Verification – WHAT IS IT?
- The Department of Education selects some FAFSA applicants for verification.
- The student is notified of verification selection by the Department of Education through an email acknowledgement.
- The Department of Education requires that Franciscan University
confirm the information you and your parent(s) reported on your FAFSA.
To verify that you provided correct information, our Financial Aid
office will compare your FAFSA with the Verification Worksheet and
Federal Tax Return Transcript. If differences are found, your FAFSA
will be corrected.
- Your financial aid award cannot be completed until the verification process is complete.
- If the Department of Education selects you after you have received
your financial aid, Franciscan is required to cancel your financial aid
until required documentation has been submitted.
WHAT DO I HAVE TO DO?
- Complete the appropriate Verification Worksheet (available above right.),
sign, date, and return it to the Financial Aid Office at Franciscan
University. Dependent students are required to have a parent sign and
date the form along with the student signature.
- The best way to verify income is by using the IRS Data Retrieval Tool
that is part of the FAFSA on the Web. If the student’s parent has not
already used the tool, the parent and the student should go to www.FAFSA.ed.gov,
log in to the student’s FAFSA, select “Make FAFSA Corrections”, and
navigate to the Financial Information section of the form. From there,
follow the instructions to determine if the parent is eligible to use
the IRS Data Retrieval Tool to transfer IRS income tax information into
the student’s FAFSA. It takes up to two weeks for IRS income
information to be available within the IRS Data Retrieval Tool if your
tax return was filed electronically, and up to eight weeks for paper tax
return filers. When the IRS Data Retrieval Tool is used successfully,
you do not need to submit a Tax Return Transcript to Franciscan
OR, if you cannot utilize the IRS Data Retrieval Tool:
- Submit a copy of your Federal Tax Return Transcript to our Financial Aid Office. You can obtain an IRS tax return transcript at the Get Transcript of Your Tax Records” section of IRS.gov, or call 1-800-908-9946. Make sure to request the “IRS tax return
transcript” and not the “IRS tax account transcript.” You will need your
Social Security Number, date of birth, and the address on file with the
IRS (normally this will be the address used when the IRS tax return was
filed). It takes up to two weeks for IRS income information to be
available for electronic IRS tax return filers, and up to eight weeks
for paper IRS tax return filers.