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In this video we go over, "How Colleges Know If You're Telling The Truth On Financial Aid Forms." We go over how they look at your taxes and how they determine if you have been truthful on financial aid forms about your assets in checking, savings, investment etc. Fafsa and CSS Profile forms both require multiple levels of verification forms.
During verification, the college financial aid administrator will ask the applicant to supply copies of documentation, such as income tax returns, W-2 statements and 1099 forms, to verify the data that was submitted on the Free Application for Federal Student Aid (FAFSA).
Verification is intended to improve the accuracy of the information submitted on the FAFSA. It is not intended to function like a forensic audit. But the college financial aid office may not process requests for professional judgment or disburse federal student aid until the verification process is complete.
With targeted verification, the federal processor will use a risk model to identify FAFSA data elements that are prone to error, which appear anomalous or which seem inconsistent. Only those FAFSA data elements flagged by the federal processor will be subjected to verification. The federal processor is likely to flag fewer than five data elements for most applicants, but some may have more than five data elements flagged. Most colleges that previously verified only 30% of their student’s FAFSAs will end up verifying more FAFSAs but fewer total data elements.
You might see a note on your SAR saying you’ve been selected for verification; or your school might contact you to inform you that you’ve been selected. Verification is the process your school uses to confirm that the data reported on your FAFSA form is accurate. If you’re selected for verification, your school will request additional documentation that supports the information you reported.
Don’t assume you’re being accused of doing anything wrong. Some people are selected for verification at random; and some schools verify all students' FAFSA forms. All you need to do is provide the documentation your school asks for—and be sure to do so by the school’s deadline, or you won’t be able to get financial aid.
Asset verification form completed by a financial institution, broker, etc., indicating the current value of the assets and penalties or reasonable costs to be incurred in order to convert non- liquid assets into cash, or the cash value of the asset.
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If you need help with the college process please fee free to contact us at info@principiaprep.com or call at 908-400-1363.
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