The Federal Processor will select, at random, a certain number of FAFSA’s that are filed each year for Verification. When selected, Elon is required by law to collect certain documentation from the student and the parent(s) listed on the FAFSA to verify information that was submitted. Being selected for Verification is not an indication that there is a problem, but rather a quality control process to assure accuracy in the Federal Financial Aid system.
When a FAFSA is selected for verification, the Office of Financial Planning will send to the student a notice with information about what documentation is required and how it may be obtained and submitted. There are several levels of verification, and the information required to be collected may include several of the following items:
1. Adjusted Gross Income
2. US Income tax paid
3. Untaxed portions of IRA distributions
4. Untaxed portions of pensions
5. IRA deductions and payments
6. Tax-exempt interest income
7. Education credits
8. Household size
9. Number of household members in college
10. Supplemental Nutrition Assistance Program (SNAP) benefits
11. Child support paid
12. Statement of education purpose (a promise that you will use financial aid for college expenses)
13. Proof of high school graduation
Most students selected for verification will be able to satisfy the verification requirement with two easy steps:
1. Complete the Verification Worksheet in full. The worksheet must be signed by the student and at least one parent and returned to the Office of Financial Planning.
2. Go to www.fafsa.gov and make corrections to your FAFSA by using the IRS Data Retrieval Tool (DRT) which will link your FAFSA to your taxes. Please be sure you do not change any information in the FAFSA that is populated by the retrieval tool. Please submit applicable copies of W-2 or 1099 forms for both student and parent(s) to the Office of Financial Planning. You must allow the IRS at least 2 weeks processing time from when you file your taxes before attempting to utilize the DRT.
For students and parents who filed taxes, obtain an Official IRS Tax Transcript from the IRS at www.irs.gov. This can be immediately printed, or have a copy mailed to you. Please submit applicable copies of W-2 or 1099 forms for both student and parent(s) with the transcript to the Office of Financial Planning.
Sometimes it is necessary to file for an extension of taxes which will make it not possible to do step 2 above. In the case of a tax extension, please submit to the Office of Financial Planning a signed copy of your IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. Please also provide copies of all W-2 forms, or if you are self-employed, a signed statement with the amount of the AGI and U.S. Income taxes paid or to be paid.
The Office of Financial Planning and Elon University cannot waive the requirement for verification when selected by the Federal Processor. Failure to provide documentation in a timely manner may result in the loss of eligibility for institutional-based aid and will delay the application of Federal and/or State-based aid.