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Tax transcripts are free and must be requested from the Internal Revenue Service (IRS). This request can take 10-12 days for you to receive. You may also be asked for other documents to complete the financial aid process. Once the verification process is complete, your financial aid awards may be adjusted.
Your financial aid package changes. If you are eligible for need-based financial aid and have submitted the FAFSA, your aid package will be accordingly reduced so that your total financial aid will not exceed the cost of attendance by more than $300.This is a federal rule, so that schools often do not have a choice in the matter.ou must report it. If you get an outside scholarship, you must notify your schoolâs financial aid office. If you do not, you may be required to pay back all or part of your need-based financial aid package to the school or government.