Its FAFSA Time †Dont Leave Money on the Table

HomeFinanceFinancial aidIts FAFSA Time Dont Leave Money on the TableThis page may contain affiliate links.Feb 14, 2015Now is the time to start filling out the FAFSA.  **ALL**  high school seniors and their parents should be filling the FAFSA out.  This application is used to determine eligibility for federal grants, loans and work-study funds from the federal government.  In addition, many colleges and states use FAFSA information when determining eligibility for institutional and state financial aid programs. A number of other scholarships require the FAFSA as well. Its incredibly worth it to apply, but  you wont get any money if you dont fill out the form. Heres some advice when filing for financial aid: 1) Fill out the FAFSA ASAP Financial aid is in limited supply. The earlier you apply; the better your chances of receiving the financial aid that you are qualified to receive.  Although the FAFSA deadline for the 2015-16 academic year is not until June 30, 2015, a desired colleges deadline may be sooner. Chances of collecting the maximum amount of FAFSA financial aid lessen as more time goes by.  Many schools work on a first come, first serve basis when it comes to financial aid.  Dates vary by college for their priority filing deadlines.  Check this website to find financial aid deadlines for specific colleges your student has  applied  to  instatuition.intuitlabs.com.  The FAFSA must be filed by a schools  deadline for a student to be considered for the maximum possible financial aid that they may be eligible for. 2) Get your PIN All who are applying for FAFSA will need a PIN from the Department of Education in order to electronically sign the FAFSA.  To obtain a PIN go to  www.pin.ed.gov. 3) Finish Taxes Early Most of the information FAFSA requires comes directly from a familys tax returns. If the 2014 tax forms are not completed for whatever reason before some schools February deadline, parents can use last years tax returns and pay stubs from December 2014 to estimate their earnings.    Save time and reduce  error by using the IRS Data Retrieval Tool.  It is available to student applicants and parents who have filed their 2014  taxes.  The tool allows you to automatically transfer the required tax information to the FAFSA and will be  on Feb. 2nd. Click here for more information on the IRS Data Retrieval Tool If an estimate is used, the form will need to be updated once the 2014 taxes have been submitted. We encourage you to do this because this action will increase your chances of receiving the most money.   The IRS Data Retrieval Tool can be used to make a FASFA correction. 4) Do Not Report Retirement Assets Do not include retirement assessments on the FAFSA. This can only ruin a childs chances of receiving financial aid. The form does not ask about assets from 401(k) plans, Individual Retirement Account or 403(b) plans-only non-retirement assets. Give them what they ask for and no more. 5) Report Any Unusual Information   Higher Ed institutions and the government understand that financial situations can unexpectedly change. Because of that, families have the ability to appeal to a college to adjust their financial aid after submitting the FAFSA. This means if a parent is Road2College Debbie Schwartz is former financial services executive and founder of Road2College and the Paying For College 101 Facebook group. She's dedicated to providing families with trustworthy information about college admissions and paying for college. With data, tools and access to experts she's helping families become educated consumers of higher ed. View all posts 12 CATEGORIES FinanceFinancial aid TAGS FAFSAFAFSA DeadlinesFinancialFinancial AidNEWER POSTThe Takeaway Wk of 2/15OLDER POSTThe Takeaway Wk of 2/08