Payne Theological Seminary Financial Aid Verification Policy
The federal government requires some federal student aid applicants to authenticate the accuracy of information on their applications (approximately 30 percent). Payne requires that all selected financial aid applicants submit the required documents before aid is awarded, disclosed or disbursed. Therefore, students and spouses (if applicable) are required to submit a copy of their prior year federal income tax return. If no tax return is filed, nor will be filed, the student will need to note on the Verification Worksheet how she/he supported himself/herself during the applicable Tax Year (Social Security, Child Support, IRA/Keogh deductions, Earned Income Credit (EIC) and Interest on Tax-Free Bonds) can be part of the Verification Worksheet for verification purposes. Payne’s Financial Aid Officer will not process your Financial Aid application without receiving the information needed to verify the accuracy.
We will compare the information reported on the Student Aid Report (SAR) to the documents in which you submitted to verify the accuracy of the information on the SAR. We are required to verify these items:
1. House size
2. Number in college
3. Adjusted Gross Income (AGI)
4. U.S. Taxes paid
5. Certain Types of untaxed income and benefits: Social Security benefits, child support, IRA/Keogh deductions, foreign income exclusion, Earned Income Credit (EIC), and interest on tax free bonds.
6. All other untaxed income included on the U.S. income Tax return, excluding information on the schedules.
Note: Federal Income Tax Returns (1040’s) are required to be signed by the student or by the tax preparer. If the 1040 is done by a tax preparer, the tax preparer’s name, name of the company (if applicable), and the tax preparer’s federal ID must be on the Income Tax Document in order for it be considered an official document for the purposes of verification.
If there are differences, we will make the corrections electronically. No federal funds will be disbursed to your account unless your application has been verified. You will be required to complete the verification process within sixty days of being notified or by November 5th of the Fall Semester and March 1st of the Spring Semester.
ts lending agents/Sallie Mae. Payne does commit to communicating changes and/or information to recipients within a reasonable period of time.