Federal Financial Aid

0

0

Content

• The Office of Student Financial Aid
• What if I am selected for verification but will not file a Federal income tax return?
• 2023 Student Loan Information
• AGI and income tax documentation
• UCF’s Priority Date for FAFSA:

If you are unable or choose not to use the IRS Data Retrieval tool, you will be required to provide a Tax Return Transcript from the IRS. You will receive an email in your Shawnee State email account from the Financial Aid Office outlining the documents that are needed for the verification process. ◦ A statement with signature and date by the identity theft victim, explaining that the IRS is investigating the matter. You are required to submit proof that you completed high school or equivalent program of study. Some states also validate the financial data of their state grant recipients. This requirement requests parent tax data to ensure accuracy with reported FAFSA data.

• You must verify his or her application before making further disbursements.
• Department of Education to resolve any discrepant data we may find on your applications.
• Financial Aid Offices are now allowed to accept signed copies of parent and/or student Federal 1040 forms to complete required Verification and satisfy the tax requirement.
• Need-based aid includes institutional grants and federal aid (Pell Grant, FSEOG and, Subsidized Stafford loan).

The following chart shows the tax form line numbers for the most commonly reported items. This chart is a reference only; it is not a list of all the items the school must check on a tax return. Except in the case of the student’s death, however—or post-enrollment situations where the student also does not intend to reenroll—none of the exemptions excuse you from the requirement to resolve conflicting information (see Chapter 5). Other information not excluded must still be verified according to all other requirements. The verification flag will have a value of “Y,” and next to the EFC will be an asterisk referring to a comment in the student section of the SAR that tells applicants they will be asked by their schools to provide documentation. A verification tracking flag will be set on the applicant’s Institutional Student Information Record (ISIR) to indicate placement in one of the 2022–2023 verification tracking groups.

The Office of Student Financial Aid

Student’s biological/adoptive parents are divorced, and the parent listed on the FAFSA is not remarried. Students should appear in person at your school and present a valid, unexpired,1 government-issued photo identification (ID) such as a U.S. passport, a driver’s license or other state-issued ID.

If requested, applicants must either use the IRS Data Retrieval tool or submit a signed copy of their Federal income tax return for 2021 (1040 and tax schedules 1, 2, 3 if filed). If requested, applicants who are dependent also must have their parent(s) either use the IRS Data Retrieval tool or submit a signed copy of their Federal income tax return for 2021 (1040 and tax schedules 1, 2, 3 if filed). Applicants are required to submit verification documentation, as requested, within 60 days from the start of the semester. Your federal financial aid will be canceled if your required documentation is not submitted within this time frame. The verification process is the way in which a college must confirm that the information listed on the Free Application for Federal Student Aid (FAFSA) is accurate and ensures that eligible students receive all the federal financial aid to which they are entitled. If you are selected for Verification, you must complete the process in its entirety before your FAFSA is considered to be complete.

What if I am selected for verification but will not file a Federal income tax return?

In all circumstances, the verification process must be completed by the last day of your enrollment during the school year for which your application has been selected, unless you meet certain federal criteria to be considered for later disbursements. Please see below for additional information on the priority submission date for completing verification. The Federal Central Processing Center (CPS) selects financial aid applicants for verification and targets the verification of error-prone data items. When using FAFSA online, students and the parents of dependent students, who indicate they already completed federal income tax returns are eligible to retrieve income data directly from the Internal Revenue Service (IRS) with the IRS Data Retrieval tool. The College may also select an applicant if there appears to be conflicting or inconsistent information on the application.

Therefore, failure to complete Verification in a timely manner may result in the loss of financial aid eligibility. Financial aid offers for new students are mailed beginning the first week of December and are mailed on a rolling basis after completion of the FAFSA and admission applications. You must submit all required documents prior to those dates in order to receive a financial aid offer on time.

2023 Student Loan Information

Parental Separation form with supporting documentation (as explained on form). Be sure to review the form and directions carefully ensuring every question is answered in its entirety. Additional instructions can be found on our forms page using the “Order a Tax Return Transcript” link. The Verification of Non-Filing Letter can be obtained from the IRS website using the IRS Get Transcript service. If you cannot obtain one online, you can request one by completing the IRS Form 4506-T and faxing/mailing it to the IRS.

Verification is complete when you have all the requested documentation and a valid ISIR or SAR (one on which all the information is accurate and complete). This includes any necessary corrections, which must be made by the Federal Register deadlines for submitting paper or electronic corrections. You must require students selected for verification—either by your school or the Department—to submit the documentation by the date specified by your school (for Campus-Based and Direct Loans) or the Department (for Pell). Any student who has an FSA ID—regardless of how he or she originally applied—may correct any of his or her own data in the online FAFSA. If dependent students need to change parental data, a parent must either sign electronically with his or her own FSA ID or print out and sign a signature page.

You requested my tax returns, is there anything else I can send you instead?

If there are no special tax filing circumstances, applicants should use the IRS Data Retrieval tool on the 2023–2024 FAFSA in lieu of submitting a tax return. Newly retrieved and unchanged IRS tax data retrieved by the tax filer while correcting the FAFSA is considered acceptable documentation in lieu of a tax return. After examining the statement, you may convert it into an electronic record.

• Be sure to review the form and directions carefully ensuring every question is answered in its entirety.
• These include do-it-yourself methods as well as completion by a tax preparer.
• Your initial financial aid package is considered estimated since most often the figures initially provided on your applications are estimated as well.
• Applications of students who have valid student aid reports by the priority date awards are processed by July 1.
• The Get Transcript Online feature allows users to get the transcript in real time as a portable document format (PDF) file, which they can submit electronically to a school or print and submit as a hard copy.

They may also use a transcript from another IVES participant (which is not considered a third-party servicer in this case) for verification as long as they have no reason to doubt its authenticity. Schools may not, however, pass on the charge for using this service to the student. If you use a verification document, be sure that it is signed, that all required sections are completed, and that any relevant tax or alternative documents are attached. Copies are acceptable, and unless specifically noted in this chapter, a signature on a copy is as valid as an original signature (i.e., a handwritten or “wet” signature).

What Is the Maximum Amount a Student May Borrow?

You must maintain an annotated copy of that ID that includes the date it was received and the name of the person your school authorized to receive it.2 Note that an ID issued by a state university or college is not sufficient for this purpose. The aid administrator https://turbo-tax.org/satisfying-tax-requirements-for-verification/ uses the tax table to determine how much tax Eddy would have paid on this amount, taking into account any applicable credits reported on the original return. With a taxable income of $13,700, the tax amount from the tax schedule is $1,450.

What is a SAR number?

It is a number that colleges use to calculate how much financial aid you are eligible to receive. Learn how your aid is calculated. If you provided a valid email address on your FAFSA form, you'll receive an email with instructions on how to access an online copy of your SAR.

Students must verify identity/SEP in addition to the items in the Standard Verification Group (V1). The FSA Assessments, located in the Knowledge Center under the “Resource Type” subpart of the Library section, includes various verification activities under the verification assessment that you can use to help you evaluate your verification process. In addition, the Department has a list of questions and answers about verification located within our Program Integrity Q & A website.

AGI and income tax documentation

Sometimes schools ask if even further verification is needed to resolve discrepancies between the ISIR and what the student provided for verification. The answer is no, unless you have reason to doubt the accuracy of the verification information. Acceptable documentation either confirms that an item was right on the ISIR, or it is used to correct that item. That https://turbo-tax.org/ is the purpose of verification; continued fact-finding is not necessary. The Get Transcript Online feature allows users to get the transcript in real time as a portable document format (PDF) file, which they can submit electronically to a school or print and submit as a hard copy. See the IRS.gov website for more information on the Get Transcript Service.

• The IRS tax transcript is required for anyone who filed a tax return but did not complete the IRS Data Retrieval.
• NCCU complies with Title IX of the Education Amendments of 1972, which prohibits discrimination on the basis of sex in all programs and activities (including sexual harassment and sexual violence) in the University’s educational programs and activities.
• To ensure applicable courses are taken, students are encouraged to seek out guidance from their academic advisors.
• Your school can submit corrections and updates electronically through FAA Access to CPS Online or EDExpress even if the original application wasn’t submitted with that method.
• To be considered for financial aid each year, students must make satisfactory academic progress toward completion of their degree requirements.