your FAFSA, if you have not yet filed a return, you can go back into your FAFSA and update your tax filing status to "Already Filed" and select the IRS Data Retrieval option once you have actually submitted your federal tax return to the IRS.  

According to the IRS, electronically filed tax return information will be available for retrieval in 1-2 weeks after the electronic return has been filed. Data from paper tax returns will be available for retrieval in 6-8 weeks after they receive the paper tax return.  

Deadlines
The FAFSA should be completed as early as possible beginning January 1st for each upcoming aid year. Students are strongly encouraged to file the FAFSA by the University‘s priority deadline of March 1.

  • Incoming students accepted to the University who complete their FAFSA by the March 1st priority deadline will receive notification of their awards by the end of March
  • Returning students registered for the upcoming semester who complete their FAFSA by the March 1st priority deadline will receive notification of their awards by the end of June
  • Students applying after March 1st receive aid as funds become available.

Verification Selection Process
There is a NEW process for applicants who are selected for verification (formerly the student/spouse or student/parent turned in a copy of their tax return). Now the tax information must come directly from the Internal Revenue Service (IRS) which will be described below. This change is immediate and there are no exceptions! Please remember, not all students are selected for verification.
Each year the Department of Education selects a percentage of all applicants to complete a verification process. Verification is a request for additional information and documentation to verify the information you reported on the FAFSA.
Part I of your Student Aid Report (SAR) will tell you if you have been selected for verification. A letter of request for Missing Information will be sent to you by the Financial Aid Office if you are selected. Please be sure to complete the UMASS Lowell Verification Worksheet and submit it to the Financial Aid Office along with required IRS Tax Return Transcripts, W2s and other requested documents.  Personal copies of your tax returns can no longer be accepted for verification per federal regulations.
Be sure to check your iSiS Self Service TO-DO LIST regularly to check on the status of your verification and financial aid.
Ensure documents you submit to the Financial Aid Office include your name, social security number, Student UMS ID, and all required signatures.

Misplaced your Verification Worksheet?
You may print the appropriate Verification Worksheet from our Financial Aid forms page.

Obtaining IRS Tax Transcripts for Verification
Personal copies of your tax returns can no longer be accepted for verification per federal regulations.  It is important that you request a Tax RETURN Transcript and not a Tax Account Transcript.  Attached are step by step instructions for requesting your Tax Return Transcript  from the IRS.
Please sign tax return transcript prior to submitting to the University. If you did not file an income tax return last year because you were not required to file, be sure to indicate this on your Verification Worksheet. 

PLEASE NOTE:  The IRS will only send you ONE copy of your Tax Return Transcript. Make copies of the  return before submitting it to UMass Lowell.