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Below is a list of the most common customer questions. If you can’t find an answer to your question, please don’t hesitate to reach out to us.
Can you report someone to FAFSA?
If financial aid fraud involves federal student financial aid, call the Office of the Inspector General (OIL) at the U.S. Department of Education at 1-800-MIS-USED (1-800-647-8733). Fraud can also be reported by filing a complaint online.
Do you have to report assets on FAFSA?
Assets must be reported on the FAFSA as of the date the FAFSA is filed. In practical terms, this usually requires reporting the net worth of the asset as of the most recent bank and brokerage account statements.
What happens if you skip questions about your assets on FAFSA?
If you are given the option to skip questions, keep in mind that doing so will not affect your eligibility for federal student aid. However, answering these questions will not affect your eligibility for federal student aid, such as a Federal Well Grant.
Does FAFSA check bank accounts?
The FAFSA will require disclosure of financial information, including bank account balances, by the student applicant and also from the student's parents if the student is classified as a dependent student.
Does own property affect FAFSA?
Most colleges won't care if you own a house and won't count home equity against you if you do. That's because the majority of schools rely on the federal aid application, the Free Application for Federal Student Aid (FAFSA), which doesn't ask parents if they own a home.
Is it illegal to lie on FAFSA?
Intentionally providing false and misleading information on the FAFSA is fraud. The penalties for lying on the FAFSA include, but are not limited to, fines of up to $20,000 and up to five years of jail time, in addition to repaying the financial aid received by the student.
What happens if you make a mistake on FAFSA?
A mistake on your FAFSA can delay the processing of your application for financial aid. It can be used to copy the answers to some FAFSA questions directly from your federal income tax return. If you do not modify those answers, those questions will not be subject to verification.
Does FAFSA look into bank accounts?
The FAFSA will require disclosure of financial information, including bank account balances, by the student applicant and also from the student's parents if the student is classified as a dependent student.
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