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The Most Common Mistakes on Financial Aid Applications
The fulfilling the financial aid application is as important as the admissions application. However, the students make many mistakes while doing that. Therefore, they should follow the next recommendations to avoid being mistaken:
1. Follow the directions on the FAFSA:
2. Mistakes on financial aid forms can cost money. That's why remember:
1. Follow the directions on the FAFSA:
- Mistyping the student's legal name, social security number, and birthday;
- Forgetting to enter the PIN for the student and parent before submitting, as this serves as the electronic signature for the FAFSA;
- Not answering all questions correctly and completely;
- Failing to update the family's financial information immediately upon completing your tax return if an estimate was given prior to doing taxes.
2. Mistakes on financial aid forms can cost money. That's why remember:
- When it refers to "you," it is referring to the student;
- Don't leave an income question blank – put in a zero instead;
- Most students under the age of 24 are still dependent;
- Avoid writing wrong social security and driver's license numbers;
- Remember to sign and date the form;
- Don't list your adjusted gross income as equal to total income;
- Remember to list colleges.
3. Don't wait – just estimate
The most common mistake is that one needs to file taxes before applying. Instead, families should gather up their financial data (pay stubs, bank receipts, etc.) and estimate.
4. Keep track of your FAFSA pin
Learners and parents should write down their FAFSA PIN and store it with the rest of their passwords where they won't forget it, because a lot of them waste time trying to find or remember their PIN and ultimately have to reset it every year.
5. Complete the process accurately and on time
To ensure you receive the best possible offer, apply on time and make sure your application is complete and accurate.