<p>Our standard protocol is to file by mail on 4/15. This is primarily due to not having the $ to pay the tax due, as well, already being on a payment plan for prior years taxes due.</p>
<p>Is there some compelling bottom line $ reason for filing taxes earlier and/or online that truly makes a difference to FA received? All of S's schools are CSS schools as well as FAFSA (2 exceptions are full ride merit schools). </p>
<p>FAFSA has been filed.</p>
<p>Taxes will be completed by the end of the month (or very close to that, but some CSS deadlines are 2/1 and we hope to have completely accurate info). So, we will update FAFSA with correct info, but remain at "will file" status, unless there is some reason to file as soon as taxes are complete.</p>
<p>If you are selected for verification you will need to have actually filed taxes to complete the verification process. </p>
<p>We filed FAFSA early last year (sometime early in January). My daughter was selected for verification and by the time we found out she had been selected, completed the taxes, and submitted the verification forms some funds we had expected her to receive had been fully awarded and she missed out on them.She did ask the school why she had not received those awards and they said it was because during the time lapse for the verification process they used up all those funds.</p>
<p>At the 2 schools we have experience with, one sent a letter via snail mail requesting verification documents, the other posted that the student was selected for verification on the student’s online page. I am not sure how long it had been posted before we saw it - we had been checking frequently then were away for a few days and when we returned saw the message.</p>
<p>Filing snail mail/online would not make a difference I don’t think. The verification (at our school) required a signed copy of the tax return. She was a returning student and the awards were ones she had received in previous years which is why we surprised she did not get them. it was a little frustrating as being selected for verification was not something within our control.</p>
<p>She was a returning student and the awards were ones she had received in previous years which is why we surprised she did not get them. it was a little frustrating as being selected for verification was not something within our control.</p>
<p>That would be * really* frustrating, especially as she had qualified previously.</p>
<p>No, filing an estimated FAFSA with a “will file” status will not necessarily increase your odds of being selected for verification. Approximately 1/3 of all FAFSA’s are verified every year and some schools verify more than that (especially FAFSA only schools who give institutional aid).</p>
<p>Verification: when you receive the SAR, look at the upper right hand corner for the EFC number. It will be followed by a small asterisk if you have been selected for Verification. (It will also say so on the first page of the SAR in the fine print). Almost all schools will not do any financial aid package for those students who have to do verification, until they receive the verification paperwork (that’s their carrot, as Uncle Sam requires that paperwork). Some schools will send you a letter but may only give you 10-15 days to do the verification. The verification requires a 2-page form (generic from govt. or customized by some schools) AND your 1040, 1040A, or EZ, AND your W-2s, AND W-2s of student even if student did not file taxes (also student’s 1040 EZ or whatever). So get them ready and done early!</p>
<p>^^the asterisk by the SAR does not necessarily mean your school will choose to verify you. Schools are required to verify at least 30% of FAFSAs submitted to them. Once they reach the 30% they can stop, though some verify more than the minimum (my son’s school verified 100%). They can choose who to verify and do not always choose the FAFSAs with the asterisk. We have been verified several times between three students. Sometimes when we had the asterisk, other years we have had the asterisk and have not been verified. We have also been verified when we have not had an asterisk by the SAR. It is important to check with your school frequently to see if they have selected you, and if they have submit the required data ASAP. The forms and the requirements will vary by school. We generally had more than 2 pages (income and tax info for student, same for parents, data about household members and other students in household). Both our schools had their own forms. One school snail mailed their forms when they informed us we had been selected. The other had forms available to download when the student web page informed us she had been selected. In our case, we have never been given a time limit, but it is important to do it ASAP in case there are limited funds that may run out.</p>
<p>Having the forms all ready to go as soon as requested is a good idea. But according to FA officers who have posted here, it is not a good idea to send the data if not requested. If you send it they have to verify you, and if you were not initially selected by them this may actually delay processing your FA.</p>
<p>It will vary by school, so check with your own school - especially keep a very close eye on any online student pages where information may be posted. My daughter’s school never informed us of selection for verification or of FA awards by any other method than a post on her SIS page.</p>