do schools ever require bank statements for verification?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.

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do schools ever require bank statements for verification?

Postby horrorbusiness » Fri Mar 02, 2012 3:28 am

in determining eligibility for need-based institutional aid, i've been asked a few times the balance of my parent's bank accounts. she's extremely hesitant to furnish these types of records because she's paranoid/feels its invasive - do schools ever go to the length of asking for them?

also, do schools typically take the FAFSA and need-access applications on your word? at this point it seems the only verification they ask for are copies of student and parent tax returns. will they ask for anything else?

i hope this doesn't sound shady - i've already submitted both the FAFSA and need-access and have just had a really tough time prying the information from my parent. thanks.

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Re: do schools ever require bank statements for verification?

Postby splitbrain » Fri Mar 02, 2012 3:37 pm

I think people get randomly picked for verification (with tax forms) but beyond that, I don't believe there's any sort of audit that gets more invasive. I know I am undergoing a verification at one of my schools and it's just regarding income.

I haven't been able to find anything that says you would have to verify your own nor your parents' assets.

Edit: The respondant here claims to be a Financial Aid Director and stops just short of stating that there is no asset verification.

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