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Health & Fitness

Common Pitfalls When Filling Out your FAFSA Form

The FAFSA or Free Application for Federal Student Aid http://www.fafsa.ed.gov/ is one of the most important documents you’ll fill out during the college planning process.  This key document is required for any family wishing to be considered for federal and or state college grants and loans.  Financial aid is based on first come first serve, so it is vitally important to not only get your form in early (forms are released on January 1st) but also to fill it out correctly to avoid costly mistakes.  Here’s a checklist to make sure you submit a correct form and thus increase your chances for aid.

1.    Apply
The government is not going to just knock on your door and offer you aid – you need to ask for it!  Don’t refrain from applying because you feel you make too much to receive aid.  Apply and let them decide if you make too much or not!

2.    Proofread
It’s a basic writing skill…proofreading and editing.  Apply it to ensure you’ve filled out the form correctly and completely. Many students are denied aid each year due to a basic typo like misspelling their legal name, transposing their social security number, or even forgetting to enter the student’s PIN number serving as their signature. These are easy mistakes to make and to avoid just by going slow and proofreading your work!

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3.    Estimate
So much of the FAFSA form is tied to data we put on our tax returns.  But, unlike your tax return, you don’t want to file an extension as you wait to compile all the data.  Remember, aid is offered on a first come first serve basis.  If you wait too long, there won’t be anything left!  You do not need to file your taxes before applying for aid, instead estimate based on bank receipts and pay stubs.  There’s even a section on the form that you can check to indicate you have not yet filed your taxes. This tells the colleges you are estimating.  Once you’ve filed your taxes you can use your PIN number to go back in and update your financial information.

4.    Disclosure
Be sure to answer every question on the form.  If you don’t know the answer to an income related questions, insert a zero instead of leaving it blank.  While it is required you answer the questions posed, you do not need to provide more information than is requested. For example, FAFSA doesn’t need to know how much you have in 401k or Individual Retirement Accounts.  They also won’t ask you about your home equity, vehicles, RVs or boats so don’t waste their time disclosing that.  But, the financial aid form does inquire about real estate investments and second homes, so be sure to disclose that information.

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5.    Parent
Students with divorced or separated parents want to make sure the correct parent fills out the form.  The correct parent isn’t necessarily the legal guardian, but rather the parent with whom the student has lived with the majority of the year.

The FAFSA is the primary form that all colleges ask for, be aware however that it’s not the only form. When looking at private schools that use the CSS Profile or Institutional Forms not all of the guidelines above apply to these other forms. We want families to understand there are many ways to save for college and some will allow you to maximize financial aid at colleges. If you would like to talk about ways your family can build a college savings plan that maximizes financial aid call us at (425) 329-2609.

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