Were you selected for a little something called verification or are you just super interested in learning all there is about financial aid? Well then our post this week has your name on it. Well not literally. You get my drift.
Verification is controlled by the federal government. They randomly select a population of people who submitted FASFA’s each year to go through the process but there are some things that may trigger you to be not so randomly selected for verification. For example let’s say you put on your FASFA that your Adjusted Gross Income was the same amount as the taxes you paid. Well, the government is going to see that and go ” this person made a mistake let’s flag them for verification” and you have to provide various documentation to your school in order to complete the verification.
As with everything in financial aid, verification is super simple- wait hold on I meant can be kind of difficult to wrap your head around. There are different verification groups that you could end up in depending on what information the government would like to confirm. They are referred to as V1-V6 groups.
V1 Verification group is the most common and is considered the standard verification group. This verification group basically needs to verify your household information and your income information for both tax filers and nontax filers. You would typically provide a household size form and either use the data retrieval tool on the FASFA through the IRS or request your IRS Tax Transcripts from the IRS website. There may be other forms on a case by case basis but this is the easiest group to understand and the most common.
V2 doesn’t exist anymore so let’s just move on shall we.
V3 is the Child Support Paid verification group. It’s pretty self explanatory. You need to provide information on child support paid by the student (or their spouse), the student’s parent’s or both.
V4 is a custom verification group. It could include verifying high school completion status, an identity/ statement of educational purpose, SNAP benefit overview, Child Support Paid, all sorts of fun stuff. If you are selected for this group then information about what you need should be on your LConnect account but you can also check in with your FA counselor.
V5 is the Aggregate Verification Group. Sounds intimidating, right? Well, not really as it’s just a combination of the other verification groups and basically means that you need to verify a multitude of information that could include income information for tax filers and nontax filers, high school competition, identity/ statement of educational purpose, SNAP, Child Support, basically anything that fits into the other groups could be thrown into here.
And finally we have the V6 verification group which is the… drum roll please…. Household Resources Verification Group! Such fun! This verification group is broken down by whether or not you are a tax filer or a nontax filer. As a tax filer you would need to verify your income information, household size, SNAP, Child Support, whatever is applicable to your information. It’s similar to V1 verification but is not exactly the same because V6 is commonly associated with those who have lower income brackets than others. If you are a tax nonfiler- meaning you didn’t make enough or didn’t work to file taxes in the previous year then you would have to complete an untaxed income clarification form as well as the household, child support, SNAP or whatever else was required for your case.
Now that we have gone through the various types of the ever so exciting verification I want to add a small disclaimer. There is not anything wrong with being selected. It doesn’t mean that the government doesn’t trust what you said or thinks you are lying it just means that they want to confirm whatever you put to make sure you are getting exactly what you should be getting. About 40% of the people who submit FASFA’s each year are selected. That’s a big population of people. Really you should be honored to be included.
And that concludes our post on verification! Stay tuned for our post next week on Special Circumstances (woooo!)