IMPORTANT INFORMATION FOR STUDENTS ORDERING TAX RETURN TRANSCRIPTS
Moving to better protect taxpayer data, the Internal Revenue Service has implemented a new format for tax return transcripts that will redact personally identifiable information (PII). Identifying information, including names, addresses, AND SSN's, will now be partially redacted from the tax return transcript, but all money amounts will be visible.
The new transcript, with redacted PII, went into effect on September 23, 2018.
Based on the limited information that will now be displayed on the tax return transcript, students are required to reference their name and student id on their tax return transcript before sending it to the Office of Financial Aid. This is the only way that our office will be able to match the tax transcript to the student’s financial aid record.
Students who do not want their financial aid delayed are encouraged to use the IRS Data Retrieval Tool (DRT) to transfer their tax data onto their FAFSA application. Students who cannot use the IRS DRT, or choose not to use the IRS DRT, will be responsible for providing their full name and student id on all transcripts (student/spouse/parent) submitted to the Office of Financial Aid.
PHISHING EMAIL SCAM ALERT
The Office of Financial Aid is alerting students to an active phishing campaign directed at student email accounts. These fraudulent email messages appear to be coming from the billing office of the school where the student is attending and may appear to be legitimate.
The scheme targets financial aid disbursements and refunds by accessing student account information. It does this by changing student direct deposit information to a bank account controlled by the scammer. As a result, financial aid refunds intended for students are diverted to the scammer.
Below is an example of a recent phishing email which the U.S. Department of Education has shared with us:
Subject: Updated billing statement issued
Please view and confirm your UPDATED 2018 bill.
Bills should be paid in full by the due date, or you should enroll in one of the payment plan options found in your portal. All payment plans have an enrollment fee of 40.00 per semester. Late fees of 15.00 will be assessed for each missed due date. Information showing how to enroll and payment plan FAQS can be found under the student/parent portal. Students may grant proxy access for parents/guardians to their accounts so current and future statements, payment plan options, and other information is available electronically.
If you have any questions concerning your billing statement, please contact the XXXXX. Remember, your portal is available 24 hours a day to make paying your bill more convenient.
Please note that Charter Oak State College will never use email and request that you reply with your student password, full Social Security number, or other confidential personal information. If you receive an email that you believe is suspicious, please do not respond to the email or click on any links or attachments. We recommend that you report it to our help desk by following this link:
IRS DATA RETRIEVAL TOOL (IRS DRT)
The IRS DRT is available for students to use with the 2018-2019 FAFSA application. Additional security and privacy protections have been added to address identity theft concerns. Due to these concerns, tax information transferred from the IRS onto the FAFSA application won't be visible to applicants. Students will see "Transferred from the IRS" in the appropriate fields as shown below:
2019-2020 FAFSA CYCLE INFORMATION
The 2019-2020 Free Application for Federal Student Aid (FAFSA) is now available for students to complete. What this means is that students don’t have to wait until January 1, 2019 to file a FAFSA for the upcoming 2019-2020 academic year.
In addition to being able to file earlier, students no longer need to estimate income and tax information when they file their FAFSA.
In most cases students will be able to retrieve their income data directly from the IRS the first time they file their FAFSA. This is because students will be providing 2017 income tax information when they complete their 2019-2020 FAFSA. Since most students and their families have already filed a 2017 tax return, IRS tax data can be electronically imported into the FAFSA using the IRS Data Retrieval Tool (IRS DRT).
To use the IRS DRT, students simply navigate to the to “Finances” section of the FAFSA application where there is an option to use the IRS DRT. For most applicants selected for verification, the use of the IRS DRT may eliminate the requirement of providing an IRS Tax Return Transcript to the Office of Financial Aid.
Spring 2019 Financial Aid
Due to a technical issue with the College’s software vendor responsible for tracking attendance, financial aid disbursements have been delayed for students attending classes that started on January 22nd. This includes Full Semester, Term One, and Session One classes.
Financial aid disbursements are expected to begin on Tuesday, February 19th.
Students who expect to start classes on January 22nd (Full Semester, Term 1, and Session 1) should review the information below:
Students who expect to start classes on March 4th (Session 2) should review the information below:
Students who expect to start classes on March 25th (Term 2), should review the information below:
Students who expect to start classes on April 15th (S3), should review the information below:
* If the semester priority processing date is missed, your application will still be accepted and processed, however, we are unable to guarantee that your aid will be posted to your account by the bill due date. You can still take advantage of paying your tuition by utilizing the COSC payment plan in order to meet the College's payment deadline for tuition and fees.