When you apply for federal financial aid, it's important to make sure you fill out your financial aid forms completely and accurately. Even the smallest mistake could result in the financial aid staff dismissing a college student's request for aid or reducing the amount of money to which you are entitled.
When filling out financial aid forms, use a dark pen and write clearly. Check that the forms you have are for the correct school year when you will need the funds. Before you begin to fill out all the information, read all the sections so you are familiar with what they require.
Other tips in filling out financial aid forms have to do with your financial history. When providing dollar amounts as required, round up to the nearest dollar. Always be honest when supplying financial information, as any discovered errors, whether intentional or not, can cause an application to be disqualified.
Some of the more common mistakes made on financial aid forms center around providing either too much of or the wrong financial information. Never list any retirement account information or company 401(k) because this money is not generally available to use for education expenses. Also, remember to deduct medical expenses, including out of pocket costs.
Report everyone living in the home correctly so that the size of the household is correct. Many people forget to report any adult children, such as college students, living in the home, even if they are employed. If parents are providing more than half of the support expenses for any adult child, they count as part of the dependent household.
Never overestimate the value of a home, one of a family's most important assets. When filling out information on the value of your home for a college student's financial aid, subtract the percentage of what it would cost to sell the home and deduct standard rates for attorney and realtor fees. This new figure is a more accurate value for your home as far as financial aid forms are concerned.
Above all, send the financial aid form as early as possible, and keep a copy of the completed form for your records.
 | With so many types of financial aid for college, finding the right financial aid package for your needs can be an intimidating process. If you're a current or prospective college student, learn about financial aid and how to seek out financial aid for college before you settle on using government and private loans to fund your education. |
 | If you're a college student looking for financial aid, your first stop is filling out a financial aid application. Financial aid applications gather information to determine whether you're eligible for need-based financial aid. |
Going to college is a major financial commitment. Luckily, financial aid can help you cover the cost of getting your degree. Read on for tips on how to read your financial aid award letter so that you can make the best decision for your financial and educational future. |
If you need to get more student financial aid from your school, consider these options. |
To a student trying to pay for college, the maze of federal financial aid can be daunting. You could miss out on a vital piece of financial aid if you don't know what to do. What kind of federal financial aid do you need, and how can you get it? |
