College applications are in. Now it’s time to take the next step in figuring out how to pay for college. The Free Application for Federal Student Aid, or FAFSA, is the form you need to fill out next to apply for financial aid. But be careful! Making a mistake on the FAFSA can cost you hundreds to thousands of dollars in free money.
Here is a list of some of the most common mistakes made when filling out this form:
• The number one mistake students make is leaving a field blank. All income questions must be completed. If the answer is zero or the question does not apply to you, write in a zero.
• Use your legal name as it appears on your Social Security card.
• Read the questions carefully. The words “you” and “your” on the FAFSA always refer to the student, not the parents.
• In the question that asks about your interest in different types of aid (e.g., work-study and student loans), answer “yes” to each question. Answering “yes” does not obligate you to accept a loan. Answering “no” will not get you more grant aid.
• Remember to count yourself, the student, as one of the people who will be college students during the award year.
• If your parents are divorced or separated, the parent with whom you lived the most during the past 12 months is the parent responsible for filling out the FAFSA. Use the most recent calendar year for which you lived with either parent. If the parent who is responsible for completing the FAFSA has remarried, your step-parent must report his or her income and assets on the FAFSA, even if they weren’t married during the previous year.
• One of the questions on the FAFSA asks for permission to release the information on the FAFSA to your state aid agency. Do not answer “no” to this question if you wish to be considered for state aid.
To learn how to get your child into the college of their choice without using all your savings or sacrificing your retirement, attend our free workshops in Santa Clarita. Sign up online and receive a free e-book with more tips and strategies on the college planning process.
Brian Safdari is a Certified College Planner with offices located at 28494 Westinghouse Place, suite 206 in Valencia. For more information, please call 661-295-9946 or visit www.collegeplanningexperts.com.