FAFSA- Tips and suggestions
In order to get the maximum amount of financial aid for which you qualify while applying to college, you need to fill out the Free Application for Federal Student AidFAFSA properly. This requires planning ahead and learning how to fill out the form in a way that works out to your advantage. Here are a few tips and suggestions that will help you fill out the FAFSA most effectively.
Plan your finances in advance
When it comes to finances, you need to make smart decisions. One of the ways in which you can secure maximum financial aid is to plan well in advance and organize your finances and invest them in places that are exempt from FAFSA’s purview such as IRAs and 401(k)s. For this purpose you might want to consider liquidating investments in mutual funds, bonds, stocks etc and maximizing your IRAs and 401(k)s.
Fill out the FAFSA completely by 1st January
People often put off filling a FAFSA form for a more convenient time. However, students who apply early are more likely to receive maximum financial aid from FAFSA.Try to complete and submit your form before the 1stof January to increase your chances of receiving aid. As far as possible, fill out the entire form and don’t leave any information blankas that may go against you in the evaluation process. Be careful not to mix up information such as reporting your investmentsin the space reserved for FAFSA-exempt amounts.
Always select‘yes’ for work-study and loans
Students are most often under the impression that selecting ‘no’ to questions related to workstudy and loans will decrease your chances of securing maximum financial aid. However, this is not true. If you have a work study program or have taken a college loan, you should be truthful and mention this on the form. These factors will not affect the amount of financial aid you could receive.
Watch how much you earn
At present, the income protection rule allows students to earn salaries of up to $4,500. While assessing your expected family contribution, should you earn more than $4,500,you lose 50 cents in aid eligibility for every dollar earned more than $4,500. To avoid this situation, students should opt for work-study positions. The income earned from work-study positions or Americorps programs will not affect your financial aid eligibility.
Some colleges, likeCalifornia College San Diego, offer studentshelp in filling out their FAFSA applications. Youâ€™ll find reviews of California College San Diego that speak of the financial aid assistance programs and other free student services offered to those who choose to apply there. Reading a California College San Diego review will help you make a decision based on all the services they provide, student experiences and life after college.
The way you fill out the FAFSA will help determine the amount of financial aid for which you qualify. And if you do it right, you just might be able to get maximum financial aid.