Information Verification® - What do we verify?

Information Verification® is an automated feature that alerts parents to what information they need to provide either to us (if we verify) or to you (if you verify).

Even if we verify, you will be able to view their report immediately upon completion of the application. The status of the application will be "incomplete" until we have looked over all their information and checked their math. But with this feature you will be able to give the family a provisional award, telling them "if all of your information remains the same after verification, we can award you $..."

When we do the verification, we communicate with the parents about their information and even ask them for clarification by email when necessary. We check their math. We check their entries.

If they are in a negative cash flow situation (no income, or basic living expenses exceed income) we require that they write a paragraph or two for the school explaining, if the school were to grant them aid, how they plan to pay the remaining tuition payments.

In most cases verification is completed within a couple of weeks. If we haven't received the requested information within 30 days we mark the application as "complete with partial or no verification."

 

8-point verification

All of these points are checked whether we verify the information or you do.

If we do the verification, parents receive an automated email asking for information. The minimum we request:

1. 4 most recent pay stubs (Calculations are based on current conditions, not last year's 1040)

2. Tax return. If they own a business, we also ask for business returns.

If any of the following items fall outside of normal parameters, we verify:

3. Utilities
4. Insurance
5. Monthly Medical Expenses
6. Work-related child care
7. Child enrolled in another private school

8. College tuition
 

In addition to this 8-point check, we also ask for an explanation if:

 

They have cash > $10,000
They have a tax return > $2,500
Income is < 80% of last years income
Income exceeds expenses
Income is $0

 

Confidential Financial Services

PO Box 6903

Colorado Springs, CO 80934

 

Owned and operated by

Development Testing Services, LLC

888-685-5783

719-687-0705 FAX

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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