Tips For Applying For Fedral Student Financial Aid
If your student is college bound this coming fall, then now is
the time to become acquainted with the financial aid application
process. The most important form is the Free Application for
Federal Student Aid, otherwise known as the "FAFSA.
Here are some tips to prevent any problems and make sure your
application is considered:
Tip #1: Read the form
Many questions on the FAFSA are straightforward, like your
Social Security Number or your date of birth. But others require
you to read the instructions to make sure you answer the
question correctly. Certain terms like "household" have special
definitions purposes of student financial aid. So be sure to
read the instructions.
Tip #2: Apply early
Deadlines for aid from your state, from your school, and from
private sources tend to be much earlier than deadlines for
federal aid. To make sure that any financial aid package your
school offers you will contain aid from as many sources as
possible, apply as soon as you can after January 1, 2005.
Tip #3: Do your 2004 taxes first
Filling out your tax return first will make completing the FAFSA
easier. You are not required to file your tax return with the
IRS before you submit your FAFSA. But, if you file the FAFSA
first, and your income or tax information changes once you
complete your tax return, you are required to go back and
correct any inaccurate information on your aid application. If
you do not make these updates, you may not receive as much aid
as you qualify for, or you may be required to return federal aid
you improperly receive based upon incorrect information.
Tip #4: File Electronically
You can fill out and submit a FAFSA over the Internet. This is
the fastest way to apply for financial aid. Also, by filing
online, your application can be scanned for errors before being
submitted, reducing the risk of your application being rejected.
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