Verification Guide 2012-2013
Please consult this guide to answer some of the more frequently asked questions regarding financial aid verification.
The following topics covered are:
- The definition of verification.
- The ramification of verification for a student.
- What documents should be submitted?
- How to submit a tax transcript?
- An explanation of "Will File" status on the FAFSA.
- How verification can affect aid eligibility.
- What happens when verification is not completed.
Every year the U.S. Department of Education selects approximately one in three students who filed a FAFSA for a process known as verification. Students who are selected will be notified on their SAR (Student Aid Report) they receive after they have completed a FAFSA. Additionally, once a student's FAFSA is received by the school TCC will notify a student via TED as to whether they are selected for verification, and what a student must do in order to complete verification.
2. What does verification mean for me?
Financial Aid offices are authorized to request certain documents from students selected for verification, and those students must submit the required documents before any Title IV Financial Aid can be processed.
Requested documents can include:
A copy of a signed 2011 tax transcript from the student, the student's spouse (if student is married) and/or the student's parents (if student is dependent.)
A verification form that requires students to specify 2011 filing status, household information and child support paid for 2011.
Statement of number in household (including student) and number attending college who will attend at least half-time for the 2012 - 2013 year (including student.)
- For dependent students the number in household should include parents, and any dependents for whom the parents provide more than 50 percent of the dependent's annual support. Parents cannot be counted as number in college for dependent students.
- For independent students the number in household should include spouse (if student is married) and number of dependents for whom the student provides more than 50 percent of the dependent's annual support. Generally, parents, siblings and other non-custodial minors should not be counted in an independent student's household.
- Additionally, the school may require other statements regarding income, assets, child support received or paid, or any other financial information pertinent to completing verification.
3. What documents should I submit?
Tulsa Community College will notify students via the Financial Aid Requirements tab on their TED account as to what kind of documents are required in order for verification to be completed. It is the student's responsibility to be aware of the progress of verification, which can be followed on TED. All documents submitted for verification must include student's TCC student ID and a student signature. Additional signatures may be needed from a parent or spouse, depending on the document. Additional documents may be requested at any time during the verification process.
Certain requested forms can be located the TCC Financial Aid Forms and Documents Library. All verification documents need to be submitted at any TCC Financial Aid and Scholarships Office.
4. How do I submit a tax transcript?
Starting for the 2012-2013 academic year, students submitting to the verification process cannot submit a copy of the 1040 form. Students can either link taxes electronically when filling out the FAFSA, or else submit signed tax transcripts to a Financial Aid office.
To obtain a tax transcripts visit the IRS website and click on the "Order a Return of Account Transcript" link. You may also request a tax transcript via phone at 1.800.90.9946. In order to obtain a transcript, you will need the information below, as it appears on the taxes:
The social security number of the filer.
The date of birth of the filer.
The address on record with the IRS.
It may take up to two weeks for a tax transcript to be processed for those who filed electronically, and eight weeks for those who filed on paper. Students can log into their FAFSA application at any time and link the taxes electronically, using the information as it appears on the taxes. This method may take less than two weeks to be processed and sent to the school for review.
5. What if I put "Will File" on my FAFSA?
When completing the FAFSA, students and parents are allowed to claim their current tax filling status as "Will File," which indicates the tax filer will file taxes for the year at a later date. Those who claim "Will File" are allowed to use educated approximations when reporting financial information on the FAFSA. The expectation when completing the FAFSA with a "Will File" tax status is that the applicant will update the FAFSA at a later date when the taxes have been completed.
Claiming "Will File" does not exempt a student from verification. Students and parents (if student is dependent) must provide a tax transcript in order for verification to be completed.
6. Can verification change my aid eligibility?
Verification is a process whereby a TCC financial aid advisor checks the information the student reported on the FAFSA against the information on the documents submitted by the student. There are times when it is necessary for the advisor to correct information on a student's FAFSA, which can lead to changes in eligibility in the type of aid that can be received, and/or the amount of aid that can be received.
7. What if I do not complete verification?
Students who do not complete verification during the 2012 - 2013 year cannot receive aid for the entire 2012 - 2013 year. You can still attend class at TCC, but must find an alternative method of payment for school besides Federal Financial Aid. Students can complete verification any time during the 2012 - 2013 period, but delays in completing verification may result in being de-enrolled from classes by TCC. Additionally, students enrolled in the Tulsa Achieves program who do not complete the verification process may jeopardize their scholarships.