I'm starting to fill out the FAFSA with my parents, and we're a bit confused about how it all works. Are there any specific tips or common pitfalls we should be aware of while doing this? Also, I heard that mistakes on the FAFSA can really mess things up, so I want to make sure we get everything right the first time. My parents are super nervous about it, and I just want to make this process easier for everyone involved. Any advice would be greatly appreciated!
Processing the FAFSA can indeed seem daunting, but fear not! Here's a step-by-step guide to tackling it:
Let's start with the timeline: Dec 1 is when you typically can start submitting the FAFSA for the next academic year. Remember to complete it as early as possible to maximize your aid eligibility.
Prepare your documents in advance, having your previous year's tax return (yours and your parent's) handy, along with your Social Security numbers, driver's license (if applicable), and information about your bank balances.
Do not leave any field blank; if a question doesn't apply to you, enter '0' or 'Not Applicable'. Too many blanks may cause miscalculations and an application rejection.
The FAFSA is based on your family's income and assets. You and your parents (if you are a dependent student) will need to report your income and assets. The FAFSA no longer uses EFC but instead SAI (student aid index). The main differences between EFC and SAI is that SAI can be as low as negative 1,500, and SAI is not divided based on a number of students in college within a family.
Be careful about whom you count in your household size and whom you count as being in college. You might make common mistakes like not including yourself in the number of people in your household attending college.
When listing schools, there's no perfect order. Contrary to popular belief, schools do not see where you've listed them. And they will not use the order of schools to gauge interest.
Avoid common mistakes such as inputting retirement accounts or the value of your home in your assets.
If your financial situation has changed substantially since filing income tax returns, contact the financial aid offices at your selected colleges directly. They may be able to adjust your information and provide more aid.
Lastly, remember to sign it (you and your parents). An unsigned form is incomplete.
Good luck with your application! The process can be a bit tedious, but in the end, when the paperwork helps you afford higher education, it's worth the hours spent filling it out.
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