<p>can you use the irs retrieval tool thing after you have submitted the fafsa to lower chance of having to do verification process thing?</p>
<p>Most schools now require the retrieval took as part of the verification process. However, if your school is asking fro additional information, don’t second guess, just send it.</p>
<p>If you have already submitted your FAFSA, do you have an asterisk (*) next to your EFC on your Student Aid Report? If so, you will be required to either use the IRS data retrieval tool or provide a tax transcript from the IRS to satisfy verification requirements. If you have filed your FAFSA, and if it was not selected for verification, it is wise to use the data retrieval tool when you update your filing status from “will file.” I say this because a) the info will be correct & thus less likely to be selected for verification, and b) if you are selected for verification when you do your update, you won’t have to submit anything for taxes (because using the data retrieval tool satisfies federal verification regulations for income related verification items). Schools may request the paper return for their own purposes, though - so always be sure to read and follow school-specific requests.</p>
<p>i do have an * next to my EFC. how do I use the retrival tool? I can’t find it any where on the fafsa site</p>
<p>It won’t be on the fafsa site until 2/3. And you can’t use it until after your parents have filed their tax return. About 10-14 days if they efile, 3 weeks or so if they send in a paper return. Those timeframes are based on last year, it could be a little longer this year since the irs is a little late getting started this year.</p>
<p>We finally resolved the problem we were having with Safari blocking access to the SAR. An * appears next to the EFC, which I understand indicates we’ve been selected for verification. </p>
<p>What I don’t understand is what verification requires. I do plan to use the IRS retrieval tool, and in fact am finishing up our tax information to send to our accountant on Monday.</p>
<p>How concerned should I be? Ours is a pretty straightforward situation, W2 wages only, and parent assets consist of a prepaid tuition plan, student’s asset is a college savings fund.</p>
<p>I learned this past week from DS’ top choice private college that they have discontinued need based FA this year, merit only. Does that mean they will likely be less interested in detailed verification?</p>
<p>When you are selected for verification by the processor, there are various things that might be reasons for selection … and starting in 2013-2014, income is NOT always verified when you are selected. This is different than in the past. It is “targeted” verification, which the feds think makes more sense. Schools could verify all items they used to verify, but many will only be verifying what they have to verify. So … you might not be asked for income info. Why not wait & see what you are asked for? It might be household size/# in college … it might be identity & statement of educational purpose … it might be child support paid if you reported any …</p>
<p>As for your D’s top choice college … strange. I have heard many privates are considering no merit & just need based … I haven’t heard of it the other way around.</p>
<p>Thank you, kelsmom. Just want to confirm: verification will come from a college’s FA office, not from FAFSA? If so, does the verification have to be completed prior to receiving any financial aid offers? I ask because we submitted our FAFSA on January 8th, processed January 9th, and have several acceptances (some EA, some rolling) for colleges on the FAFSA list. </p>
<p>Ours is an unusual situation only in that I’m a single parent, one dependent, no child support. Like I said, just straightforward. DS indicated that he wouldn’t file a return (made less than $600 in his summer job, not enough other income) but I can’t think of anything else. He is applying OOS at all 10 colleges.</p>
<p>Perhaps I misunderstood the FA person’s explanation. If I learn more, I will pm you.</p>
<p>Yes, requests for verification information come from the colleges. Each college will have their own forms, so you will need to watch carefully to make sure you satisfy all requirements. If a school gives your son a link to a school portal, they may request info through that, so make sure he watches. Many schools will do requests for incoming freshman info via snail mail, though - just watch in case they don’t. Also, many schools will give an estimated award letter to first-time-in-college students prior to completing the verification (they don’t necessarily do this for other groups of students - but they want new students to be able to compare offers). </p>
<p>It will be interesting to find out what the schools will request. If you are being verified due to income items, doing the IRS transfer will satisfy that part - although you will still be asked for info on untaxed income. Here is a bit of info regarding targeted verification: [FinAid</a> | FAFSA - Verification](<a href=“Your Guide for College Financial Aid - Finaid”>Verification - Finaid).</p>
<p>My understanding is that in the past there has also been a percentage of random sampling. Not sure if that was just the schools or fafsa too.</p>
<p>Schools used to have to verify at least 30% of all applications. With targeted verification, they no longer have to meet a %'age. They just have to verify what the feds request be verified. Some schools are QA schools, though, and they select their own population & verify what they feel they need to verify. Yet other schools verify what the feds want & then also select others based on their own criteria. I was just at a financial aid conference & most schools were planning to just verify what they have to verify … but it’s YOUR school that counts, of course.</p>
<p>We just sent in the FAFSAs and our two kids are being verified for the first time in 4 years. I think it may because we had to “will file” and our EFC is about a 1000 lower than in past years, apparently potentially qualifying each of them for a small Pell grant. (While income for one increased with a new job, income for the other was halved and ours as parents is lower, too). </p>
<p>The SAR report indicates that we must use the IRS retrieval tool for the verification and obviously change the “will file” status, although we won’t be able to do that until probably the end of the month after the IRS finally decides when they are going to process certain returns like ours. </p>
<p>I’m wondering if certain EFCs and/or Pell grant qualification automatically triggers it? Everything else on the FAFSA is very close to previous years except some of the earned income is less.</p>
<p>I just wonder, with verification, the delay in IRS processing certain returns (like ours) and inability to use the IRS retrieval tool probably until late Feb or March - is this going to put us at the back of the line for FA and FAFSA date submittal, even though we first submitted at the end of January?</p>
<p>The school’s website says “Once your verification materials are received the self-service page on (school’s link) will reflect a received status. Once they have been reviewed the received status will update to complete. We will record the actual date we receive your information. All of your federal and need-based aid will be on hold until verification is resolved.”</p>
<p>Surely they wouldn’t penalize someone’s potential to receive financial aid based on date, due to the IRS’s problems and delays?</p>
<p>Because you are not the only one in this situation, schools will figure out how to handle it so that everyone is treated fairly. My experience is that freshman awards are made prior to verification being complete … and they are adjusted after verification, if need be. You would already have been awarded aid based on your unverified EFC, and the award letter would be “esimated.” If nothing changes as a result of verification, your award letter would become final … if something changes, award amounts might need to be adjusted. Returning students generally are not packaged as early & the IRS issues would most likely be resolved by that time. Aid offices are used to things being all messed up!</p>
<p>You are correct in thinking that your verification was prompted by becoming Pell-eligible. I agree that this is most likely the reason. Don’t stress about verification … it’s really not all that bad.</p>
<p>Okay I have a question too. Someone on here said it will take 10-14 days for them to verfiy or something if our parents Efile their taxes? and will take 3 or more weeks to verify if our parents do paper taxes??? How do we know which does our parents do? I know my parents get a packet of their tax returns and W2s…</p>
<p>Those are timeframes to use the IRS data retrieval tool after filing. Ask your parents what they do. Even if they take them to someone to do, they should know what they are paying for.</p>
<p>Oh okay! can someone explain how the IRS data retrieval tool works? likee how can colleges use this to verify our parents income? or am i just completely misunderstanding…?</p>
<p>It’s something you do. After taxes are filed, you log back in to your fafsa, click on the button for the tool, follow the instructions and IRS information populates the income questions on the fafsa. You can do it for the parents and also for the student if the student filed a tax return. Your fafsa gets flagged that the tool was used.</p>
<p>Ohhh! Thanks. :)</p>