Don't Be A FAFSA Dummy!
Top 6 Things NOT TO DO On Your Financial Aid Application
Every year, thousands of eager students looking to fund their college education file for financial aid and make big, fat mistakes. Don't be duped by some of the bad advice that circulates on how to increase the amount of aid you receive. The truth is that good things really do come to good people—and almost everyone that applies for financial aid receives one type of assistance or another.
Don't screw up your chances of getting free money by committing any of these dumb moves:
1. Don't rush through your application.
This is the number one mistake most students make. Take your time! The smallest error could make or break your award. Making a mistake on the FAFSA can delay the processing of your application by up to 3 weeks.
Most mistakes made on the FAFSA could have been avoided by carefully reading the instructions and questions. If you don't understand a question or are having trouble filling out the form, the Financial Aid Advisor at your school can help answer your questions. Their only purpose is to help you, so take advantage of their assistance.
Take your time to make sure you understand your options and the process. The earlier you get your financial aid situation settled, the better off you will be. However, getting your situation settled means getting it right. Being done before everyone else won't help you if you make mistakes or miss things that could have helped.
2. Don't leave any fields on the application blank.
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.
3. Don't lie, fib, or try to "curb the truth."
They're all the same thing really! If you get Federal student aid based on incorrect information, you will have to pay it back and you may have to pay fines and fees on top of that. You can be fined up to $20,000 and sent to prison for giving false information on your application.
Honesty always is the best policy. If you lie on your financial aid report there's a good chance you'll get caught. Financial aid administrators are obligated to notify the US Department of Education when they encounter cases of fraud. (If they don't, their school is held liable when the US Department of Education audits them.) Every school verifies the FAFSAs of at least one-third of their students, and some schools verify 100% of the financial aid applications. This is in contrast with the IRS, which only audits a small percentage of tax returns each year. So in reality, you're more likely to get caught cheating on your FAFSA than you are on your taxes
4. Don't inflate you or your family's education history.
The FAFSA will ask you about your parent's education. While you're not required to provide your parents information if you're 18 years of age or older, “first-generation” college students should be sure to include that information on the form.
Furthermore, if both your parents didn't graduate from college, don't list “college” as their highest level of education attained—even if they did attend some college. Most students think the exact opposite would benefit them when in fact the majority of schools treat applicants more favorably if they are considered “first-generation” college students.
5. Don't forget to list ALL the colleges you've applied to.
On the FAFSA form, you can include up to 10 colleges that you've applied for. List ALL the schools you have applied to. The federal processors will send the pertinent FAFSA information to the schools on the list and you could receive school-specific aid like a scholarship. You will need each college's Federal School Code.
6. Don't assume you won't qualify for financial aid because you make too much.
The FAFSA doesn't ask or care how much you've got in your IRA, 401(k) or other retirement accounts. It doesn't even ask if you own a house—so the amount of home equity you have is irrelevant as well. The FAFSA does however ask about second homes or real estate investments and you should include those. You could have millions stuffed into retirement accounts and it wouldn't hurt your chances for financial aid.
Find out more about your financial aid options by requesting more info from the top culinary schools online and in your area. Get Started Now!
