How many students get selected for FAFSA verification?

If this year is like previous ones, approximately 18% of students will be selected for verification. By way of comparison, the IRS audits less than 1% of tax filers. NASFAA's prior research shows that most students selected for verification see no change in their financial aid.

Does everyone get selected for FAFSA verification?

The U.S. Department of Education selects around 25 percent of all filers for verification. Your FAFSA being selected for verification may not be a problem. Sometimes, it can happen randomly or your school may want to verify all forms. Follow the instructions you receive to make the process as smooth as possible.

What percent of students get verified for FAFSA?

FSA announced some good news at its most recent conference: For the current 2021-22 FAFSA cycle, the verification selection rate for all filers was reduced from 22% to 18%. However, the selection rate for Pell Grant-eligible FAFSA filers remains much higher.

Who selects students for verification?

Each year, the federal (FAFSA) or state (DREAM Act) application processor selects students for verification. The school will request documentation to verify the information you provided on the FAFSA or Dream Act application.

What happens if you fail FAFSA verification?

If students fail to complete verification, they may fail to receive federal aid and, in some cases, also become ineligible for institutional or state aid.

FAFSA Verification: What to Do if You're Selected

What triggers FAFSA verification?

Some FAFSA applications are selected because of inconsistent information, and others are chosen randomly. The Office of Financial Aid will request copies of your (and if a dependent student, your parents') IRS tax return transcript(s) and W-2s, as well as a verification worksheet if you are selected.

What does it mean if you are selected for verification for FAFSA should you be worried if you are selected?

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.

How are students notified they are selected for verification?

Either your college will notify you, or you'll learn from your Student Aid Report, which comes from the U.S. Department of Education's Federal Student Aid (FSA) office after you submit the FAFSA. Being selected for FAFSA verification doesn't mean you did anything wrong or have a reason to be concerned.

Why did I get selected for verification?

Being selected for verification does not mean you did anything wrong! You were probably chosen at random, like the vast majority of those selected. Other reasons for selection are due to providing estimated information, your application was incomplete, or there were inconsistencies found in your application.

Does FAFSA verify your income?

Some types of information that might be verified include income, taxes, education tax credits, child support, high school completion status or number of members in your household. You can reduce the chances of a verification by importing information from your FAFSA directly from the IRS's data retrieval tool.

What percentage of students are selected for verification?

In the 2021-2022 academic year, recognizing that the pandemic already created enough burdens for students, their families, and colleges, the Department chose to reduce the percentage of students selected for verification from 18% to 3-4%, targeting only cases of likely fraud.

How long is the FAFSA verification process?

How long does the verification process take? Verification processing time is generally two to three weeks during peak season (June-October), and one to two weeks during non-peak season (November-May). Therefore, students should start the process as soon as possible.

What disqualifies a student from FAFSA?

Enrollment in an eligible degree or certificate program, and maintenance of satisfactory academic progress are also essential criteria. Applicants should not be in default on federal student loans, should not have convictions for certain drug offenses, and must demonstrate financial need for need-based programs.

What happens if you fail to meet the deadline for verification?

A student who fails to submit a copy of the filed tax return or alternative documents before the documentation deadline is ineligible for FSA funds and is required to repay any aid disbursed.

Does FAFSA verification ask for bank statements?

Bank statements and records of investments (if applicable), net worth of investments, businesses, and farms. Records of untaxed income (if applicable) An FSA ID (account username and password) to log in to StudentAid.gov and start the FAFSA form electronically.

What does flagged for verification mean?

Why do people get selected for verification? There are a variety of reasons students have their FAFSA flagged for verification, including random selection, applying to a college that verifies all students, to protect against identity theft, or most commonly, there was a mistake on your FAFSA that needs clarification.

How do you know if your verification request was denied?

Once the Instagram authorities have decided, you'll receive a notification in the app telling you whether or not you are Instagram verified. If your request is denied, don't lose hope! You can submit a new request after 30 days.

How often does FAFSA audit?

The FAFSA is required for federal loans and grants, as well as aid awarded by states, colleges, and some scholarship programs. Still, 1 out of 3 FAFSA applications are selected each year for verification, an audit-like process to prove the information you provided is correct.

Does FAFSA verify bank accounts?

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.

Who is responsible to verify the accuracy of a student's FAFSA when selected for verification?

Verification is a quality-control method used by the U.S. Department of Education to verify the accuracy of the information submitted on the Free Application for Federal Student Aid (FAFSA) or other documents submitted to the GSEP Financial Aid Office.

What is one way to automatically qualify for Pell Grants?

To be eligible for the Pell Grant and other federal aid, you need to complete a Free Application for Federal Student Aid (FAFSA). To remain eligible throughout college, you must also fill out a FAFSA every year you're in school.

How does FAFSA verify assets?

If you are selected for FAFSA verification, you will be asked to provide more documentation. This verification request can come from the school you will be attending (school-requested verification) or from the U.S. Department of Education. Verification could be financial, identity or statement related.

What additional information may be required if a FAFSA is flagged for verification?

Schools may accept for verification any IRS tax transcript that includes all of the necessary information: adjusted gross income, U.S. income tax paid, untaxed IRA distributions, untaxed pensions, education credits, IRA deductions and tax-exempt interest.

What is the maximum FAFSA grant?

Although $7,395 is the maximum Pell Grant Scheduled Award for the 2024-2025 award year, institutions are reminded that a student may be eligible to receive Pell Grant funds for up to 150 percent of the student's Pell Grant Scheduled Award for an award year.

What income is too high for FAFSA?

Both students and their parents often think their household income makes them ineligible for financial aid. However, there's no income limit for the FAFSA, and the U.S. Department of Education does not have an income cap for federal financial aid.