To be considered for federal, state, and Baylor need-based financial aid including loans, grants, and need-based Baylor scholarships, you must complete the Free Application for Federal Student Aid (FAFSA). There is no fee to complete the FAFSA. If at all possible, use the IRS Data Retrieval Tool (DRT) to access your 2015 income tax return(s). Baylor's school code is 003545. Baylor normally receives results of the FAFSA within two to three business days.
The Department of Education is, only for this transitional year, using the 2015 income and tax return data for two different academic years. This means you will complete two FAFSAs (2016-2017 and 2017-2018) with the same years’ income and tax data information. If you do not use the DRT for both FAFSAs, you could record conflicting income and tax data.
The Department of Education requires schools to resolve differences between the two FAFSAs. You may be required to request a 2015 tax return transcript from the IRS and provide it to our office unless you choose to use the DRT and do NOT change any of the information that is transferred from the IRS to your FAFSAs.
If the tax return information is different on the two FAFSAs, the Department of Education will require us to resolve the conflicting information. Your federal aid will be reviewed and revised if necessary to meet eligibility criteria for both the current 2016-2017 academic year and the upcoming 2017-2018 academic year
The Department of Education will not allow schools to make disbursements for either academic year until the 2015 income and tax data matches on the two FAFSAs. The Department of Education will also require you to repay any federal aid that was disbursed prior to the receipt of both FAFSAs, if you are no longer eligible based on the accurate 2015 income and tax data.