The Free Application for Federal Student Aid is your gateway to college funds. The federal government has all kinds of grants to give you and low interest loans to help pay for college. But you have to fill out a form. A lot of people find this process very confusing or don’t do it all. Don’t worry! It’s easy and can save you a bundle.
1. Apply as early as possible. As they say, the early bird gets the worm. Aid is handed out to those who apply first, so don’t wait until the deadline to hit submit.
2. Use last year’s taxes. Don’t worry if you parents have not gotten their tax returns back yet. You don’t need them, especially if their income hasn’t changed much in the last year. Use returns from the previous year. Then, update the information when current taxes are done. The form even has a selection for “My parent will fill out taxes later”. Take advantage of it.
3. Look needy, even if you aren’t. The FAFSA is clear that you only have to report your financial information as it “appears on the day you hit submit”. If you can, see if you can have your grandparents or another family member you trust hang onto some of your money so you don’t have to report it.
4. Don’t include everything! There are some assets you and your parents don’t have to report. Things like retirement accounts, 401ks, and the value of the home you live in do not count. Don’t accidentally enter in their values.
5. Double check your work. While the online forms will tell you if something looks off, it never hurts to read over all of the numbers you’ve inputted. An extra zero could really mess up your student aid report.
6. Don’t forget to update. If you use your parents’ tax returns from last year like you should, you need to update the information once they get updated information. Ask them to meet with their accountant quickly or encourage them to use something like TurboTax
