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Financial Aid FAQs



"Sometimes the questions are complicated and the answers are simple." -Dr. Seuss
What is Verification?

Definition and Purpose

·         Verification is a process used to check the accuracy of the information that a student has given when applying for federal financial aid.
·         Verification is used to ensure that the student is providing accurate information about their need for financial aid, since inaccurate information may result in the student receiving less (or more) money than he/she should.
Programs Covered
·         Federal Pell Grant;
·         Federal Stafford Loans;
·         Supplemental Aid Programs:
·         Federal Work Study
·         Federal Supplemental Education Opportunity Grant (FSEOG)
Applicant Selections

Broward College is a Quality Assurance Institution.  The US Department of Education has given BC authority to set its verification criteria based on tools and guidance provided.
Verification Process
1.     Students selected for verification are notified on the Student Aid Report by the Department when there are errors on your FAFSA.  Students should correct their SAR immediately to avoid further verification by the Financial Aid office.
2.     When further verification is needed, students will be notified by the Financial Aid Office and instructed to send in specific materials to verify their financial aid income or asset information. Some of these materials include a verification form, an office copy of the Federal Tax Return Transcript from the IRS and W-2 wage statements. Parents or students who received benefits from the Supplemental Nutrition Assistance Program or SNAP (formerly known as food stamps) any time during the 2010 or 2011 calendar years must provide documentation from the agency that issues the benefit.  In Florida, SNAP benefits are administered by the Department of Children and Families.
3.     Until all verification requirements are completed, no funds will be disbursed to the student.
4.     Students should note the deadline date for submitting verification materials and submit them via a personal appointment with a Financial Aid advisor and bringing these documents to a campus financial aid office before the priority application date.
5.     When verifying your FAFSA, we are no longer allowed to accept a signed copy of a tax return form to complete the verification process. This is a federal regulation that we must follow.
Ways to Verify Income of Parents and/or Students
Option 1: 
Use the IRS Data Retrieval Tool 
You will be unable to use IRS Data Retrieval Tool if:
·         Your marital status changed after December 31, 2012
·         You filed an amended return
·         You filed married filing separately you filed a tax return using a Tax ID Number (TIN)
·         You filed a foreign tax return - Submit a signed copy of your return to the financial aid office
·         The home address on the FAFSA does not match the address on the tax return
Note: Tax information electronically filed within the last 2 weeks or submitted by mail within the last 8 weeks may not be available.
Option 2:
IRS Tax Transcript
If you are selected for verification of your 2013-14 FAFSA, and are unable to use the IRS Data Retrieval Tool, you must submit an official IRS TAX RETURN TRANSCRIPT, (not an Account Transcript.) There are 3 ways to do this:
1.     Request one electronically on the IRS website at www.irs.gov
In the Tools section of the homepage click “Order a Return or Account Transcript”
Under Choice 3, click “Go get your transcript
2.     Or you may call the IRS at 1-800-908-9946 and follow the prompts to request a Tax Transcript for 2011
3.     Or you may file Form 4506T-EZ
 
If you filed an Amended Return:
Submit both an IRS Tax "Return Transcript" and an IRS Tax "Account Transcript"
OR
Submit the Record of Account, (using IRS Form 4506-T), which could take 30 days
REMEMBER: Include your student ID number on your tax transcript before you submit it to our office.
 
IMPORTANT DOCUMENT NOTE: If you are applying for aid at other schools, please make a copy of your tax transcript for your records before you submit to us. We will not keep paper copies of any documents and the IRS will currently only accommodate one request.
What is Student Aid Report (SAR)?
(SAR) Student Aid Report—summarizes the information included in the FAFSA and contains your EFC. When you receive your SAR, check it for any mistakes. If you find a mistake, make the correction(s) on the web at www.fafsa.gov​
What is Expected Family Contribution (EFC)?
(EFC) Expected Family Contribution—A measurement of your family's financial strength, and is used to determine your eligibility for need based aid during one academic year. You receive an EFC based on the processing results of your FAFSA. Your EFC can be found on the first page of your paper SAR, or online at www.fafsa.gov .​
What is Cost of Attendance (COA)?
Cost of Attendance (COA) is an estimate of the combined costs of direct and indirect educational expenses.  It takes into account your basic living expenses, such as:  housing, transportation, etc. It is important for you to budget and make wise decisions regarding how to utilize the financial aid funds you receive.  Students are not allowed to receive aid that exceeds their cost of attendance. Use the Net Price Calculator for help.
What is Institutional Student Information Record (ISIR)?
(ISIR) Institutional Student Information Record- contains the information submitted on the FAFSA and the EFC as well as other information regarding financial aid eligibility. The ISIR is electronically transmitted to the school.​
What is a QA school?
Broward College is a Quality Assurance institution which means we have the authority to select certain populations of students for verification and to require documentation. It also means the federal government may select you for verification but Broward College does not or Broward College selects you for verification and the federal government does not.
 
Please log on to myBC to submit any required documents. The red flags indicate that we are requiring further documentation from you and should be submitted quickly for prompt processing of your financial aid.
When can I start the renewal process for my FAFSA using the IRS Data Retrieval Tool?
You must first file your taxes and then after February 3rd, file your FAFSA using the IRS Data Retrieval Tool. You must wait 3 weeks after your file electronically to retrieve your tax information.  If you file a paper return, you must wait 8 weeks to use the IRS Data Retrieval Tool.
Where can I get help in completing my FAFSA?
 
Click Here for more information on the new 2013-2014 FAFSA.

All financial aid offices will have centers open beginning in February to assist you in completing your FAFSA. Keep checking your email for more information.
 

Broward College does not discriminate on the basis of race, color, ethnicity, genetic information, national origin, marital status, sex, disability, or age in its programs and activities. Inquiries regarding
the non-discrimination policies and Title IX may be directed to: Equity Coordinator Dr. Denese Edsall, Executive Director, Human Resources, 6400 NW 6th Way, Ft. Lauderdale, Fl 33309,
(954) 201-7502, dedsall@broward.edu