FAFSA Verification: What You Need to Do to Secure Financial Aid
If you are selected for financial aid verification, you are not alone! About 30% of all FAFSA filers are selected for FAFSA verification. But, what happens when your FAFSA form is selected for verification?
Financial aid is essential for many students who wish to pursue higher education. However, before you receive financial aid, you must complete the Free Application for Federal Student Aid (FAFSA) form. The federal government uses this form to determine your eligibility for federal student aid. But, what happens when your FAFSA form is selected for verification?
If you are selected for financial aid verification, you are not alone! About 30% of all FAFSA filers are selected for FAFSA verification. This process ensures that the information provided on your FAFSA form is accurate, and you are eligible for the financial aid you have been awarded.
What is Financial Aid Verification?
FAFSA verification is a process through which colleges and universities confirm the accuracy of the information provided on a student's FAFSA form. The federal government generally requires schools to collect documentation to check the accuracy of a student’s FAFSA information; if selected, the verification process must be completed before financial aid can be awarded.
When Does Financial Aid Verification Occur?
Your FAFSA form may be selected for verification by the U.S Department of Education, your college, or both. Typically, the verification process starts once you submit your FAFSA form to the Department of Education. You will receive a Verification Notice from the Department of Education if you have been selected for verification. Your college or university may also notify you if you have been selected for verification.
What Documents Are Required for Verification?
To complete the verification process, you will need to provide specific documents. Typically, you will need to provide documents that confirm your identity, household size, and financial information. These documents may include:
Signed copies of the prior year's tax transcripts (parent and student)
A Verification Worksheet (downloadable from the Dept of Education website)
W-2s showing wages (parent and student)
Statement of child support paid
Verification of assets/net worth
Documentation of food stamps/SNAP benefits
It's important to note that the best way to complete the verification process is to use the IRS data-retrieval procedure to automatically populate the student’s and parents’ tax information directly from the IRS. Explicit directions for this are provided with the Verification Notice. However, some families may choose not to use the IRS data-retrieval system or are ineligible to do so. In these cases, only a signed tax return transcript will be accepted as documentation to verify tax information. The tax return transcript must be requested directly from the IRS by calling 1-800-908-9946, or by retrieving a transcript directly from the IRS website. Be sure to request the “tax return” transcript and not a “tax account” transcript.
What Information Needs to be Verified?
When selected for verification, colleges may request that you verify the following data elements from your FAFSA:
Adjusted gross income (parent and student)
Taxes paid (parent and student)
Certain untaxed income items
Household size
Number of students in college (excluding parents)
Receipt of food stamps/SNAP benefits
Child support paid
Any inconsistent or conflicting information
How Long Do You Have to Complete the Verification Process?
If you have been selected for verification, it's essential to complete the process as quickly as possible to avoid delays in receiving financial aid. In some cases, failing to meet the verification deadlines may result in the student not receiving any aid at all, which can be a devastating blow to a student's academic journey.
Therefore, it's crucial to take the verification process seriously and ensure that all necessary documents are submitted on time. If you are confused about the process, don't hesitate to reach out to the financial aid office for assistance. They can provide guidance and support throughout the process, ensuring that you understand what is required of you and how to complete the process efficiently.
It's also important to note that the verification process is in place to ensure that financial aid is awarded accurately and fairly. By completing the verification process, you are helping to maintain the integrity of the financial aid system and ensuring that those who need it the most receive the assistance they require.
Take Action
In conclusion, the verification process is a necessary step in receiving financial aid, and it's essential to complete it as efficiently as possible. Remember, financial aid can make a significant difference in your ability to attend college and achieve your academic goals. Don't let the verification process stand in the way of your success. Take action now to navigate FAFSA verification efficiently. Gather required documents, meet deadlines, and seek assistance if needed. Completing verification ensures fair distribution of aid and opens doors to higher education. For guidance and support, schedule a call with us today.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by GW Financial, Inc. to provide information on a topic that may be of interest. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2024 GW Financial, Inc.