How long does the financial aid verification process take?

How long does the financial aid verification process take?

How long does the verification process take? After you have turned in all necessary paperwork, the verification process typically takes about two weeks. Once your file is complete, the college will post your financial aid award notification to your student portal or mail your award letter to you.

Why was my financial aid selected for verification?

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.

How does financial aid verify income?

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).

How long does SSA verification take for FAFSA?

But, if you need to submit a renewal FAFSA or make corrections after you’ve submitted your FAFSA—and you did NOT link your PIN when you created your FSA ID—you first have to wait for the SSA to verify your identity. The verification process takes one to three days.

What happens after FAFSA verification?

You’ll usually get notified that your FAFSA was selected for verification in one of two ways. 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.

Who gets selected for verification on FAFSA?

Two entities have the authority to select you for verification: the Department of Education, and your school’s financial aid office. If the Department of Education is requesting verification of your FAFSA®, they’ll include a formal notice with your Student Aid Report.

Is FAFSA verification bad?

In many cases, going through the verification process will not affect how much aid you receive. However, there’s a chance your financial aid package could change. If there was a problem with your FAFSA, you could end up receiving less financial aid than you expected.

Does FAFSA check my bank account?

Does FAFSA Check Your Bank Accounts? FAFSA doesn’t check anything, because it’s a form. However, the form does require you to complete some information about your assets, including checking and savings accounts.

What is SSA verification FAFSA?

The FAFSA collects the student’s and dependent student’s parents’ Social. Security numbers (SSNs) so that the Central Processing System (CPS) can validate the numbers through a match with the Social Security Adminis- tration (SSA).

What do I do if the SSA verification field on my FSA ID account profile page says my social security information doesn’t match?

If the SSA match status is Not Matched on the account profile page, then the information didn’t match with the SSA. Click on the “Update Account Information” button to make sure name, SSN, and date of birth are entered exactly as they appear on the Social Security card.

How do you know if your FAFSA has been accepted?

Your FAFSA status can be found on the “My FAFSA” page, which displays immediately after you log in if you have already started or completed a FAFSA form. To check on the status of financial aid being disbursed to you or your account, check with the financial aid office at your college or career school.

What does verification do for federal student aid?

Verification is an administrative process by which the Department requires a subset of federal student aid applicants who are eligible for Pell Grants to submit additional documentation, such as transcripts of tax returns, to verify their income and other information reported on the Free Application for Federal Student Aid (FAFSA) form.

Are there any changes to Federal Student Aid?

Today, the U.S. Department of Education (Department) announced temporary changes to the federal student aid verification process for the 2021–22 award year. The temporary changes will provide relief to millions of students and colleges facing challenges as a result of the COVID-19 pandemic.

When is targeting verification for the FAFSA cycle?

Targeting verification for the 2021–22 FAFSA cycle will make it easier for millions of students from low-income backgrounds to access federal financial aid.

What does the US Department of Education plan to do for financial aid?

The Department will focus aid verification on identity theft and fraud for the 2021–22 application cycle, significantly reducing other barriers that have prevented students most in need, from accessing critical financial aid funds.