Financial Aid Verification and IRS Data Retrieval Processes
Verification is the process your school uses to confirm the data reported on the Free Application for Federal Student Aid (FAFSA®) form is accurate. This is a routine part of the financial aid process every year for many students across the country. The goal of verification is to ensure federal financial aid is allocated to students who truly in need. STU is required to resolve outstanding verification items to secure student financial aid funds.
Upon the Office of Financial Aid receives the student’s FAFSA® results. These come from the federal processors through their ISIR (Institutional Student Information Record). Students are contacted and informed they have been selected for verification. This is communicated to students via their STU e-mail and Self-Service through the MyBobcat portal. STU has tracking notices in place to ensure students know which specific documents are required to clear verification. These notices direct student to the Financial Aid section of their Self-Service portal.
Documents requested include but are not limited to:
- Student and/or parent IRS Tax Transcript
- Student and/or parent W-2 Forms
- Proof of U.S. Permanent Residency or Citizenship
Verification deadlines for selected students with unsatisfied requirements
- 2022 – 2023 academic year: 06/30/2023
- 2023 – 2024 academic year: 06/30/2024
Failure to meet this deadline may result in not being offered federal or state financial aid. Students may be selected for verification after receiving an official financial aid offer resulting in a cancellation of aid until verification is completed. Changes in a student’s Expected Family Contribution may impact federal and state aid eligibility.
IRS Data Retrieval Tool (IRS DRT)
The IRS DRT electronically transfers student and parents federal tax return information into the FAFSA® form. Doing this ensures the income information submitted is accurate with no errors. The process is easy (the click of a button) and fast (instantly retrieves income data).