Verification 2017 – 2018

 

 What is Verification?

Verification is a process through which the institution verifies the information you reported on your FAFSA. The Department of Education (DOE) require all institutions to perform verification on all applicants who were selected. The verification process requires the institution to collect additional documents from the student and his/her family in order to verify information provided on the FAFSA. Depending on individual situations, additional documents may be requested as needed. It is the student’s responsibility to make sure the Financial Aid Office receives the items requested in a timely manner.

 


The 2017-2018 FAFSA will be based on your 2015 Income Tax data instead of your 2016 Income Tax data.  This will assist students with filing their FAFSA’s as early as they wish without worrying about estimating tax information and allowing for greater use of the IRS Data Retrieval Tool to prevent data entry errors.

  Changes to the FAFSA Processchanges to FAFSA Process 2017-2018 URL to .gov site

 

 


IRS Data Retrieval Tool

The IRS Data Retrieval Tool allows students and parents to access the IRS tax return information needed to complete the Free Application for Federal Student Aid (FAFSA), and transfer the data directly into their FAFSA from the IRS Web site.

We highly recommend using the tool for several reasons:

  1. It’s the easiest way to provide your tax data.
  2. It’s the best way of ensuring that your FAFSA has accurate tax information.
  3. You won’t need to provide a copy of your or your parents’ IRS tax return transcripts.

If you cannot complete the IRS Data Retrieval Tool process, you will need to submit 2015 IRS Tax Return Transcripts and 2015 W2s.  The DOE no longer allows copies of tax returns (form 1040) to be accepted. To order a tax return transcript click here to access the IRS Get Transcript Online website.

 

How do I know if I am selected for Verification?

Your Student Aid Report comments, from your FAFSA, will indicate if you have been selected for Verification. Your Panther Tracks account will display “Unsatisfied Requirements” for Financial Aid that related to the required verification documents you must submit. You will also send electronic notices to your PV student email address regarding any required documentation.

 

 

 

 

 

 

 

 


How do I submit required documents for Verification?

You are required to submit your documents online via your Panther Tracks. You may upload PDF copies of your documents to Panther Pass, which is the document upload section in your Panther Tracks.

Students can submit their financial aid requirements through panthertracks

 

What happens after I submit my required documents?

After the Financial Aid Office receives all verification documents, we compare that information to the information provided on your FAFSA.
If any discrepancies are found, we will update your FAFSA information in our system with the information provided on your verification documents. Your Estimated Family Contribution (EFC) may change and we will determine whether the change to your EFC requires that we revise your financial aid award.  This review process takes 7-10 business days after receipt of all verification documents.

We are also required to report your revised information as a correction to your FAFSA, therefore, it is important that you do not make further corrections or changes to your FAFSA while verification is pending, and once verification has been completed.

 


How to Avoid Delays in the Verification Process

  • Use the IRS Data Retrieval Tool
  • Read your Student Aid Report (SAR) after completing the FAFSA to know if you have been selected for verification.
  • Check your Panther Tracks for “Unsatisfied Requirements” relative to Verification requirements.
  • Submit your verification requirements as soon as possible via Panther Pass.
  • Carefully read each section of the Verification Worksheet.
  • Amounts reported on the Verification Worksheet are to be specified on a monthly or annual
  • Complete all questions requiring a dollar amount. Enter $0 if question does not apply.
  • All applicable parties must sign the Verification Worksheet.
  • If there are further discrepancies on the packet regarding other income information reported, additional documents could be requested at a later date.
  • Make your own copies for your records.

 


VERIFICATION INFORMATION

The Department of Education will use verification tracking flags to place an applicant into one of five verification tracking groups. Each tracking group has a specific list of FAFSA items that will be verified

Verification Tracking Flags

V1 Standard Verification Group
V4 Custom Verification Group
V5 Aggregate Verification Group