Final answer:
The accurate statement is that if income is not verified within a year from the start of studies, the Canada student grant may turn into a loan. It is crucial to provide accurate income information on your aid applications to maintain grant eligibility.
Step-by-step explanation:
Income verification plays a significant role in determining eligibility for certain types of student aid, such as the Canada student grant. According to guidelines, your declared income on the application affects the determination of your grant eligibility. It's important to note that if income is not verified within a specified timeframe, typically one year from the start of studies, there could be a conversion of grants into loans.
When you fill out the Free Application for Federal Student Aid (FAFSA), this form is utilized by colleges and various aid programs to assess your need for financial assistance. It considers many factors, including your income, to ascertain what aid and grants you may qualify for. Therefore, it is erroneous to think that your income has no impact or that income verification is solely for specific study programs. Also, it's not true that Canada student grants are unaffected by income verification.
Hence, the correct statement concerning income verification is that if it is not performed within one year from the start of your studies, your Canada student grant may be converted into a loan.