<p>During the college’s financial verification process, how closely is the non 1040 information which reported on a worksheet examined? The difference seen on reported 1040 income - wages & other (unemployment comp) and work sheet expenses is made up by non-reported income (loans). About $15k is the loan amount filling in the gap. The custodial parent files a Sch C from a sole proprietorship. Will additional information be requested?</p>
<p>I can’t specifically answer your question, but we were verified FOUR times (our kid didn’t receive a nickel of need based aid…go figure). </p>
<p>In all cases, the university wanted our tax forms and ALL schedules completed…ALL. And all of our W-2’s, 1098s, 1099s…everything.</p>
<p>Did it ever change your aid?</p>
<p>thumper, hope not too personal but this is a question i was asking on a similar thread. we know we wont qualify for need based aid (past experience and have put in our numbers on various estimators) and i really didnt want to go through that whole process with this son. but we do want to apply for merit aid at some schools. a poster on the other thread said that some schools will still require fafsa even if only applying for merit.
did you apply because you didnt know if you qualify or because of merit aid? we are self employed and i dread a verification process (from mortgage and loan experiences its a pain!)</p>
<p>The school my kid went to REQUIRED the FAFSA and Profile for ALL aid (merit and need based) for incoming freshmen. The only exception was for special application scholarships with separate applicatons. So…we completed the forms…plus we WANTED our kid to take out the Stafford loans so the FAFSA would have needed to be completed anyway.</p>
<p>FindmePete…my kid didn’t qualify for need based aid. The verification process simply verified this. No aid change.</p>
<p>thank you thumper1</p>
<p>Thanks thumper, so far verification hasn’t changed anything for my kid either so I guess i am filling the Fafsa and verification out correctly.</p>
<p>One year when one of my DDs was verified, the finaid person told me they would add back from the sched C expenses items like depreciation, home office rent deduction, etc.</p>
<p>^ Add back for their FAFSA EFC or for IM? For FAFSA, it doesn’t seem like these adjustments would follow the rules…I know my D’s FAFSA-only school didn’t adjust any Sched C items.</p>
<p>I am guessing they did that for IM. That would not be something done in FM unless the aid officer used professional judgment for some reason.</p>