502-6 Verification Process

Title:	Verification Process
Owner:	Student Financial Services
Last Update/Review:	07/31/2024

Policy:

Verification is the process Global Financial Aid Services uses to compare the information provided on the Free Application for Federal Student Aid (FAFSA) with the documentation provided by the selected student. Selection of students to be verified is done by the Central Processing System (CPS). Students must complete forms based on the Verification Group (V1-V6) assigned by CPS.

• At the time the student’s Institutional Student Information Record (ISIR) is received, a tracking requirement is generated notifying Global Financial Aid Services, that the student was selected for verification. The student will be notified by phone/email, that their ISIR was selected for verification and notified what documentation is required to complete the verification process.

• No federal or state aid will be disbursed until the verification process is completed. Acceptable Documentation and forms required will vary from student to student based on several factors, including: dependency status, income thresholds, comment codes, and ISIR flags. The applicant must submit all required documents and forms to Global Financial Aid Services, either by emailing or mailing, by the posted deadline. If the applicant fails to submit documentation in the specified time range, the application may go un-reviewed, and the student may not be eligible for financial aid during that award year.

• Students will be notified via award letter if there are any changes to their EFC and Title IV aid amounts as a result of the completed Verification.

Verification Groups

Students who are selected for verification will be placed in one of the three following groups. The group determines which FAFSA information must be verified for the student.

V1 - Standard Verification Group, commonly referred to as Verification Group V1.

Students in this group must verify the following if they are tax filers:

adjusted gross income
U.S. income tax paid
untaxed portions of IRA distributions
untaxed portions of pensions
IRA deductions and payments
tax-exempt interest income
education tax credits
household size
number in college
Students who are not tax filers must verify the following:
income earned from work
household size
number in college

V4 - Custom Verification Group, commonly referred to as Verification Group V4.

High school completion status
Identity/Statement of Educational Purpose

V5 - Aggregate Verification Group, commonly referred to a Verification Group V5.

Students must verify high school completion status and complete the Identity/Statement of Educational Purpose, in addition to the items, listed above, in the Standard Verification Group (V1).

Graduate level students and above are exempt from all verification groups, except the Custom Verification (V4)

Groups V2, V3, and V6 are reserved for future use by the Department of Education.

Consequences for failing to submit documents in a timely manner:

If students fail to supply necessary verification documentation, their payment method is updated to cash on the 7th day of class.
For all financial aid applicants selected for verification, the process must be completed prior to the deadline published in the Federal Register. The tentative deadline is September 11th or 120 days after the last day of the student’s enrollment, whichever is earlier.

Purpose: The purpose of this policy is to define Verification and explain the different group selections and required information for resolution.

Scope: This policy applies to all students selected for Verification, as well as those selected by Aspen University.

Document and Form(s): Verification worksheet, taxes/tax transcripts, high school diploma/GED, etc. as applicable.