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The FAFSA application could be the single most important application you will fill out on your quest for student financial aid. Submission of your FAFSA is the key that opens the door to your personal financial aid package; one that may include grants, subsidized and unsubsidized loans, scholarships and work-study opportunities. Most students, from first-timers to those returning for graduate and professional degrees, will qualify for some form of financial aid – IF they complete and submit their FAFSA application correctly. Here are a few common FAFSA application mistakes you should avoid:
Mistake #1: Not filing at all.
According to a study by Sallie Mae and Gallup conducted in early 2010, 24 percent of students never get around to filling out and submitting the FAFSA application. If you don’t submit one, you can’t receive any form of federal student aid. Unless you’re heir to millions, don’t make this mistake.
Mistake #2: Filing too late.
Financial aid for a given year is awarded on a first come first served basis. If you fail to file your FAFSA application by the filing date set by your college or university could result in an offer of less financial aid than you may have received had you filed on time. It is recommended that you file your FAFSA application as early as possible in January of each year. You may even estimate your income and tax information from the previous year. If you chose to use estimated information, you will need to amend your application after your taxes are filed. Do this as soon as possible. While it’s preferable to submit your FAFSA using your actual tax and income info, using estimated figures and amending later is definitely preferable to missing the filing date due to a late W-2.
Mistake #3: Leaving a field or fields blank.
This is a very common mistake. Every student must fill in every field on the FAFSA application. If a particular question does not apply to you, enter “0” or “not applicable.” Blank fields can lead to miscalculations and even application rejection.
Mistake #4: Using the wrong name or social security number.
This sounds like a silly mistake, but it happens. You must enter your legal name in the FAFSA application. This is the name that appears on your Social Security card. If you enter a nickname it will cause a processing delay. The same goes for entering your Social Security Number (SSN). Make sure you have entered your own SSN, not that of your parent. The best way to avoid mistakes such as these is to slow down and focus while filling out the FAFSA application.
Mistake #5: Failure to sign the FAFSA application.
If you’ve chosen to fill out and submit the paper version of the FAFSA, double-check that you’ve signed it before sealing the envelope. If you’re among the 98 percent of students who chose to use the more convenient online FAFSA, don’t neglect to obtain a Personal Identification Number (PIN) from www.pin.ed.gov. This PIN will serve as your electronic signature when filing the FAFSA online.
You can correct mistakes on your FAFSA application after it has been submitted. However, this could create a two to three week delay in processing your application, receiving your Student Aid Report (SAR), Expected Family Contribution (EFC) number and subsequent award of financial aid by your college or university’s financial aid department. Taking the time to read the application instructions and submit your FAFSA correctly the first time is by far a better option.
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