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January 4, 2007
Top 5 FAFSA Filing Tips
Monday, January 1st, marked the first day that the Free Application for Federal Student Aid can be submitted. www.fafsa.ed.gov. I am sure all families across the country were filling out the form on New Year’s Day…hey you never know!
I received an email recently that provided readers with the top 5 FAFSA filing tips. Check out the website for further info too! www.financialaidnews.com. For more tips about filling out the FAFSA, visit http://www.FAFSAonline.com.
I thought this was noteworthy to pass along so your FAFSA would be filled out correctly and so you would avoid any delay in processing.
#5: Do your IRS 1040 first.
Even if you don't plan on filing your IRS 1040 on paper, we strongly recommend you complete a 1040 BEFORE you start your FAFSA. Approximately 80% of the FAFSA is based on IRS tax data, and by completing the 1040 first, you'll save yourself a LOT of time. Even if you don't have your W-2 and 1099 forms from your employers, you can still estimate using your last pay stub(s) from 2006.
#4: Mind the clock.
There is a limited pool of financial aid in the form of grants that's made available each year. The sooner you file your FAFSA after January 1, 2007, the more likely you are to receive money from this pool (which includes the Pell Grant, AC Grant, SMART Grant, FSEO Grant, and Work Study) if you're eligible. The money in the pool is distributed on a first-come, first served basis, so if you wait too long to file your FAFSA, you may not receive anything from the pool even if you're eligible.
#3: It's better to be right than fast.
Even though speed counts with the FAFSA, correctness counts even more. Be sure you're doing the FAFSA correctly, paying careful attention to the instructions and the included worksheets. If you're really confused, you can get a free FAFSA consultation by attending College Goal Sunday, an event sponsored by many states in January. Find a College Goal Sunday seminar near you by visiting:
http://www.collegegoalsundayusa.org/
#2: Zero is the biggest thing.
In any field on the FAFSA that asks for a monetary amount, never, EVER leave it blank. If you're unsure if it applies to you, fill it in with a ZERO. Leaving a field blank does not automatically make it zero, which can affect how much aid you receive.
#1: File anyway.
The number one most important tip for the FAFSA is to file one regardless of whether you think you'll qualify for federal financial aid or not. Filing a FAFSA is completely free of charge, and if you file online, you won't even pay for postage. Many schools and states use the results from the FAFSA for institutional and state-based financial aid, as well as some private scholarships and grants, so always complete the FAFSA every year, no matter your financial situation.
Posted by AshleyHoffman at January 4, 2007 4:45 PM
Comments
Good information, and I have listened to the podcast and it is worthwhile for students who have not done a FAFSA before or need assistance.
Also, check out http://www.fafsa.ed.gov/ for more tips about how to complete the FAFSA or apply for financial aid.
Thanks Ashley.
Comment by: Kim McCarty at January 4, 2007 6:47 PM