Due to the increased costs of going to college, many students today need to rely on student loans to finance part of their education costs. Unfortunately, the forms that a student needs to fill out to apply for student loans, or to refinance an existing loan, are very lengthy and time-consuming.
To help with this, the IRS has a tool called the IRS Data Retrieval Tool, which automatically fills in certain income and historical tax data.
While the tool has helped to reduce the amount of time that it takes to complete individual application forms, the IRS is now taking away the ability to use the tool for the time being (https://blog.ed.gov/2017/05/important-information-irs-data-retrieval-tool/
). The IRS has taken the tool offline due to security concerns; They are not working on ways to enhance the security, which will help to protect user data. The tool is expected to be offline until at least the end of May.
While the IRS has taken the tool offline, there are still other ways to apply for the loans and loan application. Users can still access the necessary forms through the FAFSA website, but all data will need to be inputted manually or by typing it in online.
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Law Offices of Darrin T. Mish, P.A.: Tax Attorney