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FINANCIAL AID
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Financial Aid 101: IRS Data Retrieval and Verification

 

Using IRS Data Retrieval After Completing Your FAFSA
Have you submitted your 2014-2015 FAFSA? Did you submit it before you filed your 2013 tax return? If you answered "yes" to both questions, we strongly recommend that you now correct your FAFSA using the IRS data retrieval tool.

What is the IRS data retrieval tool?
This tool allows students and parents to access the IRS tax return information needed to complete the FAFSA, and will transfer that data directly into your FAFSA from the IRS website.

Why should I use it?
Two reasons: (1) as long as you meet certain criteria, you won't have to manually enter your tax data now that you've filed your 2013 return, and (2) you won't need to submit a copy of your or your parents' tax return to our office. Using data retrieval reduces your chance of being selected for federal verification.

How do I use it?
Review our Guide to Using IRS Data Retrieval for step-by-step instructions on using this tool. 

Understanding Federal Verification
What is verification?
Every year, the U.S. Department of Education selects a number of financial aid applications for review. This process of review is called verification. If you are selected for verification, we are required to verify that the information you submitted on your application is true and correct, which means we must ask you for additional documentation.

How will I know if I'm selected?
If you've been selected for verification, we will send you an email. Next week we will start notifying selected students who have already been admitted to DU. For those students still waiting for an admission decision, we will begin sending emails about verification in March (after admission decisions have been made).

If I am selected, what will I have to submit?
Most students who have been selected will have to send us a copy of tax return transcripts for both the student and parent(s), as well as a verification worksheet. The email you receive from our office will help you determine exactly what we need from you.

If I am selected, when do I need to submit this additional documentation?
As soon as possible! We cannot create a financial aid award package for you until this process is complete. So the sooner documents are submitted, the sooner you'll have your award offer.
Learn more about verification >>


Up next week: When to Expect Your Award Letter

Want to review past Financial Aid 101 emails? Check out the archives!