The verification process requires us to collect documents that confirm the FAFSA data regarding your family and your finances. This includes IRS tax transcripts for both you and your parents (if you are a dependent student) or your spouse (if you are married) unless you use the IRS data retrieval process when completing or updating your FAFSA. We’ll also need a Verification Worksheet (found on our website). If you happen to be one of those families selected for verification, you will usually be notified on your Student Aid Report (SAR) which can be viewed after you submit your FAFSA on the website fafsa.ed.gov.
For need-based financial aid, you must submit the Free Application for Federal Student Aid (FAFSA) online at https://fafsa.ed.gov. Be sure to include Taylor (code 001838); and complete it by April 15 prior to the semester in which you will enroll in order to be considered for Indiana state and Taylor need-based financial aid. If you are only interested in merit aid, you do not need to submit the FAFSA.
In order to electronically sign the FAFSA, you will need to get an FSA ID. Both the student and at least one parent will need their own FSA ID. Save your FSA ID, since it can be used each year to electronically sign your FAFSA and to access your federal financial aid records online. You should not share your FSA ID, nor should your parents share their FSA IDs with anyone. If you are eligible, you will use your FSA ID to access and sign any Stafford or PLUS loans you may need to apply for.
When you sign your FAFSA electronically, go to https://fafsa.ed.gov, select your application year, enter your FSA ID, and indicate you are a student before submitting the FAFSA application. One of your parents signs electronically by selecting the application year, entering parental FSA ID, indicating they are a parent, and identifying you as the student for whom they are electronically signing.
You can always check on the status of your financial aid file either through the student portal or at our external website, https://myfa.taylor.edu. Use the following steps to log into your account:
You can always check on the status of your financial aid awards either through the student portal or at our external website, https://myfa.taylor.edu. Use the following steps to log into your account:
Students do not always receive a better financial aid package because they are married. To determine whether it is best for you to complete your FAFSA by the April 15 filing deadline as your parent’s dependent before getting married or to wait until after you’re married and file as an independent student, you should schedule an appointment with a financial aid counselor in our office. Once the FAFSA is submitted, your marital status cannot be updated for that academic year, even if you get married later.
The Financial Aid Office uses a different budget to determine your financial aid eligibility, depending on your housing status. The housing allowance for off-campus students is approximately 80% of on campus room & board charges. The housing allowance for students who live at home with their parents is approximately 33% of on campus room & board charges. Your eligibility for financial aid will be reduced accordingly. Most of the time, this only affects a student’s loan eligibility. Contact our office for specific details related to your financial aid package.
Most of the time, students in study abroad programs are billed as though they were on campus in terms of housing costs so we use an on campus budget in determining their financial aid eligibility.
All institutional aid and Indiana state aid programs require a student to be enrolled full-time (at least 12 credit hours). Exceptions are made and institutional aid is prorated for graduating seniors who do not need a full load in order to complete their degree requirements. The Federal Pell Grant is the only source of aid available for students enrolled less than six hours (these students will also begin to use their grace period or go into repayment of their federal loans).
Taylor’s costs are published annually in the Tuition and Fee Schedule. This publication is available from the Bursar’s Office and is also available online at: www.taylor.edu/tuition-and-funding/. We encourage you to use our Payment Planner form to help you determine what your actual payment will be after financial aid sources are subtracted from your costs.
Taylor University’s policy is electronic billing; paper copies are not sent by U.S. mail as statements may be printed from the online billing site. Fall billing information is posted in mid-July and due August 20. Interterm and/or spring billing is posted in mid-December and is due January 20. Students may access their e-bill and other account information through the student portal at My.Taylor.edu/ Student Tab> Quick Links> Bursar Billing Statements.
An e-mail will be sent to the student’s e-mail address when a new statement is ready to view and it is the student’s responsibility to access the online billing to keep informed of their account. The notification e-mail will be copied to their parents’ e-mail if the parent has been set up as an authorized user by the student. The parent will not be e-mailed unless the student completes the online authorized user information. This is separate from TOWER proxy or myfa.taylor.edu.
You can make a full payment by the due date with check, cash, money order, or online at the secure billing site by electronic check or credit card. Payment plans are available for enrollment at the billing site.
Most of your financial aid will be posted to your student account approximately 2 weeks after the semester starts (a few days after the drop/add classes changes have been processed). This includes Taylor grants & scholarships, federal grants, state grants, as well as the Federal Stafford and PLUS Loans (assuming the appropriate promissory note has been signed electronically). Alternative student loans will be posted when the funds are actually received via EFT or check. Scholarships from private foundations or organizations will be posted when the actual check is received in the Bursar’s Office.
Federal work study earnings are paid directly to the student through student payroll. It is generally recommended that students use their earnings for their miscellaneous and personal expenses throughout the year and not consider FWS toward the payment due each semester. If you are working on campus and wish to apply your earnings to your student account in payment of charges, you must contact the Bursar to request the FWS payment plan. This payment plan requires online enrollment that will withdraw the authorized payment each pay period from the bank account to which the FWS earnings are deposited. Therefore, a student must have secured a job and begun working before enrollment in the plan can occur.
Taylor charges a monthly penalty on late payments. Any account balance not paid by the due date when first billed or deferred with a formal payment plan will be subject to a $5 late fee or interest accrued at an annual percentage rate of 13%, whichever is greater. A student’s account must be current to avoid a hold on advance registration and housing and must be paid in full for transcript and/or diploma release.
“Verification” is a process that requires all colleges and universities participating in federal student aid programs to ‘verify’ or confirm that the data provided on the FAFSA form about family and finances is correct.
Sometimes factors related to the FAFSA form can ‘trigger’ a request for verification. For example, if there are problems that keep the FAFSA from being processed properly, or if some of the financial data reported by a family is outside expected parameters, the government may ask us to verify the records. Also, we as a school may see something that we need verified. Other times, the selection may be completely random. Overall, about 30% of all student records are selected for verification.
The verification process requires us to collect documents that confirm the FAFSA data regarding your family and your finances. This includes IRS tax transcripts for both you and your parents (if you are a dependent student) or your spouse (if you are married) unless you use the IRS data retrieval process when completing or updating your FAFSA. We’ll also need a Verification Worksheet (found on our website). If you happen to be one of those families selected for verification, you will usually be notified on your Student Aid Report (SAR) which can be viewed after you submit your FAFSA on the website https://fafsa.ed.gov.
If your SAR indicates you have been selected for verification, you can expedite the process if you click on the “Forms” tab of this website to print off the applicable (dependent or independent) Verification Worksheet, complete, sign, and send it to us as soon as possible. If you didn’t use the IRS data retrieval process when completing the FAFSA, be sure to go back to the FAFSA website and do it a few weeks after you’ve filed your income tax return. We’ll need all of this information in order to complete your financial aid package. We’ll send you an email requesting additional information and/or directing you to use the IRS data retrieval process if the verification worksheet has not been received when your file is reviewed.
It depends. If the figures on the documentation you submit match the figures on the FAFSA form, there will be no impact at all on your aid. If the figures don’t match exactly, your need-based aid could increase or decrease depending on the exact differences found. Either way, since the figures involved are being confirmed, your aid will be correct once verification takes place.
If you have not already submitted the verification worksheet and documents requested, we will send you an email, telling you what we need to complete your aid package. The sooner you submit these forms, the sooner we’ll be able to tell you exactly what aid to expect.
Not necessarily. Keep in mind that the government puts billions of dollars into the programs providing financial aid to college students. It’s understandable that they’d want to check some records to be sure the dollars are being used properly.