AwardYear: 1995-1996 ChapterNumber: 3 ChapterTitle: Completing the Verification Process Section: If Completed Verification Reveals No Errors PageNumber: When you have obtained all necessary verification documents from the applicant, you should compare that documentation to the information originally reported on the application. If the verification process shows that all of the student's information is correct, and there are no outstanding issues or conflicting information, you may award aid in the following ways according to the student's eligibility: - DISBURSE Federal Pell, FSEOG, and Federal Perkins Loan funds - EMPLOY students under the FWS program - CERTIFY Federal Direct Loan applications and Federal Stafford Loan applications or deliver loan proceeds Receipt of the Federal Output Document To pay Federal Pell Grant funds to a student, the school must receive a final and valid SAR (or other valid federal output document) BY THE STUDENT'S LAST DAY OF ENROLLMENT OR BY JUNE 30 of the award year, whichever is earlier. Any federal output document you receive after that time is not eligible for payment, except in the case of students whose applications were selected for verification. If a student's application is selected for verification, you may pay on any final and valid federal output document received within 60 DAYS AFTER THE STUDENT'S LAST DAY OF ENROLLMENT, OR BY AUGUST 30 of the award year, whichever is earlier. DEADLINE To pay a Pell Grant, the school must receive the students final, valid federal output document by the last day of the students enrollment, or by June 30, whichever is earlier. This deadline is extended for students whose applications have been selected for verification; the valid output document must be received at the school within 60 days after the last day of the students enrollment, or by the deadline set by ED (The specific deadline falls on or around August 30, and is published each year in the Federal Register, generally during the spring preceding the beginning of the award year.), whichever is earlier. If you receive a final and valid federal output document after the Pell deadline but within the verification extension deadline, you must pay based on the highest EFC calculated for that student, even if it is the original incorrect EFC. For example, assume a student's application was selected for verification and her original EFC was 850, but upon verification and correction of the application, her reprocessed EFC is 20. If the official reprocessed EFC was received within the Pell deadline, you may use it for payment and it will result in a higher Federal Pell Grant amount. However, if the official reprocessed EFC is received after the Pell deadline, you MUST pay based on the original higher EFC. (The intent of this rule is to ensure that students who take advantage of the verification extension deadline do not get more aid by doing so; therefore, it is in the student's best interest to complete verification as soon as possible.) |