Subscribe in a reader01.29.07 | Simple FAFSA Mistakes that Cost you $$$$
As the tax season approaches and the deadline for the FAFSA nears, March 1, 2007 to be exact, I thought it would be a good time to go over some common mistakes to avoid when filling it out. The first mistake I see people make is not having their tax information up to date. If you are unable to get your taxes in on time you still want to fill out the FAFSA. The longer you wait to fill out your FAFSA the less chance you have on receiving money. What you want to do is fill out the FAFSA to the best of your ability using the year before tax information. You can always update your FAFSA when you get the new taxes back. This is perfectly legal and recommended by the DOE. If you are still not sure what to do always check with your schools financial aid office or check out FAFSA Online.
Mistake #2!! Always check your work. Make sure you have filled everything out with the right information in the right order. It sounds like common sense but time and time again people put their name out of order, parents fill out the student’s part of the FAFSA with their information, and they leave questions blank. Just because a certain area doesn’t apply to you doesn’t mean to leave it blank. By doing this you are hurting your chances on getting money awarded to you. What you want to do is put the number O in instead. You may think there the same thing but the DOE doesn’t. In doing their calculations every number matters.
Finally, not that any of you upstanding citizens out there would do this, but, DON”T LIE on your FAFSA. That is the one sure way not to receive any money and its illegal. Also, with the new rule changes it’s no longer necessary to hide inheritances or college funds. They are no longer factored into your total EFC (Expected Family Contribution). Now that you know what not to do it should make your experience a little less painful.
Some Helpful Links
Ms. Stafford and Financial Aid Podcaster’s BLOG
ActEducationLoans.com
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Hello.
My daughter & I finally, got thru w/ her Fafsa renewal.
I just cked ( I waited the 2 weeks) on her status. There was a new link there. A Verification Worksheet? I called the Financial Aid Offices at San Angelo to get a better understanding of what I was suppose to do. I’ve copied the pdf file & do I just ck all this off w/ a pen & mail it back to the finacial aid office at ASU? Why, am I doing this again? ASU said I had been randomly chosen…is this true? Did I do the fafsa wrong? I’m sorry, I’m going to have to enroll my youngest next yr….I need to have all my ducks in a row, so I’ve been reading this site from top to bottom to understand. Please, let me know what I am doing wronf or not to worry. This was random.
Thanyou,
Karen J. Castleman
April 27th, 2007 | #
A little clarification about the March 1 deadline…I believe that applies to state aid and is only March 1 in
some states. Since some school settings are not eligible
to receive state aid, these deadlines do not apply. For
federal aid, you can apply as late as June 30th of any
given year and still access federal monies for the approporiate time frame.
June 9th, 2007 | #
Also, with the new rule changes it’s no longer necessary to hide inheritances or college funds. They are no longer factored into your total EFC (Expected Family Contribution).
Would someone clarify how inheritances wouldn’t be listed as parental assets?
June 22nd, 2007 | #