...from GuidedPath Edge Guru

Seniors: What are the Do’s and Don’ts when completing financial aid forms?

nametag fafsa

 

If it is January, it is financial aid forms time. For the next 4 years you will be completing the FAFSA (FREE Application for Federal Student Aid) each January.  You might also be completing a College Board Profile or other college financial aid forms too.

Do:

  • Check on Requirements 

⬜ Check on FAFSA codes for colleges

⬜ Check for requirements for filing extra forms such as CSS Profile or own college forms

⬜ Check on any state form requirements

  • Gather ALL  information needed. Be sure you have:

⬜ Your social security number

⬜ Parents’ social security numbers

⬜ Your income statement (if you had any) for the past year

⬜ Amount in savings, checking or other types of assets

⬜ Copy of latest tax return 

  • Inform Colleges of Special Circumstances. Let the college know in a separate letter if:

⬜  A parent lost a job or income went down

⬜  Parents were divorced

⬜  There is a family member with special medical costs

⬜  There are any other special circumstances in your family the college should know about

Don’t:

  • Report more information than requested.

⬜  Don’t include assets from parent retirement

⬜  Don’t include a farm your family lives on

⬜  Don’t include a small business income or assets

⬜  Don’t include your family home as an asset

  • File Late.

⬜ Don’t forget to file financial aid forms as early as possible, or by mid February at the latest

⬜ Don’t forget to check all deadlines for forms at colleges

 

Take Action:

GuidedPath has you covered when it comes to your financial aid needs for college.

Do:

  • Create a Financial Aid Form report to use when completing your FAFSA. It summarizes all the financial aid requirements for each of the schools on your list and has the FAFSA codes for all your colleges.
  • Complete College Affordability Shaper Survey in Surveys section
  • Watch for milestone reminder emails about upcoming financial aid deadlines
  • Check financial aid statistics in GuidedPath on each college on your list
  • Mark off each financial aid milestone as you complete it