Verification Requirements for Federal Financial Aid Programs

Approximately 30 percent of all applications are picked for a process called verification by the Department of Education. If your application is picked for verification (which will be noted on your SAR) , you and your parents will need to submit complete (all schedules and W-2 forms), signed copies of your 2009 federal tax returns (2010-2011 year). We will also send you the federal verification worksheet.

Counselors must also resolve any conflicting data before we can finalize a student's eligibility for federal financial aid funds. Because incoming freshmen have early application deadlines, their awards are tentative until all required documentation has been submitted and reviewed.

All documents should be returned directly to the Office of Scholarships and Financial Aid before May 1 for incoming undergraduates and before August 1 for returning students. Aid awards may need to be adjusted if there are differences between the data reported on the FAFSA and that reported on your tax returns and verification addendum.

The Department of Education outlines the minimum policies and procedures that schools should use each year in the Application and Verification Guide

Required Verification Items for 2009-2010

• Household Size
• Number in College
• "Base Year" Federal Adjusted Gross Income --2008 is the "base year" for the 2009-2010 academic year
  • Foreign Exchange Rate - this chart, from the Federal Reserve Bank, may be useful to families who are earning income outside of the United States and who must translate those earnings to the equivalent U.S. dollars.
• "Base Year" Federal Income Tax Paid
• Certain types of untaxed income and benefits:
  • Social Security Benefits
  • Child Support
  • IRA/Keogh deductions
  • Interest on Tax Free Bonds
• All other untaxed income included on the U.S. Federal Income tax return, excluding information on the schedules

Federal Verification Worksheets

Students picked for verification must complete and return a federal verification worksheet. Please attach complete (all schedules and W-2 forms) of student and parent (if dependent by federal guidelines) federal tax returns to the form. Please make sure both you and your parent have signed the bottom of each return.

• 2009-2010 Dependent Student Worksheet
• 2009-2010 Independent Student Worksheet
• 2010-2011 Dependent  Student Federal Verification Worksheet
• 2010-2011 Independent Student Federal Verification Worksheet

Institutional Forms

Loyola University MAY require students to complete supplement forms to further clarify the information on a student's FAFSA

• Ophan or Ward of the Court Certification
• Sibling Enrollment Verification (2009-2010)
• Parent Business Valuation (2009-2010)
• Request for Reconsideration - Financial Loss or Hardship Caused by a Natural Disaster (2009-2010)

 

Internal Revenue Service ("IRS" ) Publications and Resources

• IRS Publication 17: Your Federal Tax Return
• IRS Publication 970: Tax Benefits for Education
• Frequently Asked Tax Questions and Answers
• Information for Families Impacted by the 2005 hurricanes
• Publication 525:Taxable and Non-Taxable Incom e- see page 20 for information on reporting funds received through the Road Home program
• FAQ for Hurricane Victims - Grant Proceeds
• Families whose 2008 tax returns include Road Home proceeds should contact their assigned financial aid counselor for further instructions.
• Tax Favored Treatment for Early Distributions from IRAs and other Retirement Plans for Victims of Hurricane Katrina
  • How to handle in the need analysis formulas (July 2007)
• Index of publications for impacted families (Publication 4492)
• Education Credits
• Form 8863

See Federal Tax Issues for more information.

Need Help With Your Tax Forms?

Loyola University New Orleans College of Law will again offer the Volunteer Income Tax Assistance Program this year to provide tax preparation assistance for people with low to moderate incomes.

 Deadlines:

All federal aid should be processed and credited to a student's account before the last day of the semester. We would hope families would submit any requested information within2 weeks of the initial request. All information should be submitted no later than 30 days before the last day of class each semester in order to insure sufficient time for processing any pending student loan application.

Counselors will review your information and submit any required corrections directly to the federal processors. Counselors will notify students of any changes in their aid eligibility that result from any corrections made.

 

 

"Maybe you’ve dreamed of New Orleans since you first started playing . . . to walk in the footsteps of jazz legends like Louis Armstrong and the Marsalis family . . .to soak in the intense sounds, flavors and inspirations that abound here. Just as New Orleans is the birthplace of jazz, Loyola is the birthplace of a unique degree program. We were the first to offer the bachelor of music in jazz studies degree in this jazz-rich city. And that means you’ll have opportunities here unlike you’ll find anywhere else."

Updated January 21, 2010