Quick Answer: What Does It Mean When Your Fafsa Is Selected For Verification?

Is fafsa verification bad?

Contact your financial aid office In many cases, going through the verification process will not affect how much aid you receive.

However, there’s a chance your financial aid package could change.

If there was a problem with your FAFSA, you could end up receiving less financial aid than you expected..

What do I do if I am selected for fafsa verification?

Here’s what to do if you’re selected for FAFSA verification.Gather your documents. There are five main areas from your FAFSA that you might be asked to verify. … Fill out your FAFSA verification worksheets. … Send in your verification materials before your deadline. … Follow up on changes to your financial aid package.

How long does the verification process take for financial aid?

three to four weeksVerification processing time is generally three to four weeks during peak season (June-October), and two to three weeks during non-peak season (November-May). Therefore, students should start the process as soon as possible.

What does it mean if you are selected for verification?

If you are selected for verification, you’ll be asked to submit information that proves your FAFSA® is accurate. In most cases, students are selected for verification at random, although some students may be asked to verify information that is seemingly incongruous with other parts of their application.

Can I correct my fafsa after the deadline?

If you’ve received your Student Aid Report (SAR) and realized that something on your FAFSA® is incorrect, it’s not too late to make changes. You can change most information on your FAFSA® until it closes for the year or before your schools designated deadline.

How many times can I correct my fafsa?

When you submit the FAFSA you can list 10 schools at a time. If you want to add different schools, you can replace schools with new ones after the fact. But if you make additional changes afterward, the removed schools won’t receive any updates.

Why would my fafsa be selected for verification?

Most FAFSAs are selected for verification because of issues involving income and taxes. If a data element is transferred from a federal income tax return to the FAFSA, it is not selected for verification.

Will fafsa know if I lie?

You lose the money. If you received student financial aid because of lying on the FAFSA, you must return it. … The Inspector General at the Department of Education will be alerted to your fraud after a school audits your FAFSA.

What happens if you made a mistake on fafsa?

Oops – I Made a Mistake on the Form. Can I Fix It? Making corrections to your form is easiest online, but you must wait until your application has been processed. You can make corrections or updates to your FAFSA form on the Federal Student Aid website.

Can fafsa check your bank account?

Does FAFSA Check Your Bank Accounts? FAFSA doesn’t check anything, because it’s a form. However, the form does require you to complete some information about your assets, including checking and savings accounts.

Where can I see how much fafsa gave me?

Go to fafsa.gov. Click the Log In button and enter your FSA ID on the left. Only you, the student, should know or use your FSA ID. Select View or Print your Student Aid Report (SAR) from the “My FAFSA” page.

Is fafsa really first come first serve?

Loan money will always be available, but grants (more free money!) are always the first to go. If you file FAFSA® early, you’ll have a better chance of being awarded money that you don’t have to pay back, based simply on availability.

What happens if you don’t use your fafsa money?

Don’t forget that you need to fill out the FAFSA every year while you’re still in college. If you don’t, you will lose your financial aid eligibility, and you won’t receive the grants, loans or work-study funding on which you might be counting.

How do you know if your Fafsa is selected for verification?

An asterisk next to the expected family contribution amount on your Student Aid Report, or SAR, is an indication that the FAFSA was selected for verification.

Does fafsa check with IRS?

Double-check your FAFSA. You can cut down on mistakes if you use the IRS Data Retrieval tool, which automatically imports information from your tax returns to the FAFSA.