Financial Aid

Verification

2016-17 Verification Process

Every institution must set its verification deadline per Department of Education regulation.

Cornish verification deadline is June 1, 2016 for early admits and current Cornish students. Early admittance is no later than May 1.

Cornish verification deadline is July 31, 2016 for late admits only. Late admittance is after May 1.

Approximately one-third of Cornish students are selected annually by the Department of Education for review in a standardized verification process. FAFSA applications are compared to IRS data and household information for accuracy. The Office of Financial Aid notifies selected students and makes requests for documentation.

If you are selected, completing verification becomes part of your application for financial aid. Limited funds are awarded to students who complete their files early, including verification forms and documents. Estimate packages to incoming students with incomplete files are not a guarantee of aid, may not be an accurate picture of the official aid package and do not produce disbursements in the fall. 

Verification - Using IRS Data Retrieval Tool

Use the IRS Data Retrieval Tool when completing the online FAFSA at www.fafsa.gov for an early financial aid package. As you and your parent or spouse are completing the FAFSA, you will have the option to go to the IRS site to upload 2015 tax return data. If you are eligible for data transfer and accept, your tax information will be loaded to answer specific FAFSA questions. You will hit a submit button to transfer this information to the FAFSA application. You will then use your W2s and/or Schedule C to report your 2015 wages in the FAFSA. In most cases, verification is as simple as accepting IRS data retrieval and submitting the following documents:

  • All 2015 W2s for you, your parents or your spouse
  • 2015 Schedules C, D, E, F for you, your parents or your spouse
  • A completed Verification Worksheet

Verification – Not Using IRS Data Retrieval Tool

If you or your parents or spouse elect not to use or are not eligible to use the IRS tool, the Office of Financial Aid will request a 2015 IRS Free Tax Return Transcript to complete verification. If you or your parents or spouse have submitted an Amended Tax Return or 1040X to the IRS, we will request a 2015 IRS Free Tax Return Transcript and a Tax Account Transcript to complete verification. In addition, we will request the following documents: 

  • All 2015 W2s for you, your parents or your spouse
  • 2015 Schedules C, D, E, F for you, your parents or your spouse
  • A completed Verification Worksheet

Anyone not filing taxes may be required to obtain a 2015 IRS Free Tax Return Transcript to document their non-filing status. IRS Publication 501 provides information on who needs to file. The Office of Financial Aid will ask for additional information regarding your 2015 means of support for which you will use the Resources form. Please notify the Office of Financial Aid if changes to your FAFSA need to be submitted after your initial filing. This will help you obtain an earlier financial aid result.