verification process update verification process update

VERIFICATION PROCESS UPDATE
Lisa Hearn
Coordinator of Communications
Management, Financial Aid

Found Found Less Less is is More More & Faster Faster
• OTC customized verification for 2012 - 2013
– Some students were not required to submit any
documentation
– For others it reduced the number of documents
• Processing Time
– Reduced
– Student awards posted earlier

2013 2013 – 2014 2014 Verification
• Department of Education moving towards
customized verification
• Items to be verified will be grouped and
student specific
• Individual student’s FAFSA will indicate which
group of items the student must verify

New New Verification Items Items
• High school completion status
– Or recognized equivalent of a high school diploma
• Identity/Statement of Educational Purpose
– Why Combat fraud
– Appear in person and present a valid government
issued photo id
– A signed statement of educational purpose
• Indicated will be less than 1%

Standard (V1) (V1)
• # in household & college
• Tax filers
– AGI & U.S. Income Tax Paid
– Certain untaxed income
• Non-tax filers
– Income earned from work
• SNAP (food stamps) & Child Support Paid
– Only if indicated on the FAFSA

SNAP SNAP (V2) (V2)
• Supplemental Nutrition Assistance Program
(SNAP – Food stamps)

Child Child Support Paid Paid (V3) (V3)
• Child Support Paid
– The student or spouse
– Student’s parent or both

Custom (V4) (V4)
• Dept of Ed will pick from the verification items
• For example:
– High school completion status
– Identity/statement of education purpose
– Snap – food stamps
– Child support paid

• Everything
Aggregate (V5) (V5)
– High school completion status
– Identity/statement of educational purpose
– Tax filer – all items indicated in V1
– Non-tax filer – all items indicated in V1

Selected for for Verification
• Financial Aid Priority Deadline Fall 2013: July 15, 2013
• Filed a 2012 tax return
– Use IRS Data Retrieval Tool (if eligible) to reduce process time
• OTC has a webpage: Can I use the IRS Data Retrieval Tool
– How to request a tax return transcript
• IRS website: click on the "Order a Return or Account Transcript" link
• Call 1-800-908-9946
• Make sure to request the "IRS tax return transcript".
• Need Social Security Number, date of birth, and the address on file
with the IRS (normally this will be the address used when your 2011
IRS tax return was filed).
• 2 weeks for IRS income information to be available for electronic IRS
tax return filers
• 8 weeks for paper IRS tax return filers