As the 2017-2018 award year nears its end for many schools, the Department has begun its annual sweep of, outstanding verification status codes on the COD website. Although the regulations on interim disbursements changed to limit the scenarios under which a FAO can submit an interim disbursement on a student’s Pell award several years ago, there are still a few times when it is appropriate to do so. When this occurs, disbursement information is typically reported to COD with a verification status code of “W”, for any interim disbursements that have been made. For all other recipients selected by the CPS the FAO will either report a “V” for applications which have been verified or for those which were selected but never verified simply “S”. Schools must verify all applicants that were selected by the CPS must report one of these statuses for each student unless they meet one of the exemptions (i.e. student never enrolls, dies etc.). If you didn’t report all your verifications by April 25, funds were automatically deobligated and on April 25 and reduced to zero ($0.00) on COD for anyone still in a W status. Since your school’s CFL on G5 is driven by disbursements, your CFL was likely reduced too.
Institutions with year-round rolling admissions and non-term courses often package students from the current award year right up to June 30 each year. As a result, many students who begin their program in the spring or early summer may be within the allowable timeframes for submitting verification documents and completing the verification process. In those cases, and in accordance with the allowable timeframe in the Federal Register notice, the school may resubmit a disbursement record with a value greater than zero ($0.00) until October 1, 2018. Otherwise, verification documents typically must be reviewed by the institution no later than September 22, 2018 or 120 days after the students last date of enrollment for the 2017-2018 award year or whichever is earlier. Remember for students selected for verification tracking groups V4 and V5, institutions must submit identity and high school completion status verification results no later than 60 days after the student was first selected for verification.