Fafsa verification????
The school will ask you to fill out a "Verification Worksheet" which will list anyone in your household, who within that household is in college and ask for other income information that is not on a tax return. They will require your and your parents (if applicable) tax return. They will not require asset information verification unless something on your tax return conflicts with your asset information. An example would be if your tax return indicates you have rental property but did not report an asset on your FAFSA, or if you have large amount of interest income on your tax return but did not report on the FAFSA any savings accounts. Overall, verification is an easy process. Relax, it is a formality for most as the school are required to verify at minimum 30% of financial aid applicants.
Question about FAFSA application question 90 about parents total cash, savings, and checking accounts?
I must enter the total amount of checking accounts that my mother has on the FAFSA; however, I have a shared account with her as well. Do I count all of that money in the account for her as well as for me the student?
Fafsa verification...PLEASE HELP!!!!?
Ok, I'm kind of freaking out here. I'm 27 and I'm trying to go to school and better my life and become a nurse, and luckily I got accepted into my school of choice. Anyway, I filled out my fafsa and since I'm 27 and an independent (I still live w/ my parents tech though) and I didn't make any money this year or last year (I was in school for medical assisting & completed and graduated all during this time though. Unfortunately there are no jobs in that field anywhere around me, hence why I want to become a nurse & have a nice steady job, plus I really care about people and like taking care of them) So since I wasn't making any money, I didn't file for taxes & I didn't need my parents taxes because I'm 27 and an independent. Anyway, I just found out that I was selected for verification (this couldn't have come at a worse time, since I'm trying to scrap up whatever I can,(I just started doing online surveys&writing articles for hubpages etc to make some extra income for school supplies and uniforms etc) The problem is they are now requesting my tax forms and since I didn't make any money (which I put on the original fafsa) I didn't file, so I have nothing to show them. I don't know what to do and I'm freaking out and I feel like I'm about to lose everything and all I want to do is become a nurse get straight A's, and become a productive member of society and now It's all going down the drain. Also since I'm 27 will they be able to now (since I'm selected for verification now) be able to ask for their tax information? Is that even allowed? The only reason I ask this is because "tech" on paper it looks like my Dad makes alot of money (I swear he's barely scraping by just paying the mortgage every month.) and I'm afraid that I won't get approved then. My boyfriend says that legally because I'm 27 that they can't use my parents tax info even for verification, but I'm freaking out over not even having my own tax forms filed that I feel like I'm gonna pass out. Any help or advice or guidance would be so greatly appreciated, thank you.
FAFSA verification... what do I do?
Ok, I have been selected for FAFSA verification and I am a 19 year old dependent living with my mother. She only made $2119 in untaxed income from working for an older guy (cooking him food, helping around the house, etc) and I reported on the FAFSA that I made $4000 from my job but I didn't file a tax return (it was under the table). I heard they ask for your W-2 forms but what if i dont have any because i made money under the table? should i have just said i made $0. I am really worried because i dont want them to get the IRS involved and make me pay all my taxes/ get my employer in trouble. My EFC was 0 because of that amount. I believe my mom's boyfriend also makes money under the table from his job as a cook (but the fafsa didn't ask for his income) although in verification i think it does. so thats kind of how can even afford living. What should I do when I go to the financial aid office? What proof can i give them? I wish SOMEONE made taxed income but unfortunately no one does, and i desperately need the financial aid if I want to have a chance at making it through school. Everything i put on the FAFSA was accurate so i am wondering why i got selected for verification and what i should do
Are schools allowed to ask for bank statements to give financial aid?
As non-merit financial aid becomes less available, universities are asking for more proof of income and assets. It is to your advantage to provide the documentation because if as you state, your family assets are less than they believe, the financial aid department will put you into consideration for university based aide to make up the difference financially for you to attend their school if you are their desired choice. As an example, I went to Xavier University and could not qualify for much non-merit based financial assistance because I owned property and had investments. However, because they really wanted me to attend and felt I would be an asset to the university, they totaled up my merit based scholarships, the in kind assistance and loans, compared that to the tuition and fees and my asset availability and investments, found a net difference in my favor and offered me additional funds to attend their school. I could have attended a publically funded state school just with what I had because their tuition for in state students was so much lower and I had been accepted. They have now to verify "estimates" before they can consider you for real money. I really think they are trying to help you here with their own additional university based scholarships, honor loans and assistance.
What happens if you lie about your income on the FAFSA form when applying to colleges?
If you lie on the FAFSA, you will get caught. College financial aid administrators have more experience in detecting fraud than families have in committing it.The U.S. Department of Education uses a sophisticated risk model to select some FAFSAs for verification. College financial aid administrators can select additional FAFSAs for verification. Some colleges voluntarily verify every FAFSA.Verification requires the family to produce third party documentation for the data elements on the FAFSA. For example, if the family did not use the IRS Data Retrieval Tool to complete the FAFSA, they may be required to have the IRS send a tax return transcript to the college. If the college has any conflicting information about the student’s eligibility for financial aid, they are prohibited from disbursing the aid until the conflicting information is resolved.If you lie on the Free Application for Federal Student Aid (FAFSA), you will have committed fraud. The Higher Education Act of 1965 provides for fines of up to $20,000 and up to five years in jail.In some cases, the fines and jail time may be greater, either because of multiple counts of fraud or because the case will be prosecuted under other violations of federal law, such as wire fraud.In most cases the family will be required to repay all of the student aid fraudulently received.Many colleges consider lying on the FAFSA to be a violation of their student honor code, which can lead to the student being expelled.Fraud on the FAFSA can be reported to the Office of the Inspector General at the U.S. Department of Education by calling 1–800-MIS-USED (1–800–647–8733).
Can FAFSA look into your bank account?
the fafsa is just the name of an application and an online application can't "look" at anything. You do sign the paperwork and by doing so say you are telling the truth. when you don't, they will ask for your paperwork to prove the info you told was the truth. They can (and will) ask for your taxes or your bank statements for you to prove what you are saying. your bank account info is AS OF THE DAY you fill out the fafsa. if you have 1000 in the bank (or in cash) on the day you fill out the fafsa you must report it! Many people think this is going to significantly effect the aid they get, but it doesn't... honestly!
How should I get started on college applications?
I’m currently working with some of North America’s brightest students on this exact issue.Here’s a brief plan anyone can follow to get from out-witted to admitted. :)Educate yourself on the basics (or have someone like me help you).Do you understand…FAFSACSSadmissions statistics (you may be surprised how qualified you actually are!!)how early decision workshow a LOAN works?2. Educate yourself on the specific programs to which you fit in collegesIt is not enough to just “figure it out when you get there.” Why?Because less qualified people with a specific plan can get in ahead of you.colleges care about fit. Do your homework and find out where you fit.An ounce of fit is worth a pound of prestige.3. Now that you know where you fit, brush up the list of schools to which you are applying. Narrow it down to “reaches,” “expected admits” and “safeties.”“Reach:” statistically improbable that you will be accepted, yet possible“Expected:” statistically likely that you will be accepted“Safety:” almost certain that you will be acceptedNow you’ve got a handle on that, so the nuts and bolts of applying will be easy.4. Polish your writing.ask teachers to help you. If you don’t trust them or they don’t have time, hire someone to help you. You have no idea how much this will help you for schools in which your application is “on the fence.”read. Do a lot of reading before your write your essays. It’s like saving up money to buy a house. You can’t buy a house without money. You can’t write without reading.5. Ask teachers to help you, again.This time—for LORs. Be very careful to only choose those teachers that know you very well. Otherwise, their recommendation will sound insincere and vague. Colleges can sniff that out easily.Same goes for your other LORs. And please, choose someone outside your family! :) Of course your parents know you well, but come on! You should easily find someone else to vouch for your abilities.Best of luck!For more tips, check out my podcast on iTunes and reach out here if you are looking for more specific help.