At least 18% of all students who file a FAFSA will be selected for “verification.” If you are selected, don’t panic. It doesn’t mean you did anything wrong. However, if you are selected for verification be aware that an extra set of documents will be required from you. Of the students selected for verification, many complete the extra documents with errors and then need to update and resubmit them. Below are some tips to help you avoid common pitfalls.
The FUTURE Act Direct Data Exchange
The FUTURE Act Direct Data Exchange (FA-DDX) will transfer contributors' federal tax information from the IRS directly into your FAFSA form.
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- All contributors must provide consent to electronically import their federal tax information.
- All contributors must provide consent even if they didn’t file a tax return.
- If consent and approval are not provided by the student and all contributors on the FAFSA form, the student will not be eligible for federal student aid.
- Providing consent and approval may reduce the time it takes to fill out the financial section of the FAFSA form.
- Consent and approval must be provided every year the FAFSA form is completed.
Go here to learn more: https://studentaid.gov/apply-for-aid/fafsa/filling-out#financial-info
Note: If you are selected for verification, this will also make the process simpler and may require less documentation from you.