General Questions
Student Forms & PeopleSoft
Verification Groups
Required Documents
IRS Related Flags/Documents
100
The process that ensures the information submitted on a student’s aid application is correct.
Verification
100
Where can you verify if the IRS DRT was used?
On Correct ISIR records, 3rd tab
100
What does FIDEP stand for?
Identity and Statement of Educational Purpose
100
What are the 3 categories that require student documentation?
Verification
Comment Codes
ISIR Related Flags
100
What is a 1040X
Amended tax return
200
What does CPS stand for?
The Central Processing System. They select which applications are to be verified.
200
What is the PS checklist that will guide students to submit forms for Verification?
FVERIF
200
Where can you find a student's Verification group?
Correct ISIR Record. 4th tab.
200
What MUST be included along with the Identity Statement of Educational Purpose?
UNEXPIRED Government ID
200
A record of Account Transcript is the equivalent of _____ __ ______ _________.
Combo: 1040 & 1040X. Combines the tax return and tax account transcripts into one complete transcript.
300
What platform do students use to submit Verification documents?
Student Forms
300
What message does the "Verification Flag" display when a student is selected for Verification?
Required to be performed.
300
How many active Verification Groups/Tracking Groups do we have for the 2024 AY?
3
300
What is an example of an "Actionable Item" for a Comment Code?
Students may be required to submit additional documentation to The Office of Financial Aid if they have certain SAR (Student Aid Report) codes listed on their FAFSA. These codes are commonly referred to as “C-Codes” or “Comment Codes” and will prevent a student from being packaged with any federal student aid. Examples include:
Pell Overpayment
Citizenship confirmation
Loan limits
- Unusual Enrollment History
300
If an amended tax return was filled to the IRS, What are the two documents that our office must receive?
Individuals must provide:
Signed copy of IRS Form 1040-X OR Tax Account Transcript (IRS)
Tax Return Transcript OR SIGNED Original 1040 OR Record of Account Transcript
400
Submitting a document that is not request could result in being ______ _______ ___ __________.
Locally Selected for Verification
400
What message does the "Verification Flag" display when a students Verification is completed?
ED Verfication COMPLETED
400
Name 2 of the verification items listed on the Federal Register Notice.
Adjusted gross income (AGI)
U.S. income tax paid
Untaxed portions of IRA distributions
Untaxed portions of pensions
IRA deductions and payments
Tax-exempt interest income
Education credits
Income earned from work
Household size
Number in college
Identity/statement of educational purpose
400
Besides the Verification Worksheet, what other document(s) do we collect for a student who is selected for VER?
It DEPENDS!
V1:
Student and/or Parent Tax Return Transcript>Student Forms AND/OR
W2's
V5:
FIDEP
400
What are the 2 actionable items related to the IRS Flags?
06: IRS data was transferred from the IRS but a subsequent change made the student/parent ineligible to use the IRS DRT
07: IRS data was transferred from the IRS but the IRS indicated that an amended tax return was filed.
500
What are the 2 ways that students are notified that they've been selected for verification? (externally & institutionally)
1. On the SAR
2. On the "To-Do List"
500
Student Forms is built to catch errors in conflicting information and will ask for supporting documents to resolve the errors, what is an example of this?
Marriage/divorce certificates: When there is 1 parent in the ISIR but 2 are listed in the DEP verification worksheet.
W2 information when a student reports a different income than what was originally reported on the ISIR.
500
What does the V5 Verification Group/Tracking Group verify?
Errrthing. Students must Verify Identity Statement of Educational Purpose in addition to the items in the V1 Standard Verification Group.
500
Why do we prefer the Tax Return Transcript?
Shows most line items from your original 1040 Tax Return as filed, along with any forms and schedules.
500
For the 2024-2025 Aid application, the IRS DRT will be called Federal Tax Information (FTI). This process will now be ______ for students.
Mandated.
There has to be consent. If you don't give consent=INELIG for Title IV aid. Unless the process fails>Then you can manually add the information.