Verification

Report
2014 TASFAA
New Aid Officer’s Workshop
Objectives
 Understand Verification Flag Tracking Groups
and Documentation Requirements
 Easily Identify Verification Data Elements on Tax
Documents
 Obtain Verification Resources
 Ask Verification Questions
2013-2014
Verification Groups
Verification Verification Tracking
Tracking Flag
Group
V1
Verification Description
Standard Verification Group is standard verification
V2
SNAP Verification
Group consist of only verifying SNAP
V3
Child Support Paid
Verification
Group consist of only verifying Child Support
paid
V4
Custom Verification
Group
Group consist of : SNAP, Child Support Paid,
High School Completion Status, and ID Proof/
Statement of Educational Purpose.
V5
Aggregate Verification Group consist of V1 and V4 items: standard
Group
verification, SNAP, Child Support Paid, High
School Completion Status, and ID Proof/
Statement of Educational Purpose.
Verification data elements for
2014-2015 aid year include
verification items for 2013-2013 aid
year and adding a V6 group.
V6 Group – Household Resources
Verification.
Group V2 will not be used.
Institutions must use exact
language provided in the Federal
Register for the Statement of
Educational Purpose.
2014-2015
Verification Tracking Flag
Groups
Verification Tracking
Flag
V1
Verification Tracking
Verification Description
Group
Standard Verification Record selected because conditions based on
statistical analysis error-prone risk model were met
Record selected for Child Support paid criteria only
V3
Child Support Paid
Verification
V4
Custom Verification Record selected for Identity criteria, SNAP, and Child
Support Paid
Group
V5
Aggregate
Verification Group
V6
Record selected for Identity criteria, “Standard
Verification” criteria, SNAP, and Child Support Paid
Household Resources Record selected for Other untaxed income,
Verification Group “Standard Verification,” SNAP, and Child
Support Paid
Documentation of HS Completion Status
• HS Diploma or final HS transcript showing date HS diploma awarded
• Recognized Equivalent
– General Educational Development (GED) Certificate;
– State certificate received by a student after the student has passed a State-authorized
examination that the State recognizes as the equivalent of a high school diploma;
– Academic transcript of a student who has successfully completed at least a two-year program
that is acceptable for full credit toward a bachelor's degree; or
– For a person who is seeking enrollment in an educational program that leads to at least an
associate degree or its equivalent and has not completed high school but has excelled
academically in high school, documentation from the high school that the student excelled
academically in high school and documentation from the postsecondary institution that the
student has met the formalized, written policies of the postsecondary institution for admitting
such students
• Homeschooled
– Transcript or the equivalent, signed by the parent or guardian, that lists the secondary school
courses completed by the applicant and documents the successful completion of a secondary
school education; or
– A secondary school completion credential for home school (other than a high school diploma
or its recognized equivalent) provided for under State law
Identity/Statement of Educational Purpose
• Appear in person and present to an institutionally authorized individual:
– A valid government-issued photo identification (driver’s license, non-driver’s
license, or passport); and
– A signed statement of educational purpose
• Must maintain, an annotated copy of the identification submitted by the
applicant that includes:
– The date documentation was received; and
– The name of the institutionally-authorized individual that obtained the
documentation
• If unable to appear in person, must provide the institution:
– A copy of a valid government-issued photo identification (driver’s license, nondriver’s license, or passport); and
– An original notarized statement of educational purpose signed by the
applicant
•
•
Tax Filers
– Household Size
– Number in College
– Child Support Paid
– SNAP
– Adjusted Gross Income
– U.S. Income Tax Paid
– Untaxed IRA Distributions
– Untaxed Pensions
– IRA Deductions & Payments
– Tax-Exempt Interest Income
– Education Credits
Other Untaxed Income
– Payments to tax-deferred pension and
savings plans
– Child support received
– Housing, food, and other living allowances
– Veterans non-educational benefits
– Money received or paid on student’s behalf
Non-Tax Filers
–
–
–
–
–
–
–
–
–
–
Household size
Number in College
Child Support Paid
Tax-Exempt Interest
Other Untaxed Income
Payments to tax-deferred
pensions and savings
plans
Child support received
Housing, food, and other
living allowances
Veterans non-educational
benefits
Money received or paid
on student’s behalf
W-2 Form needed from each source of
employment
Signed statement listing sources and
amounts of other untaxed income.
2013 Tax Matrix
• Earnings from Work
– Wages, Salaries, Tips
– Business Income/Loss
– Farm Income/Loss
•
•
•
•
Untaxed Income
Adjusted Gross Income (AGI)
Additional Financial Information
U.S. Income Tax Paid
• Amended Returns
– Signed copy of 1040X and
– Signed copy of original tax return or IRS transcript (with all data elements)
• Federal Means Benefits = Verification of Group Household
Resources
• $25 Tolerance for non-dollar amounts
• W-2 and/or Schedule C/C-EZ may be needed for tax filers
• Do NOT accept IRS Verification of Nonfiling letter prior to June 15,
2014
• Must still resolve conflicting information
• Verification &
Available Resources
• Federal Student Aid Handbook
– Application and Verification Guide
http://www.ifap.ed.gov/fsahandbook/1415FSAHandbookAVG.html
• NASFAA Ask Regs Knowledgebase
http://askregs.nasfaa.org/ics/support/splash.asp
• Institutional Policies and Procedures
• IRS Publication 17 found at www.irs.gov
Thank You!
Consuela Mitchell
Roy Tuberville
Assistant Director of Financial Aid
Financial Aid Manager
Intake/Processing
Tarrant County College
817-515-1786
[email protected]
El Paso Community College
915 831-2584
[email protected]

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