FAFSA FAFSA Verification Process 2

Question 1

What is an IRS Tax Transcript used for in the verification process?

Accepted Answer

Confirming income and tax information reported on FAFSA

Answer

Verifying identity

Answer

Proving enrollment status

Answer

Documenting housing costs

Question 2

If a FAFSA applicant did not file a tax return, what document might a school request instead?

Accepted Answer

An IRS Verification of Non-Filing Letter

Answer

A W-2 form

Answer

A pay stub

Answer

A 1099 form

Question 3

During identity verification (V4/V5), what must a student typically provide?

Accepted Answer

A photo ID and a signed statement of educational purpose

Answer

Only a Social Security card

Answer

A birth certificate only

Answer

A school enrollment form

Question 4

What is a verification worksheet?

Accepted Answer

A document schools create to collect additional FAFSA-related information

Answer

An IRS form for tax filing

Answer

A FAFSA correction form

Answer

A scholarship application

Question 5

What must a school do if verification reveals discrepancies in a student's FAFSA?

Accepted Answer

Correct the FAFSA and recalculate aid eligibility

Answer

Automatically deny all aid

Answer

Refer the student to the IRS

Answer

Suspend the student

Question 6

FAFSA applicants who use the IRS DRT and do not change the transferred data are generally:

Accepted Answer

Exempt from income verification but not other verification items

Answer

Still required to complete full verification

Answer

Fully exempt from all verification

Answer

Required to resubmit their taxes