What is Verification?

After you’ve submitted your FAFSA (Free Application for Federal Student Aid), it’s possible that your application could be flagged for verification. Verification is the process a financial aid office must complete to determine the accuracy of the information on your application. If your FAFSA is selected for verification, the financial aid office from the school(s) listed on your FAFSA may ask you to provide documentation about the addresses, names or financial data you provided. The aid officer will let you know which sections must be corrected and the documentation you’ll be required to provide to verify your information.

Being selected for verification doesn’t mean your FAFSA is incorrect. Annually about 30% of all FAFSA applications are chosen for this process and the financial aid office is required to verify your data. Monitor your email for requests for additional information and swiftly respond to those requests. Your eligibility for financial aid will not be reviewed until the verification process is complete. Follow up with the financial aid office to check on your application status because the more you cooperate with them, the faster the process will go. Verification is the last official step they’ll need to complete to provide you with a financial aid offer. The offer will list the amount and types of financial aid programs you may use to help cover your college expenses.

What’s With All The Acronyms?

As you plan for college and begin to explore the different ways to pay for higher education, you may come across some acronyms that are commonly used in the world of financial aid. We’ve listed some here, with brief explanations of each.

FSA                 Federal Student Aid – The branch of the U.S. Department of Education that oversees federal financial aid disbursed to higher education institutions for students who qualify.

FAFSA            Free Application for Federal Student Aid – A form submitted by you that is used to determine your eligibility for federal financial aid. One or both parents may also need to contribute their information.

SAR                Student Aid Report – Contains the data submitted on your FAFSA, along with next-step instructions. Once the FAFSA is processed, you’ll receive information on how to download and print this report.

EFC                 Expected Family Contribution – A number found on your Student Aid Report that’s used by a financial aid office to determine how much aid you’re eligible to receive.

COA                Cost of Attendance – The average annual cost for attending a specific college, university, technology center or proprietary school, which includes tuition, room and board, books, fees, supplies, personal expenses and transportation.

ISIR                 Institutional Student Information Record – A report sent to your selected college(s) that contains the data from your FAFSA.

MPN                Master Promissory Note – A document signed by you that says you promise to repay a student loan, along with all accrued interest and fees. Remember, you don’t have to accept the full amount of student loans you may be offered.

For a much larger list of the many acronyms and terms used throughout the federal financial aid process, visit StudentAid.gov.

New Year, New Habits

The new year often comes with fresh enthusiasm for a renewed lifestyle. Whether it’s working out regularly, eating out less or resisting the snooze button, there is no time like the present to commit to new habits.

In addition to health and financial goals, there are some helpful academic goals that will prove beneficial from this school year to the next.

Scholarships: By completing the Free Application for Federal Student Aid (FAFSA), you’re considered for a variety of state and federal financial aid. We encourage you to “start” with FAFSA, and then continue seeking scholarship opportunities throughout the year. Check out UCanGo2.org for new scholarships by category and by deadline. Make a profile on OKcollegestart.org to view scholarship applications that are the perfect fit for you. It’s important to apply for as many scholarships as possible year-round, so make a habit of applying for 2-3 scholarships a week.  

Study Habits: While your grades and GPA are not taken into consideration with your FAFSA, schools will look at your academic achievements when deciding academic scholarship offers as well as acceptance to their school. Your grades in college will also determine if you maintain certain scholarship offers from year to year. To start or keep up good study habits, check out these study tips: https://ucango2.org/publications/student/Perfect_10.pdf

 Extracurricular Involvement: Many schools take more than just your grades into consideration. Join a club or volunteer in your community after school hours. Your involvement will look impressive on a college application. Are you already in college? Join a club or find opportunities in your community to share the skills and knowledge that you’re developing. It looks great on resumes for future employers. Whether you’re still in high school or you’re headed into the career field, extracurricular involvement is a good commitment to make in the new year.