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:
- Adjusted Gross Income
- US Income tax paid
- Untaxed portions of IRA distributions
- Untaxed portions of pensions
- IRA deductions and payments
- Tax-exempt interest income
- Education credits
- Household size
- Number of household members in college
- Supplemental Nutrition Assistance Program (SNAP) benefits
- Child support paid
- Statement of education purpose (a promise that you will use financial aid for college expenses)
- Proof of high school graduation
For students and parents who filed taxes, obtain an Official IRS Tax Transcript online from the IRS at irs.gov. This can be immediately printed, or have a copy mailed to you. A transcript may also be requested by mailing or faxing the federal form 4506-T to the IRS. 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. Students or parents who did not file taxes will need to provide proof of non-filing. Proof of non-filing is obtained from the IRS with the same form 4506-T.
Sometimes it is necessary to file for an extension of taxes which will make it not possible to obtain a transcript. 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.