Everyone must file the Free Application for Federal Student Aid (FAFSA) to be considered for federal student assistance. Many private schools will require the CSS’ PROFILE Form, and many elite schools will require their own forms in addition. So you may be looking at as many as four different forms to complete.
“ Families who never apply for aid know for sure that they won’t be awarded any. ”
— Judy Miller
When confronted with this formidable task, many families who think they have above average income simply don’t bother to apply. College financial planner Judy Miller stresses that this is a myth. Families with higher income can and do qualify for aid, especially at more expensive, private schools. She notes,”Families, who never apply for aid are assured they won’t be awarded any.” After the family’s need analysis, it could be a very different aid picture.
The more you know about the process, the better the odds for receiving aid. Be especially careful when you complete the forms. Make certain you enter the same numbers on all aid forms, the FAFSA, PROFILE and individual schools’ financial-aid forms.
Common Financial Aid Mistakes
Failure to believe that you qualify for Financial Aid.
Most parents are under the misconception that if family income is over $50-$60,000 they would not be eligible for federal aid. This is often not the case.
Failure to perform mathematical calculations correctly.
The government’s computers do not correct your math when you make a mistake. Using incorrect calculations could cause your student to be ineligible for financial aid. Errors discovered at a later date will cause a delay in your filing dates and may cause you to miss out on financial aid altogether.
Failure to file the FAFSA in a timely manner.
All families who need financial aid (including those who want federal loans, even though they do not qualify for need-based aid) must file the federal financial-aid form, FAFSA. This should be filed as early as possible after January 1st of the year the student will enter college. This form determines the amount of money the parents are expected to contribute toward college costs, (EFC=expected family contribution). The FAFSA also determines eligibility for government loans and grants.
Failure to bring special considerations to the attention of the colleges’ Financial Aid Officer.
Situations such as death, divorce, loss of job or earnings, and significant health problems are viewed as special circumstances. When financial-aid officers are unaware of such circumstances, they are unable to use their professional discretion to make some allowance for them.
Failure to PLAN AHEAD
Planning is the key to maximizing college financial aid benefits and minimizing out-of-pocket costs. It is crucial for families who will not qualify for need-based aid. Education-focused tax strategies can provide families their own “tax scholarships.” The old adage is true: Those who fail to plan… plan to fail.
Calleigh Queenan currently writes for vacuum cleaner reviews, an online reviews created to share her honest opinions based on hands-on experience on products. Calleigh is a stay at home mom and enjoys offering her tips on Hoover vacuum Reviews.
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