One of the Federal requirements for institutions participating in the Feder al Student Assistance Programs is to review and “VERIFY” flagged student aid reports for conflicting data. This means the institution must collect certain documents (tax returns, verification worksheets) from the student (and student’s parents in some cases). Then the institution must compare some of the data on these documents to the student aid report for conflicts.
FAS will perform the actual verification of the student aid report for all clients. FAS will not make the client use software to complete this process as some software cannot make important decisions to accurately review and verify a file. However, FAS will use electronic means to obtain documents and data to make the process very efficient.
Many servicers do not offer this option. FAS has found that by performing the actu al verification for the client school, we prevent conflicting information in the student file and as a result prevent future findings in audits and program reviews.