<p>Currently going through the FAFSA, Profile and other colleges' FinAid forms. I understand that income can easily be verified once the 2008 W2 and 1040 forms are completed. But how are other assets verified? Home valuations can be all over the place what with real estate prices changing so much. How does one enter a fair value? Also, are they able to verify the info you put down for IRA retirement funds and also for the taxable mutual fund investments the parents own? Do schools actually verify this info and how would they do it? Also these can vary greatly from one month to the next as the stock markets are in such flux.</p>
<p>When we were verified they asked for tax returns and w-2's. It is up to the school on how they do it. I printed my bank statements on the day i filed the forms in case I was asked later. I estimated the home value which can of course be all over the place. I don't think it's worth it to lie. Print the amounts on the day you file and my guess is they won't ask for half of it. If they do, you are covered. Pick a day to file when your account balances are at their lowest i.e. before payday, after mortgage payment etc.</p>
<p>It looks like the verification of assets is for the date you filed the FAFSA. Investment accounts typically have a statement available - I printed mine off as of the date I filed FAFSA just in case I'm asked for it. There's a calculator here for real estate values based on a federal index which should yield a base point, then have additional documentation available (real estate appraisal, etc.) if you feel it's too high.
FinAid</a> | Calculators | Federal Housing Index Calculator</p>
<p>I thought that FAFSA doesn't ask about home value or IRA retirement information!</p>
<p>And isn't verification basically the same thing that most colleges ask for when they request the IDOC Profile Info? or is it more info?</p>
<p>Correct, FAFSA doesn't but PROFILE and some other colleges' FINAID forms do ask for these details.</p>
<p>I have been verified tons of times and other than differences in the verification of other siblings schools (private school believes your list and publics need an official form from the other schools) all the schools used a simple form that required putting in the numbers, same numbers, same questions, I suppose to double check, as well as submitting tax returns.</p>
<p>No one ever asked about asset verification, though I keep records on the day I file. I do wonder how long I have to keep the records, I have been told until that kid graduates. I hope no one asks me to go back and figure out old notes ;) I may not be able to discern my own notes!</p>