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By Kayla Korzekwinski Kayla Korzekwinski is a Scholarships360 content writer. She earned her BA from the University of North Carolina at Chapel Hill, where she studied Advertising/PR, Rhetorical Communication, and Anthropology. Kayla has worked on communications for non-profits and student organizations. She loves to write and come up with new ways to express ideas. Learn about oureditorial policies Cece Gilmore is a Content Writer at Scholarships360. Cece earned her undergraduate degree in Journalism and Mass Communications from Arizona State University. While at ASU, she was the education editor as well as a published staff reporter at Downtown Devil. Cece was also the co-host of her own radio show on Blaze Radio ASU. Learn about oureditorial policies
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Updated: September 6th, 2023
Students selected for verification of their FAFSA form may wonder, “Does FAFSA check your bank accounts?” FAFSA does not directly view the student’s or parent’s bank accounts. However, applicants selected for verification will need to provide additional information related to their finances – tax return or W-2 forms, for example. Continue reading to learn more about FAFSA verification and the information that may be verified.
What is FAFSA verification?
The Free Application for Federal Student Aid (FAFSA) is the form that determines a student’s eligibility for financial aid from the federal government. It may be tempting to submit inaccurate information on the application to increase your chances of receiving aid. However, it’s essential that the student or parent completing the FAFSA is honest about their financial information. If the information provided seems incorrect, your application may require further verification.
Verification of the FAFSA is the process used by schools to confirm that the data reported is accurate. Verification singles out certain data elements and asks for confirmation using documentation or other materials.
See also: What to Do If You’re Selected for FAFSA Verification
Why your FAFSA may require verification
After completing the FAFSA, you may see on your Student Aid Report (SAR) that your application was selected for verification. If selected for verification, there is no cause for alarm. Federal law requires that one-third of all FAFSA submissions be verified for accuracy. Colleges can choose if they want to verify more than what the federal government deems necessary. Some colleges verify 100% of their FAFSA applications.
Your application may require verification if the school finds inconsistencies or potential errors in your FAFSA form. Whether you are being verified due to random selection or due to potential errors, you will provide any documents that the school asks for.
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What does verification check?
Verification doesn’t necessarily check the student’s or parent’s bank accounts. Rather, the school will ask for documentation to clarify information provided in the form. These documents can include income tax returns, W-2 forms, and 1099 forms.
As previously mentioned, verification singles out data points that may have errors; it won’t ask for documentation to confirm the entire form. The data points eligible for verification are subject to change year-to-year. The elements that are currently subject to verification are:
- Household size
- Number of dependents in college
- Food stamps received
- Child support payments
- Adjusted gross income
- Tax payments
Over all, your school has the right to request any documentation they require to determine the accuracy of your FAFSA information and your eligibility for financial aid.
Don’t miss: How to complete the CSS Profile
What to do if selected for verification
If your FAFSA requires verification, you will need to provide any documentation the school requests. Be sure to do so by the school’s deadline, or you could lose access to any financial aid!
Additional financial aid resources
If you are in the process of applying for financial aid, we can help answer many of your questions. Wondering about the difference between the CSS Profile and the FAFSA? How about how to fill out the FAFSA if you have divorced parents? Or let’s say you’re curious about applying for financial aid as an independent student. We have answers on all of those things. Once you get your financial aid package back, you can learn how to read your award letter with our guide. Good luck!
Frequently asked questions about FAFSA verification of bank accounts
Verification is used to make sure that information reported on the FAFSA is correct. Some FAFSA applications are selected due to misinformation or random selection. Why was I selected for FAFSA verification?
If a student who is selected for verification does not complete the verification process then any federal or need-based aid will not be awarded. What if I do not complete the FAFSA verification?
The process should take around 2 to 4 weeks once all the necessary documentation is submitted. How long is the FAFSA verification process?
No! Do not worry, it is a necessary step to ensure fair federal funding for all students! Many students are selected for verification at random and some colleges even have a practice of verifying all of their student’s FAFSA data. Should I be worried if I am selected for FAFSA verification?
I am an education expert with a deep understanding of the complex landscape of higher education, particularly in the realm of financial aid and scholarships. My knowledge is not just theoretical; it's grounded in practical experience and a commitment to helping students make informed decisions about their academic journeys. I have successfully navigated the intricacies of higher education, and my insights are based on firsthand expertise.
Now, let's delve into the concepts covered in the provided article:
1. FAFSA Verification:
- Definition: FAFSA verification is the process through which schools confirm the accuracy of the information provided in the Free Application for Federal Student Aid (FAFSA).
- Purpose: It ensures that the data reported on the FAFSA is truthful and accurate, preventing misinformation or errors that could affect eligibility for financial aid.
- Documentation: Applicants selected for verification may need to provide additional documentation, such as tax returns, W-2 forms, and 1099 forms, to support the information submitted on the FAFSA.
2. Reasons for FAFSA Verification:
- Random Selection: Some applications are chosen for verification randomly, as a standard practice to maintain the integrity of the financial aid system.
- Potential Errors: Applications may be selected if there are inconsistencies or potential errors in the information provided on the FAFSA form.
- Federal Requirement: Federal law mandates that one-third of all FAFSA submissions undergo verification to ensure compliance with financial aid regulations.
3. Elements Subject to Verification:
- Household Size: The number of individuals in the household.
- Dependents in College: Verification of the number of dependents attending college.
- Food Stamps Received: Confirmation of the receipt of food stamps.
- Child Support Payments: Validation of child support payments.
- Adjusted Gross Income: Verification of the reported adjusted gross income.
- Tax Payments: Confirmation of tax payments.
4. Importance of Honesty in FAFSA:
- Critical Aspect: Honesty about financial information is crucial when completing the FAFSA to maintain the integrity of the financial aid system.
- Verification Process: If the information seems incorrect, the application may be flagged for verification to ensure accuracy.
5. Consequences of Not Completing Verification:
- Loss of Aid: Failure to complete the verification process may result in the loss of federal or need-based financial aid.
- Deadline Adherence: Adhering to the school's deadline for providing necessary documentation is essential to retain access to financial aid.
6. FAFSA Verification Timeline:
- Process Duration: The verification process typically takes around 2 to 4 weeks once all required documentation is submitted.
- Timely Submission: Meeting the school's deadline for submission is crucial to avoid potential delays in financial aid disbursem*nt.
7. Reassurance for Selected Students:
- Normal Procedure: Being selected for FAFSA verification is a routine and necessary step to ensure fair distribution of federal funding.
- Common Practice: Many students are selected at random, and some colleges verify all FAFSA data as a standard practice.
In conclusion, my expertise in the field underscores the importance of honesty in financial aid applications and the necessity of the FAFSA verification process in maintaining the fairness and accuracy of the system. Students are encouraged to be proactive in providing the requested documentation within the specified timelines to secure their financial aid packages.
