What is verification and how does it work?
The U.S. Department of Education requires that one in three Free Applications for Federal Student Aid (FAFSA) be verified by Ivy Tech Community College. FAFSA's selected for verification may include those indicating inaccurate or incomplete information although most are selected on a random, lottery-type basis. If you are selected for verification, the Ivy Tech financial aid office will direct you to the verification worksheet which must be completed, signed, and returned before any financial aid awards can be made. Verification must be done utilizing copies of the student's and parent's (or spouses) signed federal tax returns, W2's, and 1099's. Verification may require submission of other pertinent documents. The financial aid office may select someone for verification in addition to those selected by the U.S. Department of Education. If you are selected for verification, but do not complete the process, no financial aid funds, including loans, may be credited to your student account.
The financial aid office will review your federal tax returns and other submitted material and compare them with the information you submitted on the FAFSA. It is to the student's benefit to respond to and complete the verification process as quickly as possible because no packaging, awarding, and disbursement of aid may be made until it is completed. Participation in the verification process is not optional. Failure to comply with and complete the verification process may result in cancellation of any financial aid awarded. If there are any differences found between information reported in the FAFSA and actual figures reported in tax returns and other required documentation, adjustments may be made to your financial aid award.
Why should I use FAFSA's IRS Data Retrieval Tool?
In the past, students selected for verification had been able to bring copies of their tax returns to our Financial Aid Office to satisfy verification requirements. From now on, students selected for verification who did not import their tax information into the FAFSA will be required to request a tax transcript from the IRS. This could delay the processing of your aid by several weeks.
We highly recommend that you file your 2011 tax return approximately two weeks prior to submitting the FAFSA. This will allow you to take advantage of FAFSA’s IRS import option which will automatically add the appropriate information from your tax return.
How do I obtain the forms necessary to complete the verification process?
The verification forms are available for download from the forms page of the Ivy Tech financial aid webpage. Links to the appropriate forms will be provided to selected students on the Requirements page of My Ivy Tech accessible through Campus Connect.
How will I know when the verification process is completed?
After the review process is complete, the student's financial aid awards will be generated. The student will receive notification via their Ivy Tech email account when award information is available in the Awards section of My Ivy Tech accessible through Campus Connect. Remember it is the student's responsibility to submit the required paperwork in a timely manner.
Delays which may occur due to late submission of verification documents
- No financial aid grant funds may be credited or disbursed until the verification process is complete and your eligibility is determined.
- May postponement you and your families ability to finalize your plans on how to pay for your college education.
- Financial aid cannot be posted against your Ivy Tech bill until verification is completed. This may result in you having to pay the entire bill when due, late fees, and cancellation of registration.
Changes which may occur due to verification
- Student status change may affect residency, dependent/independent status, and other qualifiers for eligibility.
- Change in EFC may affect eligibility requirements for receiving Pell and other grants as well as other types of aid.