Financial Aid Verification Policy

Verification is the process of checking the accuracy of the information supplied by financial aid applicants on the Free Application for Federal Student Aid (FAFSA).

The verification requirements delineated in this policy statement apply to all applicants for federal student aid under the following programs:

  • The Federal Pell Grant Program
  • The Federal Supplemental Educational Opportunity Grant Program
  • The Federal Work-Study Program
  • The Federal Perkins Loan Program
  • The Federal William D. Ford Direct Loan Program

For verification purposes, St. Louis College of Pharmacy defines a financial aid applicant as an enrolled student who is eligible to receive a federal financial aid award. Aid will not be disbursed from any of the aforementioned federal programs.

Verification Selection

It is College policy to verify all applicants selected for verification by the Central Processing System (CPS) and all Health Professions Loan recipients not selected by the CPS. The College also reserves the right to select additional applications for verification.

Notification of Selection

Your federal Student Aid Report (SAR) will indicate whether or not your file has been selected for verification. The SAR is typically accessed via a link sent to you by the Department of Education after you file your FAFSA. If you are selected for verification, there will be an asterisk next to your Expected Family Contribution (EFC) figure on your SAR.

You will also receive notification via email from the Office of Financial Aid alerting you of your selection and detailing the additional documentation you will be required to submit before your financial aid awards are considered official and disbursable. This statement will be sent when the Financial Aid sends notification of your award package which typically occurs within weeks of your FAFSA submission.

Verification Documentation

The College encourages all eligible FAFSA filers to use the IRS Data Retrieval Tool to import financial information from the IRS into the FAFSA to ensure accuracy and reduce documents that must be submitted to satisfy verification selection.

Dependent students selected for verification must submit a Federal Dependent Verification Worksheet signed by the student and a parent. Parent and student tax return transcripts must be obtained from www.irs.gov for selected students who do not use the IRS Data Retrieval Tool. Individuals reporting income, but not required to file a Federal tax return must submit copies of all Federal W-2s received from the FAFSA reporting year.

Independent students selected for verification must submit a Federal Independent Verification Worksheet signed by the student and his or her spouse (when applicable). Student and spouse (when applicable) tax return transcripts must be obtained from www.irs.gov for selected students who do not use the IRS Data Retrieval Tool. Individuals reporting income, but not required to file a Federal tax return must submit copies of all Federal W-2s received from the FAFSA reporting year.

Verification Submission Deadlines

The College strongly recommends all verification documents be submitted to Financial Aid within three weeks of the College’s notification of selection. The official submission deadline for Pell grants, regulated by the U.S. Department of Education, will be followed at the College and can be located in the Federal Register. No federal, state or institutional aid will be disbursed until all required verification submissions are received by Financial Aid.

Applicant Correction and Notification Procedures

The Office of Financial Aid will electronically submit to the Central Processor corrections to the FAFSA data resulting from verification. The Central Processor will then send an SAR Information Acknowledgment to the applicant as notification of these corrections. Applicants will also be notified of award changes resulting from verification by the receipt of an updated award notification from Financial Aid.

Verification Items

Students are classified by the U.S. Department of Education into five verification groups. Items verified are directed by this classification. All Health Professions Loan recipients not selected for verification will be subject to the V1 Standard Verification Group classification.

Financial Aid Standard Verification Group

V1 – Standard Verification Group  

Data Element

Undergraduate?

Parent/Spouse

Documentation

Household size

YES

YES

Dependent Verification Worksheet

Number in college*

YES

YES

Dependent Verification Worksheet

Adjusted gross income

YES

YES

IRS Data Retrieval/Tax Return Transcript

U.S. income tax paid

YES

YES

IRS Data Retrieval/Tax Return Transcript

Other untaxed income

YES

YES

IRS Data Retrieval/Tax Return Transcript

Education tax credits

YES

YES

IRS Data Retrieval/Tax Return Transcript

IRA and KEOGH/SEP deductions

YES

YES

IRS Data Retrieval/Tax Return Transcript

* Parents in college are not included.

V4 – Custom Verification Group

  • High School completion status
  • Identity/Statement of Educational Purpose

V5 – Aggregate Verification Group

  • High School Completion status
  • Identity/Statement of Educational Purpose
  • All items listed in the V1 group

Individuals reporting income, but not required to file a federal tax return must submit copies of all Federal W-2s received the previous tax year.