What if my tax return will not be ready when we need to file the FAFSA?
It is best to use your final tax return to complete the FAFSA. This assures that the information is accurate. However, if this is not possible, the FAFSA does allow you to estimate your tax information. If, later, you are selected for verification, you will be required to complete the IRS data retrieval or submit your IRS tax return transcripts in order for you to receive financial aid.
I was selected for verification. What does this mean?
The federal processor selects students for verification randomly. You simply need to make sure you have used the IRS Data retrieval system available on the FAFSA or submit IRS tax return transcript(s). We also require the Verification Worksheet. The Financial Aid Office will compare these documents with the FAFSA you completed. You will be notified if changes in verification affect your financial aid award.
What should I do if I filed a tax extension?
For students who have been granted a tax extension, please provide the following:
- A copy of your IRS Form 4868
- A copy of all W2 forms
- If self-employed please provide a signed statement with the amount of your Adjusted Gross Income and U.S. income taxes paid.
- Once your tax returns are complete, please utilize the IRS Data Retrieval Tool or submit a copy of your federal tax transcript to the Office of Financial Aid.
What should I do if I amended my tax return?
Students who file an amended return cannot use the IRS Data Retrieval Tool. Instead, you will need to provide the following documents:
- A signed copy of the IRS Form 1040X that was filed.
- A signed copy of the original tax return that was filed.
If I am not eligible for need-based aid, are there other types of aid available?
Clarke offers academic scholarships and talent/merit awards. In addition, there are non-need based federal loan programs available.
Can I expect my award to change after the freshman year?
A FAFSA is filed each year to determine eligibility for federal and state need-based aid. Scholarships, most often, are renewed subject to renewal criteria. Some have specific conditions so be sure to check out award conditions for more information.
What is a Federal Subsidized Direct Loan?
The Subsidized Direct Loan is a need-based loan awarded to eligible undergraduate students. The federal government pays the interest on Subsidized Stafford Loans while the student is enrolled at least half time (six credits). Interest accrual and repayment begin when the student graduates, withdraws or drops below half-time status.
What is a Federal Unsubsidized Direct Loan?
The Unsubsidized Direct Loan is a non-need-based loan that begins accruing interest at the time of disbursement. The borrower may make interest payments or allow interest to accrue during the in-school period. Repayment begins when the student graduates, withdraws or drops below half-time status (six credits).
Do I need to complete the Master Promissory Note and Entrance Counseling?
First-time borrowers of Federal Direct Loans are required to complete the steps online in order for these loans to be applied to the student bill.
What is a Private Loan?
A private loan is an option available to students who wish to secure additional funding. Eligibility for a private loan is based on credit-worthiness of the student and/or co-signer and ability to repay.
Where can I keep track of the federal loans I have borrowed?
You can access your federal student loan borrowing information on the National Student Loan Data System. This information will not include private loans you may have borrowed. To obtain those balances you will log on to the individual lender site.