What happens if I don't verify my FAFSA?

If you can't or don't provide this information to the school when asked, the student may not receive federal student aid. If the student receives federal student aid based on incorrect or fraudulent information, they'll have to pay it back. You may also have to pay fines and fees.

What happens if you don't do FAFSA verification?

What happens if I don't complete FAFSA verification process? Your college can withhold your financial aid until you've completed the verification process. To avoid any delays in your financial aid, submit the information requested by your college as soon as you can.

Why am I being asked to verify my FAFSA?

Verification is a step toward ensuring you're reporting the most accurate information on your FAFSA to receive the most financial aid possible.

What if I miss the FAFSA verification deadline?

If you miss the deadline to submit your information, it will delay the disbursement of your financial aid. In some cases, you might even lose your aid. Respond as quickly as you can! Make sure you submit the documents in the way the college asks for them (such as by mail, a secure portal or even email).

What happens if I don't use my FAFSA?

What happens to the leftover financial aid money? Well, that depends on you and how you want to handle it. In general, you'll receive a refund. You can then decide whether to send the money back or keep it and use it for future educational expenses.

FAFSA Verification: What to Do if You're Selected

Do I have to pay FAFSA back?

Luckily, there are plenty of types of financial aid, like grants and work-study, that you don't have to repay! But if you borrowed student loans after completing the FAFSA, then you'll have to pay that money back.

Do you have to pay FAFSA back if you don't finish?

The type of aid you receive after filling out the FAFSA determines if you need to pay it back. Grants, scholarships, and work-study money don't need to be repaid but have finite funding limits. You will need to repay subsidized, unsubsidized, and Direct Plus Loans.

How long does it take to verify a FAFSA?

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.

How many students are selected for verification?

After you submit your FAFSA or CA DREAM ACT APPLICATION, you may be asked to submit more documents. This process is verification and 20% of students get selected, so you are not alone! Check your MyUCLA portal to see the status of any document requests.

Does FAFSA check with IRS?

The law now allows IRS to provide the limited tax information necessary to verify income for these programs directly to ED. The automated process will happen in real-time for individuals after providing approval to ED during the online application process.

How does FAFSA check your income?

In most cases, the FAFSA uses the IRS Data Retrieval Tool to populate your adjusted gross income. However, if you entered it on your own without the tool, you may be asked to submit copies of your tax returns or W-2 forms.

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.

Can FAFSA trigger an audit?

Every year millions of students undergo a complex audit after they submit their Free Application For Federal Student Aid—the application form for most college financial aid.

Can I skip FAFSA for a year?

You must submit the FAFSA every year you're in college if you want to receive aid. Anna Helhoski is a senior writer covering economic news and trends in consumer finance at NerdWallet.

Is FAFSA a loan or free money?

It is not the financial aid itself. However, the FAFSA enables the student to qualify for many types of financial aid from several sources. Some of this money is free money, some must be earned through work, and some must be repaid. There are three main types of financial aid.

Is FAFSA a loan or grant?

The FAFSA is not a loan. It is an application form. However, you can use the FAFSA to apply for financial aid and federal student loans. The FAFSA, or Free Application for Federal Student Aid, is used to apply for several types of financial aid, including grants, student employment and federal student loans.

Is lying on FAFSA a felony?

Lying on your FAFSA^® is considered fraud and it is deemed a felony and could result in up to 5 years in prison and/or a $20,000 fine.

How many warnings does FAFSA give you?

You can only be granted a 'warning' status for one semester. You are not allowed to receive consecutive “warning” semesters of financial aid.

What is the most common mistake made on the FAFSA?

Does the FAFSA check your bank accounts?

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.

Who verifies FAFSA?

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.

Where should I put money to avoid FAFSA?

Use Reportable Assets to Pay Off Debt and Other Obligations

So, using a reportable asset to pay down non-reportable debt, such as credit card debt and auto loans, will make the reportable asset disappear from the perspective of the financial aid formula.

How often do FAFSA get audited?

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.