Filling out the Free Application for Federal Student Aid (FAFSA) is the single most important thing most families can do to get last minute college funding help. That s why over 20 million people filled it out last year. However there are big mistakes families can make that can cost them oodles of money.
These are five of the most costly mistakes families can make in regards to filling out the FAFSA
1. Not filling it out.
Families who have decided that they don t want to fill out the FAFSA because they think it s the fast track to student loan borrowing may cause themselves to have to get into debt to pay their children s college education. Why The information contained on FAFSA is sent to schools and often used to help determine need based scholarships and state and university grant eligibility. I.e. not filling out the FAFSA is basically telling colleges and university I d rather pay for college by myself. Thank you.
2. Not paying attention to time frame.
Scholarships have deadlines but also some financial aid such as university and state grant s may be awarded on a first come first serve basis among those who qualify. The 2015 FAFSA season begins on January 1st. However you can apply later or make changes later such as school picks at least your information will have already been processed by the federal government. Also remember you won t have 2014 tax information just yet at the beginning of the year. Estimate it. If you fill out later in the year there is an auto fill in option on the form to download IRS information.
Time frame is important for renewal FAFSAs for continuing college students too.
3. Naming schools in the wrong order or not at all.
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