What is Verification?
Verification is a process mandated by federal law. It is very much like a tax audit but, much less intensive.
Why are students selected for verification?
Students are selected for verification to make sure that all reported information is accurate. Not only does this discourage false reporting but, it also allows the Financial Aid Office to determine and ensure that students receive all of the aid for which they are entitled.
How are students selected for verification?
Each year, students could be selected for verification because of inconsistent data on the FAFSA. Others are simply chosen randomly to participate by the Department of Education. Roanoke College is required to verify a certain percentage of its students.
What documents do I need to supply for verification?
Selected students must submit copies of their 2014 tax return transcript and W-2's, copies of their parent's 2014 tax return transcript and W-2's (if applicable), and a completed verification worksheet which will be mailed to them by the Financial Aid Office. Other documents may be required as well, depending on the individual student's application.
What happens if I don't supply the needed documentation for verification?
Failure to submit the verification materials may mean a loss of federal financial aid.
What are some common errors that will typically lead to my file being selected?
Students can be selected for verification for any number of reasons. Some of these include:
- Reporting the same figure more than once
- Reporting an unusually low tax figure
- Reporting an incorrect tax amount
- Estimating income information
- Failing to report parent information