I was selected for FASFA Verification

Paying for College
1

<p>So my parents had to mail in their taxes late this year. I had to fill out my FASFA with their 2011 tax forms. After they received their 2012 tax transcript back from the person that did their taxes I updated my FASFA with their 2012 info. After I updated my EFC went down dramatically and Pell Grant went up to $5,000. After this I realized that I had been selected for Verification. Since my parents did not file electronically the IRS has not received the forms yet. Until the IRS receives it I cannot received a revised award letter from the universities I got into. My mom called the man who did the taxes and he said that it will take a few weeks for the IRS to receive the forms. (2 have already past). He said they should be there any day now. </p>

<p>I'm just freaking out because tuition deposits are due on May 1st. And my parents don't want to pay anything until I get my updated award letter. However, I did call the schools and they both said that since I'm really involved in the admissions and financial aid process they can give me an extension for the deposit.</p>

<p>Does anyone here have experience with the Verification process?</p>

2

<p>Call the school.
See [IRS</a> Form 8863 Processing Delays and the FAFSA | Federal Student Aid](<a href=“http://studentaid.ed.gov/about/announcements/form-8863-and-fafsa]IRS”>http://studentaid.ed.gov/about/announcements/form-8863-and-fafsa)

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3

<p>Did you update your FAFSA with the correct numbers for 2012? Did you send them a copy of the tax return? Once you have done both, they should be able to provide an estimated award, pending verification.</p>

4

<p>I did update it with the correct numbers for 2012. The tax return was mailed out about 2.5 weeks ago. I already have an estimated award letter that is based off my parent’s 2011 tax return. Until the IRS receives their 2012 tax return I cannot get an updated award letter from the schools i got accepted to.</p>

5

<p>While it is all well and good that the feds are encouraging schools to give estimates based on tax returns for students, it is also twice the work … and schools don’t always have staff available. I imagine they are focusing first on verifying those who won’t have to be done twice. Once that is done, they may have time for those who have to be verified twice - or maybe the info will be available by then.</p>

<p>By the way, tax preparers are supposed to file electronically.</p>