Processing Delays

There are several consistent reasons for delays. These reasons include:

• Incomplete information on forms.
• Parent's income was omitted from the FAFSA.
• Error regarding type of income tax return filed.
• Neglecting to complete the student's income section.
• Not indicating student's housing type code.
• Omitting business, other real estate, other asset or savings values.
• Incorrectly listing or omitting family members from verification form.
• Omitting student and/or parent signatures on tax returns.
• Incomplete information on loan applications.
• Social security number, name, and/or date of birth not matching the social security data base.

Also, numerous students did not file by the February 1 deadline. With over 9,000 financial aid filers at Radford University between February and September, applicants filing by the deadline are given priority not only for limited funds, but also in the review and awarding process.

Other students received requests for information but did not submit the information. Students thought that they did not have to provide financial aid transcripts if they did not receive financial aid during the previous semester. Others did not keep copies of their income tax returns and waited to request this information from the IRS.

The IRS currently charges $39 for photocopies of tax returns (Form 4506 must be filed). An alternative to a photocopied return is a Tax Return Transcript.  The transcript is free of charge to students and parents, and the turn around time is much shorter than requesting a copy of a tax return.

The transcript can be ordered by completing a Form 4506-T (PDF) or calling (800) 829-1040 and following the prompts in the recorded message. There is no charge for the transcript and you should receive it in 10 business days from the time we receive your request. Tax return transcripts are generally available for the current and past three years. If you need a statement of your tax account which shows changes that you or the IRS made after the original return was filed, you must request a "Tax Account Transcript". This transcript shows basic data including marital status, type of return filed, adjusted gross income, taxable income, payments and adjustments made on your account. Tax return and account transcripts are generally available for the current and past 3 years.

Some students who complete forms do not follow instructions and therefore have to submit additional clarification. Many separated/ divorced parents/students include the divorced or separated spouse's income (step-parent information is required) while others do not include step-parent's income information. Completing loan applications with the incorrect loan period is another common mistake.

Again, with more than 9,000 aid applicants and with more than 3,000 students requiring additional review, any errors can cause major delays in financial aid processing.