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Does the FAFSA check your bank accounts?

Students selected for verification of their FAFSA form may wonder, Does FAFSA check your bank accounts? FAFSA does not directly view the students or parents bank accounts.

Does FAFSA check parents income?

As a dependent student, youre assumed to have parental support, so your parents information has to be assessed along with yours to get a full picture of your familys financial strength and calculate your Expected Family Contribution.

How does FAFSA verify income?

The verification process involves submitting documents such as tax transcripts and W-2 forms so the financial aid office at your college can see that the information on these documents matches your FAFSA application.

How do I calculate my parents income for FAFSA?

If one of your parents has filed an IRS Form 1040 tax return and the other parent didnt and wont file, calculate their total AGI by adding line 11 from the IRS Form 1040 to the other parents income earned from working (for example, earnings from the W-2 form[s] and/or any other earning statements).

How does FAFSA verify parent income?

Using the Data Retrieval Tool (DRT) - (Recommended) Navigate to the Financial Information section of the Application. Follow instructions to determine if the parent(s) are eligible to use the IRS Data Retrieval Tool. Transfers of unaltered IRS data are acceptable for verification.

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