verification
DESCRIPTION
Module 4. Verification. Verification. Process of verifying accuracy of Free Application for Federal Student Aid (FAFSA) data Regulations define: Whose application must be verified FAFSA information to be verified Documentation used to verify data elements - PowerPoint PPT PresentationTRANSCRIPT
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National Association of Student Financial Aid Administrators Presents …
© 2013 NASFAA
Verification
Module 4
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Verification• Process of verifying accuracy of Free Application
for Federal Student Aid (FAFSA) data• Regulations define:
– Whose application must be verified– FAFSA information to be verified– Documentation used to verify data elements
• Regardless of verification selection, must always resolve discrepancies and conflicting information
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Module Topics• Whose application must be verified• Quality Assurance (QA) Program
requirements• Verification tracking groups and FAFSA
information to be verified• Acceptable documentation• Data element corrections
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• Data element updates
• Status codes
• Interim disbursements
• Verification time frames
• Policies and procedures
Module Topics
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Verification Selection Process
• Customized approach for 2013–14
• FAFSA information that must be verified:– Will vary from applicant-to-applicant;
– May be information that is not used in calculating applicant’s EFC; and
– May change from award year-to-award year
New!
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Verification Tracking Groups
• For 2013–14, CPS-selected applicants assigned to one of five verification tracking groups
• Each tracking group determines items to be verified and required documentation
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Required Verification Data Items
• Adjusted gross income—AGI (tax filers)
• Untaxed income from tax return (tax filers)– IRA deductions and payments– Untaxed portions of pensions – Education credits– Tax-exempt interest income
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Required Verification Data Items
• U.S. income tax paid
• Income earned from work (nontax filers)
• Supplemental Nutrition Assistance Program (SNAP) Benefits
• Child support paid
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Required Verification Data Items
• Number in household size
• Number in college
• High school completion status
• Identity/Statement of Educational Purpose
NEW
NEW
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Items That May Be Verified Using IRS Data Retrieval Tool or Tax Transcript
• AGI
• U.S. income tax paid
• Untaxed IRA distributions
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Items That May Be Verified Using IRS Data Retrieval Tool or Tax Transcript• Untaxed pensions
• Education credits
• IRA deductions and payments
• Tax-exempt interest
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Items That May Be Verified Using a Tax Transcript• Foreign income must be included on FAFSA,
even if it cannot be taken out of the country in which it was earned
• Earned foreign income and taxes paid to a central foreign government are treated in same manner as U.S. income and taxes paid
• A foreign tax return is considered equivalent to IRS Form 1040
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• Changes to data elements that were incorrect at time of application
• If data are correct as reported and valid Institutional Student Information Record (ISIR) or Student Aid Report (SAR):– Pay Federal Pell Grant, Iraq and Afghanistan Service
Grant (IASG), Federal Supplemental Educational Opportunity Grant (FSEOG), Teacher Education Assistance for College and Higher Education (TEACH) Grant, and Federal Perkins Loan
Verification Corrections
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Verification Corrections• If data correct as reported and valid
ISIR/SAR:– Employ students under Federal Work-Study
(FWS)
– Originate and disburse Federal Direct Student Loans (Direct Loans)
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Verification Updates
Number in household and number in college:• If not selected, cannot update for changes
occurring after original application filed• If not selected, institution not required to
monitor data element changes• Institution may select applicants if it
believes data elements are inaccurate
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• May require student to update dependency status, household size, or number in college if change results from change in student’s marital status
• Must update household size if dependent student’s parent remarries after application, but before verification
Verification Updates
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Must:
• Be written
• Address school options where flexibility exists
• Be made clear to all students
• Be consistently applied
Verification Policies and Procedures
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