Our Verification Processes Let You Do More For Students
While different institutions adhere to different levels of verification, the FolderWave platform is flexible enough to support these various philosophies.
We can support your process through a central processing service that handles both paper and electronic supporting documents—or you can outsource the process to us. Our solution will work for individual or multiple institutions.
There are numerous benefits: reduced audit risks, improved cycle time, improved service to students and families, and better staff morale.
Here are some highlights:
- A central portal for parents and families to upload their tax returns that are in electronic format (PDF, jpg, etc.).
- Electronic capture of the pertinent fields from tax documents required for verification in a manner aligned with your business rules that ensure the proper data capture, document classification, and verification.
- Automated verification of some records occurs through an intelligent rules process, the remaining are evaluated and verified by a scalable Financial Aid staff at FolderWave. The verified data is then delivered to the schools in a standardized way for easy ingestion into on-campus systems such as Banner, etc..
- Centralized, but institution-specific, rules can be set for required credentials.
- A centralized Status Portal allows applicants see the status of their application in one place.
- Our portal, along with automated requests for missing information, supports increased engagement by reminding applicants and their families what has been received and what is outstanding. In addition, we offer, via our forms library, instructions tailored to your institutional requirements that help demystify the FAFSA process and improve completion rates.
- A central PO box provides a delivery point for physical documents, which will be scanned, indexed, and processed then delivered electronically.
- The automated monitoring and flagging of requested/received documents along with reminders where appropriate will require little staff intervention once configured but will flatten some processing spikes and promote greater program participation.