Approximately 30 percent of all applications are picked for a process called verification by the Department of Education. If your application is picked for verification, you and your parents (if Dependent by Federal guidelines) will need to submit signed copies of your Federal tax return transcripts and complete a verification worksheet.
The Financial Aid Office sends each student a letter and email requesting any additional documents needed after their initial review of the FAFSA. All requested documents must be returned directly to the Office of Financial Aid. Corrections may need to be made if there are differences between the data reported on the FAFSA and what was reported on your tax returns and verification worksheet.
You can view your requested documents on MyAACC, the college’s secure internal portal. Forms can be downloaded and printed from there. You will need to log in to your MYAACC Account for specific information about these issues, and to download the required forms. Under the Self Services tab, select Students or New Students, select the Requested Financial Aid Documents option under Financial Aid heading. There will be links to the required documents. Complete and sign all requested items and submit them to our office for processing.
· The Department of Education outlines the minimum policies and procedures that schools must use each year.
· Counselors must resolve any conflicting data and update FAFSA data as required before we can finalize a student's eligibility for Federal financial aid funds. Aid awards may need to be adjusted if there are differences between the data reported on the FAFSA and that reported on your tax transcripts and verification worksheet.
· A file can be selected for verification at any time. Any transaction with the Federal Processor can trigger information to change. We evaluate the files during the whole school year. Awards can be adjusted at any time. If you have already been paid and you are selected for verification, your money may be pulled back until verification is complete. Failure to participate may cause your financial aid to be cancelled.
In order to be eligible to receive federal, state and college student financial aid, you must meet all of the General Eligibility Requirements.
Personal copies of federal income tax returns can no longer be accepted. Families, who did not use the IRS Data Retrieval Tool and are selected for verification, must submit a tax return transcript from the IRS. Dependent students must also submit one for the parents listed on the FAFSA. Families have four options for getting copies of their tax return transcripts and/or their tax account transcripts. They can get them by phone, by mail, online or in person.
The IRS does not charge a fee for transcripts. Allow five to ten days for delivery if you order online or by phone. If you filed an amended tax return, we will need a tax return transcript AND a tax account transcript from the IRS.
· A tax return transcript shows most line items from your tax return (Form 1040, 1040A or 1040EZ) as it was originally filed, including any accompanying forms and schedules. It does not reflect any changes you, your representative or the IRS made after the return was filed. In many cases, a return transcript will meet the requirements of lending institutions such as those offering mortgages and for applying for student loans.
· A tax account transcript shows any later adjustments either you or the IRS made after the tax return was filed. This transcript shows basic data, including marital status, type of return filed adjusted gross income and taxable income.
Learn how utilizing the IRS Data Retrieval Tool will simplify and expedite the verification process!