Verification and Disbursement
Verification is the process mandated by the U.S. Department of Education to ensure accuracy of the data submitted by applicants for federal financial aid. CPS selects a percentage of FAFSAs, some randomly and others based on certain edit criteria, for data verification. If a student is selected for verification, the Financial Aid Office is charged with the responsibility of requesting various documents needed to verify the applicant's financial information, such as the federal income tax return. Applicants who file their taxes electronically should note that the electronic filing form IRS 8453 is not a valid tax return for verification. If a copy of a completed tax return is not available, parents or students can request their tax account information (a "tax summary") from the IRS by calling 1-800-829-1040.After all requested documents have been submitted, the verification process takes up to two weeks to complete. The Office of Financial Aid must resolve any conflicting information by sending the student additional correspondence that must be signed and returned. To avoid this type of delay, students and parents should read and follow all directions carefully when completing the application for aid. It is important to note that a student cannot receive any federal aid until the verification process has been completed. The deadline for submitting verification information is 60 days prior to the end of the period of enrollment for which financial aid is requested.
Disbursements of Financial aid are released in two disbursements. The first disbursement is released upon the student’s successful completion of the fifth week of school and the second upon the successful completion of the ninth week of school. When financial aid funds are disbursed (scholarships, loans, and grants), they will be applied first to the student’s outstanding balance owed to the university. If there is credit which exceeds charges for fees, a refund will be made. Refunds may have to be paid back immediately if charges or financial aid are affected by changes to course load, housing or meal plans.
