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Federal Verification 2012-2013

What is Federal Verification?

Federal verification is a procedure to check or verify that specific information you reported on the FAFSA are correct. If you were required to provide parent information on your FAFSA, you are considered a dependent student and you will verify the items below regarding your and your parent’s information. If you were not required to provide parent information, you are an independent student and must verify the items in regards to you (and your spouse). For 2012-2013 the items that must be verified are:

  • Number of household members
  • Number of household members enrolled at least half-time in college

For those who filed a tax return:

  • Adjusted Gross Income (AGI)
  • U.S. income tax paid

    · Untaxed Income - only the following untaxed income if reported on the 2012-2013 FAFSA:

  • Untaxed IRA distributions
  • Untaxed pensions
  • Education credits
  • IRA deductions
  • Tax exempt interest

    · Food Stamps - Supplemental Nutrition Assistance Program (SNAP) - if receipt is indicated on the 2012-2013 FAFSA

    · Child Support Paid - if reported on the 2012-2013 FAFSA

    For those who are not required to file a tax return – Click here to review IRS guidelines.

    · LMU parent or student non-filing statement and W2s


Who is required to complete Federal Verification?

The federal government selects students who must complete federal verification randomly from all students who complete the FAFSA. If you are selected you will be notified on the Student Aid Report (SAR) that you receive via email or by mail after completing your FAFSA. LMU will also post requirements to your PROWL and MyAid accounts to let you know what you need to complete.

However, federal verification is not required for students who receive only:

  • LMU merit scholarships
  • Athletic aid
  • Parent or Graduate PLUS loan
  • Unsubsidized Stafford loan (except graduate/professional students)
  • TEACH grant
  • LMU WORK or Transfer Work

Verification is required for all students who receive:

  • Federal Pell, FSEOG Grants, Perkins Loan, Work-Study
  • Cal Grants or any state fund
  • LMU Grant
  • LMU Need-Based Scholarships (Note: If you receive a message a fund is replacing your LMU Grant it is a need-based award)
  • LMU Institutional Loans


How to Complete Federal Verification?

1. Complete verification of Income Items:

NEW! In 2012-2013, you do not send copies of your federal tax returns to the Financial Aid Office to complete verification unless specifically requested to do so.

The income Items are: Adjusted Gross Income (AGI), U.S. income tax paid, Untaxed IRA distributions, Untaxed pensions, Education credits and IRA deductions if reported on the FAFSA.

Option 1: You can complete verification of the following items by using the IRS Data Retrieval Process. 

    - The IRS Data Retrieval Process allows students to request that their income information be entered directly onto their FAFSA from their completed tax returns from the IRS. According to the IRS, this tool cannot be used until 1-2 weeks after electronically filing a tax return and 6-8 weeks after filing paper tax returns. 

        - Students can do this when they initially complete the FAFSA at www.fafsa.ed.gov. If you took advantage of the IRS Data Retrieval Process and have not made any additional changes to your FAFSA, then LMU can consider these items as verified and no further action is required from you.

        - If you filed your FAFSA prior to completing your federal tax returns, you can go to www.fafsa.ed.gov and correct your FAFSA’s income items using the IRS Data Retrieval Process to complete verification of income items. LMU will be sent your corrected FAFSA record so we can consider the income items as verified.

 

Option 2: You can request that the IRS send a tax transcript directly to LMU. You can order your transcript to be sent to LMU online at www.irs.gov or by phone at 1-800-908-9946.

· If you or your parents will file a 2011 tax extension, verification cannot be completed until the tax returns have been filed with the IRS. This will delay the disbursement of many types of offered financial aid to your account.

2. Complete the 2012-2013 Federal Verification Worksheet to verify the other required items which is available to download on the financial aid website.



When must I complete federal verification?

You may complete federal verification requirements as soon as you become aware that you have been selected either from the notification on your Student Aid Report or from the requirements posted by LMU to your PROWL and MyAid accounts. 

    o If you have been selected prior the start of the semester, your financial aid will not disburse to your student account until verification requirements have been completed. 

    o If you have been selected after the start of the semester, you should complete verification requirements within 10 days but no later than 30 days after the start of the semester.

    o Failure to complete verification requirements will result in the cancellation of financial aid awards for which verification is required.



What Happens Next?

After the Financial Aid Office receives all verification information and documents, we review it to compare the information submitted on your FAFSA. We then determine whether any changes require that we revise your financial aid award. 

  • If we are required to revise your financial aid award, we will do so and post a message to your PROWL account. 
  • If financial aid has been disbursed for which you are no longer eligible, these funds will be reversed from your Student Account and a message posted to your PROWL account. 
  • If you certain funds for which you are no longer eligible have been refunded to you, we will report these funds as an ‘overpayment” to the Department of Education and you will be responsible for repaying these funds before you can receive further financial aid.