Making the Most of FAFSA®
Each year, parents and college students face the dreaded task of filling out the Free Application for Federal Student Aid (FAFSA®) form. The purpose of FAFSA® is to determine how much your family will be responsible for contributing to college education. Here are some tips on how to make the most of filing:
- The FASFA® form is eligible to be completed starting on October 1st. Some aid is given on a first come, first serve basis or have limited funding. Applying as close to October 1st as possible each year can help your family's eligibility for additional aid before it runs out.
- Don't miss the deadline. If you didn't complete the form early, still be sure to file by your state's deadline.
- Have all important information gathered before starting. This includes: your federal student Aid ID, social security number, driver's license number, tax return, and for new students the list of schools that you might attend.
- There are assets that are not required to be listed on the FAFSA® form. This includes retirement plans, the equity in your primary home, and a small business owned & controlled by your family. Many families believe they own too much to receive aid without realizing most of your assets could be excluded from these calculations.
- FAFSA.Gov does not require you to pay any fees to file their aid form. Do not file on a website that asks you to submit payment to complete the form.
- Simple errors can often get in the way of timely filing. Be sure to check your work, make sure you don't leave any blank fields, confirm all information listed is accurate, and also confirm that you have signed the application. You don't want to miss crucial dollars from an easily fixable error.
Once your FAFSA® form is completed and submitted, you will receive a summary letting you know your submission is being processed. After that, your school will reach out with your financial aid offer. Good luck to all the parents and students completing the FAFSA® forms this year and reach out to us at oXYGen Financial if you have any questions about filing!