Federal Financial Aid Verification Policy

Purpose

The purpose of this policy is to meet the Federal Department of Education requirement that Cambridge College have a policy for verifying the reported information on a financial aid application.

Summary

Students sometimes make errors on their financial aid application The Federal Department of Education requires that 30% of Free Application for Student FAFSA filers be verified, as selected by the Central Processing System (CPS). However Cambridge College also has the authority, and may be required, to verify additional students.

Scope

This policy applies to all Cambridge College students and their parents (only dependent students).

Selecting Students

Cambridge College will request verification information from all students who are selected by the Central Processing System (CPS). Required verification items are:

1. Household size as defined by the Federal Department of Education.

2. Number in college

3. Adjusted gross income as supplied by the IRS

4. U.S. taxes paid

5. Certain types of untaxed income and benefits (examples not all inclusive)

-Child Care

-IRA/Keogh deductions

Interest on tax-free bonds

6. All other untaxed income included on the U.S. income tax return (excluding schedules).

Cambridge College is also required to verify any application information that appears to be incorrect or contains discrepancies. Students with these applications are considered to be selected for verification by the College even though the data being verified may not be same as the required items for CPS selected students.

Notifications

Students who are selected for verification will be notified in writing in a letter which lists all documents that have been requested. This information is also posted on the students Cambridge College MYCC account. Students whose award has changed due to verification will be notified through an updated award letter indicating the changes to each and any award.

Deadlines

Students are responsible for submitting all required verification items by the established deadline included in the letter sent to the student. Failure to submit required documents by the deadline may forfeit Federal Financial Aid eligibility. Deadlines are established each academic year and are located on the Cambridge College Financial Aid Application and on the Cambridge College web site.

 

Individual Responsible for Revision and Implementation: Vice President for Finance and Administration and Director of Financial Aid

Date of Original Implementation: N/A

Date of Last Revision: October 2011