AwardYear: 1995-1996 ChapterNumber: 3 ChapterTitle: Completing the Verification Process Section: If Verification Reveals Incorrect or Outdated Information PageNumber: In completing the verification process, you will likely discover some errors or inconsistencies in the application information. Depending on the nature of these discrepancies, you may require the applicant to update or correct the application data. Corrections vs. Updates When a student applies for federal student aid, he or she provides a "snapshot" representation of the family's financial strength as of the date the application is signed. If the information on that application is inconsistent with the documentation provided by the student, the student either reported some information incorrectly or the information has changed since the application was completed. If the information was reported incorrectly, the student must CORRECT the data unless the errors are within a predetermined tolerance level. Tolerances and corrections are detailed later in this chapter. If the information was correct when the application was filed but has since changed, the student is only required and allowed to UPDATE the application under certain circumstances (see the next section). THE PROCEDURES FOR CORRECTIONS AND UPDATING APPLY TO ALL FEDERAL STUDENT AID APPLICANTS, NOT ONLY THOSE WHOSE APPLICATIONS ARE SELECTED FOR VERIFICATION. HOWEVER, IF A STUDENT'S APPLICATION IS SELECTED FOR VERIFICATION, YOU MUST COMPLETELY VERIFY THE REQUIRED DATA ITEMS PRIOR TO CORRECTIONS OR UPDATING. |