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Understanding the Financial Aid Verification Process

By Edited Apr 27, 2015 0 0

Applying for financial aid is a must for most students as they scramble to get enough money to cover the rising cost of tuition and books for their college education. While many students breeze through completing the Free Application for Federal Student Aid (FAFSA), a select few get caught up in the verification process. Although it may seem scary, there's nothing to worry about as long as you were honest when applying for financial aid.

Each year approximately 30 percent of people applying for financial aid are selected for verification. There are a number of different reasons why your application may have been selected. A certain number of applications are randomly selected for verification while others are chosen as a result of missing or inconsistent information.

When you receive written notification that your FAFSA has been selected for verification, you will be provided with a list of documents that you need to submit. These may include tax forms, W-2s or interest statements which will be compared to the information submitted on your FAFSA to ensure it is accurate.

To ensure you get your financial aid awarded as soon as possible, you need to submit the requested documents as soon as you get notified. The financial aid verification process can't start until all documents have been received, and your financial aid can't be awarded until the verification has shown that your FAFSA information is accurate.

Should you have any questions while going through the verification process, don't hesitate to contact a financial aid counselor at your college or university. They are there to assist you through the financial aid process and answer any questions you might have. In addition they can provide reassurance that verification happens to many students at the college, not just you.

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