The Free Software for Federal Scholar Assist, or FAFSA, is a kind utilized by the federal authorities, state governments, and most faculties or universities to find out monetary support eligibility. Present and potential faculty college students can fill out the shape yearly, and the way you file the FAFSA might have an effect on how a lot cash you get and the sorts of monetary support you’re eligible for.
When filling out the FAFSA, even the smallest error could cause a headache for you, and even worse, lead to misplaced eligibility. That can assist you fill out the shape correctly and maximize your support eligibility, keep away from these ten widespread errors.
High Ten Most Widespread 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 improper yr’s FAFSA
Be sure you don’t file final yr’s FAFSA as an alternative of this yr’s FAFSA.
3. Lacking monetary support deadlines
In the event you file the FAFSA late, you could miss out on some monetary support.
4. Digit transpositions
Exchanging adjoining numbers or inserting an additional digit can have a huge impact on support 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 improper Social Safety Quantity (SSN) or date of delivery
Surprisingly, candidates typically make errors involving SSN, corresponding to swapping the coed and dad or mum SSNs or swapping the coed’s SSN with that of a sibling. Additionally it is not unusual for an applicant to wrongly enter the yr they have been born. Additionally, don’t substitute your center title or nickname on your first title.
6. Errors in pupil or dad or mum marital standing
You need to report marital standing as of the date the FAFSA is filed. You can not anticipate a future change in standing.
7. Reporting the improper dad or mum’s monetary data (if mother and father are divorced)
It’s usually useful to have the dad or mum with the decrease revenue full the FAFSA.
8. Failing to report the stepparent’s revenue and property (if custodial dad or mum has remarried) or to rely stepchildren in family measurement and quantity in faculty
Stepparent revenue and property should be reported, even when there’s a prenuptial settlement. This will scale back support eligibility. However, if the stepparent has kids from a earlier marriage, it may possibly improve support eligibility. The stepparent can rely them in family measurement in the event that they declare an exemption for them on their federal revenue tax return.
9. Reporting improper 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 online price of the household residence as investments
The FAFSA directions regarding investments are complicated. However, though certified retirement plans and the household residence are investments, they aren’t reported as investments on the FAFSA.
For extra data on the FAFSA, take a look at “What’s the FAFSA and why is it necessary?”
