Financial Assistance

Financial Assistance

If you are selected for verification, we are required to verify the accuracy of the tax data submitted, therefore you will need to use the IRS Data Retrieval Tool or submit an IRS Tax Transcript or a signed Federal Tax Return (1040 Form). We recommend that you update your FAFSA by using the IRS Data Retrieval Tool to electronically transfer your tax information into your FAFSA. Check out this video that walks you through the process, or view these step-by-step instructions on how to use the IRS Data Retrieval Tool and how to obtain an IRS Tax Transcript.

If you are selected for Verification, you will be notified via email. We will indicate the documentation you need to provide. You can bring your documents to the school or send them by email or mail. Easy!

There are various reasons why a FAFSA may be selected for the verification process!

  1. The FAFSA included estimates of federal tax information and the actual information now needs to be confirmed.
  2. There appears to be inconsistent or unusual data reported on your FAFSA
  3. Your FAFSA includes information that is frequently misreported
  4. Your FAFSA was selected as a part of a random process used to sample how accurately families fill out the application

Let’s verify your tax information and assist you in moving forward with your education!

You can use the IRS Data Retrieval Option to link your tax returns to your FAFSA electronically. We strongly encourage you to use this option to streamline and expedite the processing of your financial aid application. Watch this video tutorial about how to use the IRS Data Retrieval Tool or view the step-by-step instructions on how to use the IRS Data Retrieval Tool and how to obtain an IRS Tax Transcript.

The IRS Data Retrieval Tool allows students and parents to access the IRS tax return information needed to complete the FAFSA, and transfer the data directly into their FAFSA form from the IRS website. If you are eligible to use the IRS Data Retrieval Tool, we highly recommend using it for several reasons:

  1. It’s the easiest way to provide your tax data.
  2. It’s the best way of ensuring that your FAFSA has accurate tax information.
  3. You won’t need to provide a copy of your or your parents’ tax returns to your college.

Prerequisites for using the IRS Data Retrieval Option

  • You must have filed a federal tax return with the IRS.
  • You must have a valid social security number.
  • You must have a FSA ID. Create one at the Federal Student Aid FSA ID Website.

You can’t use the IRS Data Retrieval Option if:

  • Your marital status changes after December 31
  • You and your spouse filed separate tax returns
  • You are a parent of a dependent student who filed a separate return
  • You filed an amended return
  • You filed a foreign tax return
  • A High School Diploma or General Educational Development certificate (GED)
  • Your Social Security Number or Alien Registration Number, if you are not a U.S. citizen
  • Your federal income tax returns, W-2s, and other records of money earned
  • Bank statements and records of investments (if applicable)
  • Records of untaxed income (if applicable)
  • A Federal Student Aid FSA ID (may be obtained during FAFSA application process or at the Federal Student Aid Website)
  • Enrollment between July 2023 – March 2024 – complete the 23/24 FAFSA
  • Enrollment between April 2024 – June 2024 – complete the 23/24 and 24/25 FAFSA
  • Enrollment between July 2024 – March 2025 – complete the 24/25 FAFSA

The U.S. Department of Education uses your FAFSA to determine your Expected Family Contribution (EFC).

The EFC is calculated by the Department of Education so that your college can determine how much financial aid assistance you’re eligible for. The lower your EFC, the more need-based aid you may be eligible to receive.

Note: Your EFC is not the amount of money your family will have to pay for college nor is it the amount of federal student aid you will receive.

Your EFC determines the type and amount of loans, subsidized or unsubsidized, that are available to you. The difference between these two types of loans is when interest begins to accrue. For subsidized loans, interest does not begin to accrue until six months after graduation, but for unsubsidized loans, interest accrues from the date the loan is disbursed.

Give us a call at 803-814-1772 OR email us at [email protected]

We would be honored to have you for a FACILITY TOUR of our amazing campus!