Please note that new Verification procedures are in place for students enrolled after July 1, 2012.
Verification Policy and Procedures
Please be aware that some files are randomly selected for verification by both the state and federal processor or the college. This will be noted on your Student Aid Report from the federal government or by an Additional Information Request mailed to you by the State of New Jersey.
The New Jersey Higher Education Student Assistance Authority (HESAA) usually requests specific income documentation to determine a student’s Tuition Aid Grant (TAG).
If selected for federal verification, the Financial Aid Office will send a missing information letter to the student. It will be necessary to provide supporting documentation and a Verification Worksheet (click FormsPage to print out) and return to the Financial Aid Office. Items that need to be verified will include the number in family, the number in college, child support paid, food stamp recipient information and 2012 W-2 forms if the student or parent is a non-tax filer.
If students and parents do not use the IRS Data retrieval process, a copy of the appropriate 2012 Tax Return Transcript must be provided (see below for more information).
The deadline is expected to be September 27, 2014, or 120 days after the last day of the student’s enrollment, whichever is earlier. We cannot accept verification paperwork after this deadline.For the 2013-14 award year you will need to provide copies of your 2012 Tax Return Transcript for the student (and the parent(s) if the student is a dependent).
NEW THIS YEAR
Students and parents can no longer submit a signed copy of the 1040, 1040A or 1040EZ tax return as a way to confirm the income reported on the FAFSA.
Students and parents are strongly encouraged to use the IRS Data Retrieval process when completing the FAFSA. While completing the FAFSA, students and parents, can import IRS tax information directly into the FAFSA. This will ensure that tax information is accurate and that if your file is selected for verification, you would not need to provide a Tax Return Transcript from the IRS.
IRS Data Retrieval Process
In order to use the IRS Data Retrieval process, students and parents need to file their taxes electronically and then wait 3 weeks before completing the FAFSA.
Another option is to complete the FAFSA using estimated income and choosing “I will file but have not completed my return.” Once taxes are electronically filed, students and parents may go back to the FAFSA as a correction and use the IRS Data Retrieval process. The 3 week waiting period still applies.
Students and parents will be asked filtering questions. Based on the responses to these questions, students and parents will be guided to the proper category. Not all students and parents can use this process.
By using the IRS Data Retrieval process, parents and students will not need to submit a Tax Return Transcript to the financial aid office.
If students and parents choose to provide the 2012 Tax Return Transcript or cannot use the IRS Data Retrieval process, they will need to contact the IRS for a copy of the Tax Return Transcript.
Here is a great link that will help you understand the IRS Data Retrieval process!
Requesting an IRS Tax Return Transcript
There are 2 main options we recommend to request a Tax Return Transcript.
Online: Go to IRS site . Go to tools and choose Order a Tax Return Transcript for 2012.
Telephone: 800.908.9946 Order a Tax Return Transcript for 2012.
You will be mailed a paper transcript within 5 to 10 days. Depending on volume it may take a little longer. These transcripts together with other verification documents should be return to the financial aid office as soon as possible.
W-2 forms will only be required for those students and parents who earned income but did not file a federal tax return for 2012.
Up to three requests will be sent to each student. If the appropriate documents are not received after three requests, federal and state financial aid (grants and loans) will be removed. The student will be responsible for all tuition and fees. Once all the documents are received by the Financial Aid Office a comparison of the original data on the FAFSA and the data from the Verification Worksheet, Tax Return transcripts and (if required) W-2 form will be made. If all the information is correct, no change will be necessary to the financial aid package and payment of funds to the student account will take place. If corrections are necessary and a student’s financial aid changes as a result of those corrections, a new Award Letter will be sent to the student.