Purpose
This policy aims 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
Cambridge College may verify additional students beyond the 30% mandated by the Federal Department of Education due to potential errors in financial aid applications. Verification is essential for accurate processing.
Scope
This policy applies to all Cambridge College students and their parents (dependent students only).
Selecting Students
Cambridge College will request verification information from all selected students by the Central Processing System (CPS). Required verification items are:
- Household size as defined by the Federal Department of Education
- Number of family members in college
- Adjusted gross income as supplied by the IRS
- U.S. taxes paid
- Certain types of untaxed income and benefits (examples not all-inclusive)
- Child Care
- IRA/Keogh deductions
- Interest on tax-free bonds
- All other untaxed income included on the U.S. income tax return (excluding schedules)
Cambridge College verifies applications with discrepancies, considering them for verification even if the data differs from CPS-selected students' requirements. This ensures accuracy in processing financial aid.
Notifications
Selected students receive written notification listing requested documents, which is also accessible on their Cambridge College MyCC account. Any changes to awards resulting from verification are communicated through an updated award letter.
Deadlines
Students must ensure timely submission of all requested verification items by the deadline stated in their notification letter. Failure to do so may result in the forfeiture of Federal Financial Aid eligibility. Deadline details for each academic year can be found on the Cambridge College Financial Aid Application and website.
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