{"id":5094,"date":"2016-11-18T08:00:16","date_gmt":"2016-11-18T14:00:16","guid":{"rendered":"http:\/\/taxprocenter.proconnect.intuit.com\/?p=5094"},"modified":"2019-05-29T15:45:44","modified_gmt":"2019-05-29T20:45:44","slug":"irs-tool-helps-college-bound-students-with-financial-aid-application-process","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/irs-tool-helps-college-bound-students-with-financial-aid-application-process\/","title":{"rendered":"IRS Tool Helps College-Bound Students with Financial Aid Application Process"},"content":{"rendered":"

Higher education has gotten more expensive each year, but fortunately, financial aid has increased as well. The best way for your clients to get it for themselves, or for their children, is by filling out a Free Application for Federal Student Aid, or FAFSA<\/a>. Completing the FAFSA can open the door to $150 billion in government student aid! As your clients\u2019 financial advisor, you can provide them with information that can help them save time during the FAFSA application process.<\/p>\n

You can let your clients know that their application will depend on their income information, which needs to match what the government has on file with the IRS. Fortunately, the IRS helps minimize the time spent on the completion of the FAFSA form, as well as potential mistakes, by automating access to federal tax returns with its Data Retrieval Tool (DRT). This tool enables applicants to automatically transfer the required tax data onto the FAFSA form.<\/p>\n

Here are some helpful tip and tricks regarding the IRS DRT that you can pass on to your clients who are applying for FAFSA:<\/p>\n