Note: For the 2013-2014 award year, financial aid applicants selected for verification should view their my.newpaltz account (my.newpaltz - My Financial Aid - Eligibility) for the individual verification requirements that need to be submitted and satisfied based upon their FAFSA application data.
WHAT IS VERIFICATION?
Verification is the process of comparing the information reported on the Free Application for Federal Student Aid (FAFSA) with information on your tax returns and other financial documents and making corrections as necessary. It is a requirement via federal financial aid regulations. View our verification brochure here.
WHO MUST COMPLETE 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 on the Web, students and the parents of dependent students who indicate they filed federal income tax returns are eligible to retrieve income data directly from the Internal Revenue Service (IRS) with the the FAFSA-IRS Data Retrieval Process. This simple and time saving process allows financial aid applicants and their parents to retrieve, directly from the IRS, certain income and information from income tax returns and to automatically transfer that information to the FAFSA application. The College may also select an applicant if there appears to be conflicting or inconsistent information on the application.
WHAT DOCUMENTS ARE NEEDED FOR VERIFICATION?
In accordance with federal financial aid regulations, colleges are required to rely on the FAFSA-IRS Data Retrieval Process or IRS tax return transcripts as primary sources of documentation for verification purposes. All applicants must complete and sign the verification worksheet. Dependent students must have a parent sign the verification worksheet. If requested, applicants must either use the FAFSA-IRS Data Retrieval Process or submit a signed copy of their official IRS tax return transcript of their Federal income tax information for the previous year. If requested, applicants who are dependent also must have their parent(s) either use the FAFSA-IRS Data Retrieval Process or submit a signed copy of their parents' official IRS tax return transcript of their Federal income tax information for the previous year.
Documentation Requirements for Verification:
- FAFSA–IRS Data Retrieval Process: CLICK HERE TO VIEW OUR TUTORIAL!! If eligible and there are no special tax filing circumstances, the applicant can utilize the FAFSA-IRS Data Retrieval Process on the 2013-2014 FAFSA on the Web at www.fafsa.ed.gov in lieu of submitting an IRS tax return transcript. Newly retrieved IRS data retrieved by the tax filer while correcting the FAFSA is considered acceptable documentation in lieu of an IRS tax return transcript, even though it was not retrieved with the initial FAFSA application. Please visit this page for detailed instructions and information about this tool.
- Official IRS tax return transcript for 1040/l040A/ I040EZ filers: If not eligible to use the FAFSA-IRS Data Retrieval Process, submit a copy of the 2012 tax "Return Transcript" directly from the IRS (including all pages and schedules). Please refer to these instructions regarding the steps necessary to request an IRS transcript, free of charge. Remember to sign the IRS tax transcript at the bottom of the first page of the return. The "Return Transcript" is the IRS document that should be requested for financial aid verification. Do not select "Account Transcript" as this is not a copy of the entire tax return.
- Non-tax filers: If a tax return is not required to be filed with the IRS due to low income, the verification worksheet must reflect all non-taxable income received, as well as the amount and sources of any income earned. All 2012 W-2's from employers must be submitted for the non-tax filer(s). An IRS statement of non-filing status may also be requested. An itemization worksheet may also be requested.
- Tax filing extensions:If a parent or student has filed for an extension of their tax filing deadline, the verification process will be incomplete until the tax return is filed and either a signed IRS tax return transcript is submitted or the FAFSA-IRS Data Retrieval Process is used for the tax filers.
- Special Tax Filing Circumstances: The U.S. Department of Education states that some tax filers with special tax filing circumstances are ineligible to use the FAFSA-IRS Data Retrieval Process and may be selected for verification. The U.S. Department of Education describes tax filers as having special tax filing circumstances for verification if they:
- Filed a joint tax return and are:
- Separated, divorced, or widowed.
- Are married to someone other than the individual included on the joint tax return.
- Are a married independent applicant with a spouse who filed separate tax returns.
- Are the married parents of a dependent student who filed separate tax returns.
- Filed a foreign tax return or a tax return from Puerto Rico and therefore cannot obtain a tax transcript from the Internal Revenue Service (IRS).
- Are tax filers who owe funds or filed amended IRS tax returns.
- Are victims of identity theft.
Generally a 2012 signed IRS tax return transcript may be required for most applications with special tax filing circumstances. Please refer to our instruction sheet regarding the steps necessary to request an IRS transcript, free of charge. Please contact the Office of Financial Aid by phone at 845-257-3250 or by e-mail at firstname.lastname@example.org for questions about additional documentation that may be required to satisfy the applicant's verification requirements.
ARE THERE ANY OTHER DOCUMENTS THAT MAY BE REQUESTED?
Other documents may be requested to resolve conflicting data or provide clarification of reported data. These documents may include bank statements, brokerage statements, divorce/separation agreements, child support documentation, asset verification worksheets, and itemization worksheets. In some situations, additional income tax return documents may be requested in addition to the IRS tax return transcript or IRS Data Retrieval Tool for clarification of reported data.
WHAT HAPPENS AFTER VERIFICATION DOCUMENTS ARE SUBMITTED?
Documents are reviewed for completeness and accuracy. If everything is complete and accurate an award notification will be sent via email within a week of being reviewed. If additional documents are needed a request is sent out. If corrections need to be made, the College will send the data to the Federal Central Processing Center (CPS). The CPS will calculate a new Expected Family Contribution (EFC) and send the results to you and the College. After the College receives the corrected Student Aid Report with the new EFC you will be sent an award letter via email notifying you of your aid eligibility. This notification will be sent within two weeks. The award letter will also be posted at my.newpaltz.edu. Information on your application status, the status of verification requirements, and eligibility can also be found on my.newpaltz.edu
If you need more help you can view our FAQs!
DEADLINES FOR SUBMITTING DOCUMENTS
All requested information must be submitted within 60 days from the last request for information. Failure to submit information in a timely fashion may result in the application being filed as inactive with no further consideration and no federal aid being processed. A one-time request for a 30-day extension may be granted due to extenuating circumstances and must be sent in writing to the Compliance Coordinator. This deadline policy will be strictly enforced and is not appealable.
All applicants who remain incomplete after 90 days will not be processed and may be sent a notice of ineligibility for federal aid consideration for the remainder of the academic year.