The verification process at SVCC is completed in accordance with the policies and procedures laid out in the Financial Assistance Handbook. The Financial Assistance Handbook is provided at the Information for Financial Aid Professionals (IFAP) website. The Application and Verification Guide is provided once a year be the Department of Education. This is usually provided after verification of file for the upcoming year has started. Files are processed in accordance with the prior years’ verification guidelines and information provided by Department of Education in Dear Colleague Letters, Electronic Announcements, and Foreign School Updates; all of which are located at the site shown above. Should the need arise, once the verification guide is published, all processed file that are affected by any change which was not previously used will be corrected.
There are few exceptions to the verification process and those exceptions are policies that do not change the Department of Educations’ rules. The exceptions are primarily for clarification and accuracy of information. Additionally, the Verification Policies and Procedures and Fraud Policy for the website are listed on the SVCC web site for viewing by any potential students at SVCC. The Verification Policies and Procedures and Fraud Policy are also shown in Enclosure 1.
Additional processing requirement are:
No income rules
Additional information may be required for students that state they have an income below the $4000.00 threshold. The additional information would normally be reported on the “House hold Resource” form which may include a statement explaining their income situation and why they believe they are supporting themselves. If other dependents are involved the statement should explain how they are supporting themselves and providing 50% or more of support of their dependents. If the student stated they are receiving need based assistance the $4000.00 threshold requirement does not apply.This is of primary importance for a student who is claiming a child, but has no income that would otherwise be a dependent student. Sources that should be considered as support are SNAP, Social Security Benefits, medical card, and TANF
People in Household
At the time of verification the number in house hold and the number on the SAR may differ. People that are family members (ie, brother, sister, Aunt, cousin, Grandfather/mother…..) will be accepted by virtue of the fact that they are listed on the IVF and the number in household may be increased by that number if different from the SAR. People that are not accepted at face value (ie, significant others, non-family members, and boyfriend/girlfriend) and are not automatically adjusted to include them in household. This does not mean that they may not be included, however additional documentation will be required that supports the facts that they are providing 50% or more of that person support. Without that documentation the person will be excluded from the number in household.
Number in college rules
If the IVF 1-6 has another person attending college, you must use Banner to verify that they are enrolled. If they are not enrolled you must reduce the number in college by that person. Number in college may be updated any time during the year. If the person that was removed enrolls at a later date the SAR should be updated with the correct number in college.
Difference between AGI and working income rules
if the working income (one or both for married students) and the AGI are more than a 10% difference of the AGI the financial assistance office staff may, at their discretion, request additional supporting documentation to substantiate the difference. Supporting documentation may include but is not limited to W2’s, first page of tax form filed, written letter that is signed and dated by all partied on the tax form filed.
Taxable interest amount on 1040/1040A line 8a
The taxable interest income on the 1040/1040A line 8a shows that the student is receiving taxable interest from a source that could be an item that should be reported on FAFSA under other investments. If there is an amount on line 8a and no amount is shown on the FAFSA under other investment the student may be asked to provide documentation on where the money is from. This may be done in letter format. The letter must state what the money is from and is should be apparent that it was a one-time payment if this is so or that the money is from investment funds and how much those funds are. The investment fund amount should be corrected on the FAFSA if needed.
Separation of income rules
At times it will be required to separate or add income together based on the students current status. To separate or add together income the “Tax Table” method will be used.
The W2’s for the individuals concerned will be required for verification. From this information working wages may be established. If W2’s are not available for the person being removed a statement from the student or parent stating that the W2’s are not available for the other individual and that all W2’s for parent or student are included and there is no other income to be reported from them.