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Financial Aid Processes

VERIFICATION 

If you are selected for verification, your eligibility for federal financial assistance for the 2015/2016 aid year cannot be finalized until this process has been completed. This means we will not award or disburse you any federal aid until you have completed the verification process and turned in all missing documents.

 

You will be notified by the Office of Financial Aid at Belmont College, and advised of the documents or forms required to complete your Financial Aid.  It will also be available on your MYFAO online Financial Aid site where you can see your received and missing documents.   Verification worksheets are available through your MyFAO account.   Once you are notified, you should return the forms as quickly as possible  to avoid having your financial aid processing delayed.

 

The U.S. Department of Education has created verification tracking groups.  The groups are designated by a V1-V6 as shown on your Student Aid Report.  See below for specific requirements for each group.

 

V1 – Dependent/Independent Verification

 

If you’re a ‘Dependent‘ FAFSA applicant (parental data required to be entered on your FAFSA):

 

 

If you’re an ‘Independent‘ FAFSA applicant (no parental data required to be entered on your FAFSA):

 

  • 2016/2017 FAFSA Verification Worksheet, completed, signed and dated
  • Copy of your (and your spouse’s, if married) 2015 IRS Tax Return Transcript(s), unless you used the IRS Data Retrieval Tool
  • Copy of your (and your spouse’s, if married) 2015 W-2 statement(s)

 

V4 – Verification of High School Completion Status, Identity, and Statement of  Educational Purpose

 

  • High School Completion Status worksheet
  • Identify and Statement of Educational Purpose -Bring your valid government-issued photo ID, such as but not limited to, a driver’s license, other state-issued ID or passport to the Office of Student Financial Aid during regular office hours. You must complete and sign the Identity and Statement of Educational Purpose form in the presence of an Office of Student Financial Aid staff member. The form, along with an annotated copy of your valid government-issued photo ID, will complete part of the required verification of your 2016/2017 Free Application for Federal Student Aid (FAFSA) data.

    If you are unable to appear in person, please contact our office at 740-695-8510 or e-mail to discuss your options.

V5 – All the requirements for groups V1 AND V4 as stated above.

V6 – Untaxed benefits

  • Untaxed income (for either parent/student)
  • 2016/2017 FAFSA Verification Worksheet, completed, signed and dated
  • Photocopy of your parent(s)’ 2015 IRS Tax Return Transcript(s)
  • Photocopy of your 2015 IRS Tax Return Transcript
  • Photocopy of your parent(s)’ 2015 W-2 statement(s)
  • Photocopy of your 2015 W-2 statement(s)

 

Please be aware that you might be selected to complete the FAFSA Verification process, even though you completed your FAFSA using the new IRS Data Retrieval Tool.

 

If you and/or your parent(s) did not and will not file federal income tax returns for the 2015 year, be sure that the ‘non-filer’ statement(s) on the 2016/2017 FAFSA Verification Worksheet is completed to indicate this. In addition, a separate letter may be submitted with the FAFSA Verification Worksheet if you wish to more completely explain the income and benefits received during the 2015 calendar year by you, your spouse, and/or your parent(s), or to provide any other clarification.

 

Documentation or written clarification other than the materials normally required are sometimes needed by the staff to complete the 2016/2017 FAFSA Verification process and/or finalize your eligibility for assistance. If this occurs, you will be notified about these requirements, which will also be listed at your MyFAO.

 

How are you notified if there is a change to your Expected Family Contribution (EFC) and Title IV aid amount changes?

 Once all required documents have been received, the Financial Aid Office will complete the  verification process as quickly as possible.  If any corrections to your FAFSA is needed we will make that change on your behalf and that will result in you receiving a new Student Aid Report (SAR), usually by email. Your new SAR will show your current EFC after the verification which may or may not be different.

 

No award is finalized until your verification is complete.  However if your aid is processed and you are selected for verification after your award has been completed, you will receive a new award notification on your MYFAO site of any aid changes. 

Once the verification process is complete then your Financial Aid award will be finalized.

 

What we  are required to verify?

During Verification we may verify the following however this list is not intended to be the complete list and we may or may not verify each item and additional items not listed.

  • Adjusted gross income
  • U.S. income tax paid
  • Untaxed portions of IRA distributions
  • Untaxed portions of pensions
  • IRA deductions and payments
  • Tax-exempt interest income
  • Education credits
  • Household size
  • Number in college
  • Supplemental Nutrition Assistance Program (SNAP) benefits
  • Child support paid.
  • High School Completion
  • Identity and statement of educational purpose
  • Unaccompanied Homeless Youth

 

Special Situations

  • If selected for verification and you and/or your parents filed an amendment to their federal income tax must provide both an IRS Tax Return Transcript and an IRS Tax Account Transcript, or in lieu of these two items, an IRS Record of Account which includes the required information from both the IRS Tax Return Transcript and the IRS Tax Account Transcript. The Record of Account can only be requested using a paper IRS Form 4506-T and could take up to 30 days for IRS to process.
  • Individuals who file a foreign income tax return must provide a signed copy of the foreign tax return and an English translation (if the return is not in English).
  • Separated? If you or your parents are separated you must provide documentation showing you are separated. For more information see a financial aid representative.
  • You may have to re-file your taxes or provide more documentation if we believe you have filed the wrong tax return or should have filed but did not. An example if is a dependent student’s married parents each filed “head of household” (which offers a greater tax deduction than filing as single or married).   We will question if this is accurate and may require one or both parents to re-file to complete the verification process.

 

 *IRS Data Retrieval Tool