[ad_1]
The Free Utility for Federal Scholar Support, or FAFSA, is a kind utilized by the federal authorities, state governments, and most faculties or universities to find out monetary help eligibility. Present and potential school college students can fill out the shape yearly, and the way you file the FAFSA could have an effect on how a lot cash you get and the forms of monetary help you’re eligible for.
When filling out the FAFSA, even the smallest error may cause a headache for you, and even worse, lead to misplaced eligibility. That can assist you fill out the shape correctly and maximize your help eligibility, keep away from these ten frequent errors.
High Ten Most Frequent FAFSA Errors to Keep away from
1. Failing to file the FAFSA
You possibly can’t get cash in the event you don’t apply.
2. Submitting the mistaken yr’s FAFSA
Be sure you don’t file final yr’s FAFSA as a substitute of this yr’s FAFSA.
3. Lacking monetary help deadlines
In the event you file the FAFSA late, chances are you’ll miss out on some monetary help.
4. Digit transpositions
Exchanging adjoining numbers or inserting an additional digit can have a huge impact on help eligibility. Cents should not reported on the FAFSA, so don’t present them, or the FAFSA would possibly learn them as {dollars}.
5. Utilizing the mistaken Social Safety Quantity (SSN) or date of delivery
Surprisingly, candidates usually make errors involving SSN, reminiscent of swapping the scholar and father or mother SSNs or swapping the scholar’s SSN with that of a sibling. It’s also not unusual for an applicant to wrongly enter the yr they have been born. Additionally, don’t substitute your center identify or nickname in your first identify.
6. Errors in scholar or father or mother marital standing
You should report marital standing as of the date the FAFSA is filed. You can not anticipate a future change in standing.
7. Reporting the mistaken father or mother’s monetary info (if dad and mom are divorced)
It’s typically useful to have the father or mother with the decrease earnings full the FAFSA.
8. Failing to report the stepparent’s earnings and belongings (if custodial father or mother has remarried) or to rely stepchildren in family measurement and quantity in school
Stepparent earnings and belongings have to be reported, even when there’s a prenuptial settlement. This may cut back help eligibility. However, if the stepparent has youngsters from a earlier marriage, it may well improve help eligibility. The stepparent can rely them in family measurement in the event that they declare an exemption for them on their federal earnings tax return.
9. Reporting mistaken tax submitting standing (e.g., head of family)
Sure tax submitting statuses are error-prone, particularly head of family standing. Simply because a tax submitting standing will lead to a decrease tax legal responsibility doesn’t imply you might be entitled to make use of it.
10. Reporting retirement plans and the web value of the household house as investments
The FAFSA directions regarding investments are complicated. However, though certified retirement plans and the household house are investments, they don’t seem to be reported as investments on the FAFSA.
For extra info on the FAFSA, try “What’s the FAFSA and why is it essential?”
[ad_2]