How Colleges Know If You're Telling The Truth On Financial Aid Forms? Verification Fafsa CSS Profile
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- Опубликовано: 19 окт 2021
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In this video we go over, "How Colleges Know If You're Telling The Truth On Financial Aid Forms." We go over how they look at your taxes and how they determine if you have been truthful on financial aid forms about your assets in checking, savings, investment etc. Fafsa and CSS Profile forms both require multiple levels of verification forms.
During verification, the college financial aid administrator will ask the applicant to supply copies of documentation, such as income tax returns, W-2 statements and 1099 forms, to verify the data that was submitted on the Free Application for Federal Student Aid (FAFSA).
Verification is intended to improve the accuracy of the information submitted on the FAFSA. It is not intended to function like a forensic audit. But the college financial aid office may not process requests for professional judgment or disburse federal student aid until the verification process is complete.
With targeted verification, the federal processor will use a risk model to identify FAFSA data elements that are prone to error, which appear anomalous or which seem inconsistent. Only those FAFSA data elements flagged by the federal processor will be subjected to verification. The federal processor is likely to flag fewer than five data elements for most applicants, but some may have more than five data elements flagged. Most colleges that previously verified only 30% of their student’s FAFSAs will end up verifying more FAFSAs but fewer total data elements.
You might see a note on your SAR saying you’ve been selected for verification; or your school might contact you to inform you that you’ve been selected. 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. Some people are selected for verification at random; and some schools verify all students' FAFSA forms. All you need to do is provide the documentation your school asks for-and be sure to do so by the school’s deadline, or you won’t be able to get financial aid.
Asset verification form completed by a financial institution, broker, etc., indicating the current value of the assets and penalties or reasonable costs to be incurred in order to convert non- liquid assets into cash, or the cash value of the asset.
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If you need help with the college process please fee free to contact us at info@principiaprep.com or call at 908-400-1363.
#College #Financialaid #highschool
Always great information!! thank you!
Thank you for watching and helping the scholarship fund
Always wondered about this. Thanks. Roxbury high school senior parent here.
Thank you for watching your high school has been counted
best video!! thank you
Thank you for watching
Sheldon High, CA. Thanks Ed for the information.
Thank you for watching your high school has been counted
Hi Ed, I have a problem on financial aid. I enrolled for classes but I decided to withdraw from all the classes immediately after finishing the first day of the semester. All the financial aids which I got for that year were counted in my fafsa account. How can I regain those aids that I have missed for my new school year?
Helpful information ... I hava a complicated finacial situtuion involving our family income and ivestments and an money that is from an inhertitance being used to keep a property maintained until propate is settled. It's money that is not ours but we have it as the executors to keep things going. THoughts?
Hey, if my dad recently sold a house and that money is just sitting in bank account is that going to lower my financial aid from css profile? Also wondering if they use that money as down payment for another property will that help? Or investments count the same as savings?
This was very informative thank you- Jeanette Lauture
Thank you for watching
Thanks for the helpful video Ed! Roxbury High School Class of 2022.
Thank you for watching your high school has been counted
Thank you, Ed, for these great videos. I'm an older student, living alone & self supporting. I'm working on my school application and just sent 5 sets of transcripts (not accustomed yet to the internet applications!). I wasn't aware of any deadlines and started the year sick with covid, so if Feb 1st was important, I missed it. But the last 2 years have been a serious financial challenge, so I don't have the tax returns to include. I do have the needed documents like W-2s from employers and, from partcial Unemployment, I have tax form. Is it possible to substitute with these?
You would have to use 2020 taxes but you can do a financial aid appeal based on 2021 taxes.
What about if the parents of the student doesn't file taxes because they receive government assistance? How would they fill out the form??
Hi,
How do you determine the net worth of our second home if we consolidated our two home loans into one. Last year we pay mortgage for our primary home and the second home. We determined the net worth of the second house by current market value minus the outstanding loan debt.
Thank you, Pequannock Township High School senior, 2022
Thank you for watching and helping the scholarship fund. Your high school has been counted.
Thank you! PTHS graduating class 2022🎓🎓🎓🎓🎓
Thank you for watching your high school has been counted
Ed, Do real estate assets used for business LLC need to be included on the fasfa?
Yes any properties other than the primary must be counted.
do you include box 14 on the W2 for FAFSA question 92a
Thanks
Hi I have a question about stock. Do we need to write down a total amount of stock value as asset? Thank you.
For the Financial aid forms you do need to indicate how much you have outside of retirement when you fill out the forms
Thank you, again. Morris County School of Technology Class of 2022.
Thank you for watching your high school has been counted
On the asset verification form, if you refinanced AFTER purchase and rolled in a greater amount, would the new amount be the purchase price?? Or the one 20 years ago?
No you use the purchase price when bought even if you refi
Hello!
I'd like to know if the loan the fasfa gives to an student is gonna be bad in the future. Like to always being paying this loan for life, dropping you credit score and similars when you starts working on the career you chose
I have been wondering the same exact thing!
I ended up getting FAFSA audited/verified twice. I received zero financial aid, other than direct loans, so it all seemed like a waste of time.
awsome video, question ... Me and Wife file tax separatelly, can we use one of the parents on FASA forms?
You would have to manually add the numbers on to the fafsa as long as you are separated
@@edzamoracollegeprepchannel3820 we live together but file tax separately ... So wondering it's ok one parent enough?
@@sidowsidow No! If living together or married both parents have to be on application.
This is a silly question.
In your other video, you said it didn't matter if you made X or A billion dollars(or something extreme), everyone would be eligible for a loan.
With that being said, if you really had that billion or couple of hundred thousands in your bank account, would you qualify for anything else? Like scholarships based on good GPA? Would it be worth it to fill out the fasfa?
Always fill out the FAFSA, the instructions use that info to offer you moneys. And scholarships, apply to as many as you qualify. It is free money too.
Ed, with the new FAFSA have any of these changed? Thanks
Thanks Ed! Hanover Park High School Class of 2022
Thank you for watching your high school has been counted
Hi Ed. When should I complete the FAFSA for fall 22 / spring 23?
If you have a senior I'd try to get it in by Christmas. If you have a student in College now anytime before Feb 1st is fine.
Hi, am 18 years old and currently a high school senior living with my adopted mother. I basically take care of my needs including feeding. She’s not claiming me on her tax. Do you think I will qualify for financial aid if I apply as an independent person?
Yes could try but it's likely they will ask for adoptive parent info
Thank you for the video. Is it a good idea to pay off the mortgage to reduce investment/cash amount ?
We submitted the FAFSA and received the email verifying this. My daughter is trying to get back into the fafsa because we have to change the tax info to ...include "use the IRS data retrieval tool" - because we received an email that states we will save ourselves future paperwork to submit if we use it. When we try to get back in, the computer just keeps circling. The fafsa help desk changed my computer to "allow pop ups" but that didn't work. Do we need a new save Key? because we don't recall what it was. The instructions say to go to the link to get a new save key?? where is the link?
Regardless, bottom line is we can't get back into the fafsa. Initially, the entire form was submitted manually on the fafsa help desk side on the phone because they couldn't figure out why we were locked out. We can get to the save key page but can't get past there. Help.
You have to wait about 3 days in some cases to be able to go back in and make changes.
As a married 64 year old going back to school, can I wait until I do my 2021 taxes to do the FAFSA? Major change in income during 2020. Kenmore East (Tonawanda, NY) 1975 graduate.
don't wait just get the form in then look to appeal once you have the 2021 taxes
Thank you for the video. My wife and I file married filing separate (past two years) We are not legally separated. She is the primary care giver for two full-time college students. Do we combine our incomes on FASFA? Or does my wife just use her income information?
Thank you for the video. How Colleges Know If You're Telling The Truth On Financial Aid Forms? Verification Fafsa CSS Profile. RidfirlfnPark high school in Ridgefield Park New Jersey class of 2022
Thank you for watching your high school has been counted
Will they ask about martial status? Like if your married
my dad is retired and only gets money from Social Security which is pretty low yet has 600,000 that he doesn’t touch in assets so wondering how bad that’s gonna fuck up my fafsa
Retirement accounts aren't included in assets. You don't include roth IRAs, 104Ks, pensions or the home you live in.
What about retirement accts? Does that count against you?
They can tell if you do a rollover
Hi! Someone was helping me with my uc application and I didn’t have the money at the time to pay for it so they asked me if I could just add another member to my household, I didn’t think it would affect me so I said sure, how would that affect me?
Which qualified me for the fee waiver instead of paying
I have so much anxiety and it’s really made me feel bad
Can someone plz tell what does it mean if you are Not selected for CSS profile verification? Does it mean your app has not been considered?
Hi my son is applying on common app for universities in USA. Is it required to fill CSS FORM for all universities to get aid. (International student)
Each College is different but they don't all ask for the CSS Profile
Thanks Ed, Morris County school of technology 2022
Thank you for watching your high school has been counted
where do you add 529"s if it is in parents name and chid is beneficiary
It goes in the parent asset sections
I have a college student, not my child, who we have "taken in" because she was homeless. May I count her on my son's and my own FAFSA/Taxes and would this hurt her homeless youth status?
technically yes you can count them as part of your household. It would not affect their fafsa
Does efc of 21k affects the way students get accepted to college? Will colleges/universities rejects our child's admission to college of we have high efc or we have better chance in getting admitted?
South Seminole High School Class of 2022
Most colleges will not care about your EFC for acceptance.
Thank you for watching your high school has been counted
If we applied on October when we will know how much we have been awarded?
Your award letter should come about two weeks after acceptance.
Checking Account.....QUESTION......personal checking account amount they''ll wanna know OR if I have a business checking account as well as personal??? My business account lists my business name on the checks. Can you confirm this info for me??? TIA
just personal account
I did not know about this, can I still change the amount for the first question (student assets)
Once you put it in you can't really change it because it will likely trigger a verification. But you can adjust numbers every year before you send in a new form.
@@edzamoracollegeprepchannel3820 hmmm okay. I see that it does allow to change it, so should I leave it as it is or change it ?
Yes you can change it but it will likely get you verified
Sir, may I ask a question. I have an elderly mother that I help financially quite a bit due to her SSI being quite modest but I don’t claim her as a dependent. Can I include her as a dependent on the FSA form?
Yes include her. The college will likely as for more information since she is not claimed but since you do support her it could be considered.
Also do they want my adjusted gross income or my taxable income??? I get a bunch of income deductions so trying to confirm WHAT IS MY INCOME that these places actually should be told based off my tax form.
They use both your adjusted gross and wages from W-2's
Hi … I would like to spk to you personally… how can do that pls..
Sure at the end of all the videos is my cell phone number 908-400-1363
Thank you for this information class 2022 Abraham Joshua Heschel High School
Thank you for watching your high school has been counted
Hi do you have the address for this high school?
Thank you! Roxbury HS 2022, 2024
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Do you have to put your assets
Yes assets go on financial aid forms depending on which they ask for
Why can’t you just skip that part because it asked if I want to
Passaic County Tech class of 2024