Verification Policy

Under Federal Regulation 34 CFR 668, Subpart E all schools issuing Federal Financial Aid funds based upon the student's EFC some applications are selected for verification. At Pontotoc Technology Center an applicant who is accepted for admission may be required to furnish one of all of the following items:

• Household size
• Number in college
• Adjusted Gross Income (AGI)
• U.S. taxes paid

Certain types of untaxed income and benefits:

* Social Security benefits
* Child support
* IRA/Keogh deductions
* Earned income credit
* Interest on tax-free bonds

If your application for Financial Aid is selected for verification there will be an asterisk*symbol next to your EFC number.

If you are selected for verification, you will receive a written notice from the PTC Financial Aid office. The notice will state the required documents you must bring to the school to meet the verification requirements.

Once you are notified that you must provide verification, you must produce the required documents within 30 days of the receipt of the notice to supply documentation. The school will not issue a financial aid payment until all documentation requirements are met. Failure to provide the required documentation will result in forfeiture of aid for that award period.

If the award amount is changed due to a correction that must be made based upon the documentation, the student will receive a written letter from the PTC Financial Aid Office stating the adjusted award amount.

Required Correction Procedure: If a correction must be made due to documentation of verification, the student must make the correction and resubmit a corrected FAFSA (Financial Aid Application Form). An award payment will not be made until the correction process is completed. The student will be informed in writing when the corrected award will be issued.

If the correction requires a Return of Funds due to an overpayment made to the student, PTC will follow the following procedure:

• If the over-award is due to an error made by the PTC Financial Aid Office, the amount will be paid back to the Federal Financial Aid PELL Grant account, as soon as the error is discovered according to regulations in Federal regulations 34 CFR 668.22(h), 668.32(g) (4), 668.35(c), (e).
• If the over-award is due to an error or false information supplied by the student, the student's account will be corrected by:
• an adjustment to the next award payment, or
• if a subsequent award payment is not due the student, the student will be billed and required to make payment to PTC the amount considered as an over-award.
• said student will have 30 school days to make the payment to the school.
• Payments due PTC of $25.00 and over due to an over-award made to the student because of student error, will be referred to the Federal Student Aid Management Collections (ED Collections).
• the students failure to correct the over-payment could affect the student's future ability to qualify for Federal Financial Aid and will be reflected on the SAR and ISIR.

DOCUMENTATION REQUIREMENTS

The following items will be accepted for documentation/verification purposes:

If a student is selected for verification the student will be notified by the Financial Aid Office.

Students must return verification documentation to the Financial Aid Office within 10 days from the date forms were requested. If the student does not comply with the requests from the Financial Aid Specialist within this time period, no disbursements will be made .

If a student withdraws before the Financial Aid Specialist reviews other documentation the Department of Education Federal Financial Aid Policies allows an individual 90 calendar days from the last date of enrollment to provide verification documentation.