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I've already applied and been accepted to my first choice school. I got my financial aid award letter but they need some verification. I was wondering if anyone knew if they really find if you do end up filing your taxes even if your not required to and you dont much back? I have a feeling if i do tell them i file my taxes, even though i'm getting a little more than 100 back, that they'll lower my aid and i wont be able to afford that school.

2007-03-14 02:42:30 · 4 answers · asked by feven A 1 in Education & Reference Financial Aid

4 answers

There's a lot that your Financial Aid Office can find out, so it ALWAYS behooves you to tell the truth. In fact, there has been a LOT of talk about having IRS information sent directly to schools as part of the FAFSA application process. These changes (which will obviously make it a lot harder for students to lie on the FAFSA) have all come about *because* so applicants have been deceitful in the past. If you choose not to tell the truth today, it could come back to haunt you when you (or your friends and family) apply for Aid in the future.

Frankly, the amount of your tax refund shouldn't have an affect on your eligibility for aid. You received a refund because you paid more in taxes (over the course of the year) than you ultimately needed to. When you filed the FAFSA, you told them how much you earned (wages), your adjusted gross income, and taxes paid. These are the important numbers that your school will use to determine your eligibility -- and none of them change just because you received a refund. So you really don't need to worry.

2007-03-14 05:11:35 · answer #1 · answered by FinAidGrrl 5 · 0 0

Verification is a process that colleges use to ensure that everyone is being honest. You may be selected for verification randomly or, if you provide sketchy information, you may be flagged and selected. Your school can select you OR the federal government (via Dept. of Ed.) can select you.

Once you're selected, you must provide accurate information. If you do not, you can lose all your aid for the year and you won't be able to afford any school!

Aid isn't based on your refund at all, so it is best to be honest. In any case, your aid can only be changed if you lied on your FAFSA when you originally completed it.

One last thing - if you are selected for verification by the Department of Education, you are selected for that year, period. If you choose to go to another school, you will have to provide them with the same documentation.

Good luck!

2007-03-17 09:45:28 · answer #2 · answered by Holly 5 · 0 0

The FAFSA is connected to the IRS, INS, Selective Service and other federal agencies. A person could easliy give false information, but sometime down the line someone maybe knocking at your door.

2007-03-14 05:26:19 · answer #3 · answered by sunshine23511 5 · 0 0

I've been asked recently for my tax info for my daughter's application, it holds up hearing from schools as far as acceptance and it's my understanding that it can jeopardize your award. My daughter only got back $99 dollars herself and they didn't even ask for her tax info. Check with your guidance counselor.

2007-03-14 02:52:45 · answer #4 · answered by uhohwhoopsbroken63 3 · 0 0

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